Many investors, traders, and property owners want to take advantage of the increased NFT sales. Should present growth expectations be the only reason you consider NFTs?
While expansion is necessary to increase volume and, as a result, create more chances, there are various reasons to pursue NFTs.
When you tokenize an asset with blockchain technology, you can track its owner and receive passive revenue even if the primary owner isn’t utilizing it. It is advantageous to any company in terms of protecting its revenue stream against unforeseen events and building a sustainable economy for all of its stakeholders.
Take the online gaming sector, for example, where developer companies must continually compete for the attention of gamers. Gaming firms continue to lose users despite developing addicting gameplay mechanisms and sticky revenue structures. They are never able to achieve the ideal retention rate. Once a player has exited a game, they can “illegally” sell in-game items on the secondary market, robbing the game creator firm of its earnings.
However, after you’ve tokenized or introduced blockchain-enabled gaming assets, you’ll be able to track the owner’s activities after they’ve left the game. Existing players, as well as those who have recently left the game, can use their in-game assets to engage in a variety of value-generating activities. Buying, selling, renting, sharing, loaning, pawning, collateralizing, importing, exporting, burning, and spending digital cash and assets are all examples of these operations.
NFTs cannot be traded on a stock exchange. You can’t mix and match NFTs since they’re never the same. NFTs, on the other hand, contain ownership information that cannot be changed. Only metadata can be added by the owners. NFTs tackle the deep-rooted issue of ownership of remuneration in the domain of digital art, which is plagued by the habit of unlawful copying. Artists may simply sell their original artwork, and customers can buy it with confidence without worrying about the piece’s legitimacy.
NFTs have grown in popularity to the point where Christie’s, the world’s most prestigious physical art auction house, has accepted them. It provided Mike Winkelmann, alias Beeple, with a unique NFT for his digital artwork titled ‘EVERYDAYS: THE FIRST 5000 DAYS’ (Non-fungible token). The deal netted it more than $69 million. The fact that anybody could purchase the artwork using cryptocurrency added to the significance of the sale. In this example, the accepted currency was Ether.
By converting assets into NFTs, developers have access to a larger market. They can easily list their product on an NFT marketplace and have access to the entire crypto market as buyers.
The Hoard marketplace team is working on curating such NFTs as well as enabling other cutting-edge features. You may sell or rent whatever product you choose, including real estate, digital art, in-game assets, and much more. Users having NFT can use it as collateral to qualify for a low-interest loan through Hoard’s borrow and sell protocol.
Users that purchase NFTs from such marketplaces also benefit from additional features. For example, if you purchase NFTs from the Genesis Series on the Superfarm platform, you will have access to Superfarm’s essential platform features, such as priority whitelist access (through SuperFarm’s launch SuperStarter), farming multipliers, in-game item access, and more. Superfarm also organizes lotteries for its whitelisted members, as well as collector incentives and airdrops. These opportunities increase the value you get from your NFT purchase. Value ensures that NFT markets continue to receive fresh traffic and, as a result, transaction volume and liquidity improve.
NFTs are poised for exponential expansion in the days ahead, as seen by the quarterly data. According to available data, major NFT marketplaces grew by 50 to 100 times in the first three months of 2021. In the crypto sector, it is attracting big investments from exchanges, enterprises, traditional VC firms, and everyday investors.
Since money is pouring in, more and more individuals are considering it as a long-term investment that will skyrocket in value. LarvaLabs, for example, sold 10,000 one-of-a-kind collectible figures with evidence of ownership kept on the Ethereum blockchain. No two characters in this series are alike, as is the case with NFTs. Users who purchased these NFTs are now reselling them for astronomical profits. New investors are also buying them in the hopes of making huge profits.
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I'm Carina, a passionate crypto trader, analyst, and enthusiast. With years of experience in the thrilling world of cryptocurrency, I have dedicated my time to understanding the complexities and trends of this ever-evolving industry.
Through my expertise, I strive to empower individuals with the knowledge and tools they need to navigate the exciting realm of digital assets. Whether you're a seasoned investor or a curious beginner, I'm here to share valuable insights, practical tips, and comprehensive analyses to help you make informed decisions in the crypto space.