08 Mar , 2022 By : monika singh
Non-Fungible Tokens better known as NFTs are gaining traction across the world, especially within the blockchain industry. It has become a trending topic, which is here to stay as technology paves the way for a new economy and disrupts the old ways of business and trade. With celebrities as an influential brand, the goal is not limited to engagement or driving up sales, but to nurturing a market that holds the potential to discover more opportunities.
According to the analytics firm DappRadar, within the first six months of 2021, it recorded $2.5 billion in NFT sales, showing a major increase from the $13.7 million in sales during the same time in 2020. Further, according to broker discovery and comparison platform, BrokerChooser India has the most crypto owners in the world at about 100 million, compared to about 27 million in The United States and 17 million in Russia.
The acronym NFT refers to Non-Fungible Token, which explains almost everything. To begin with, ‘non-fungible’ simply states that one item cannot be exchanged for another.
In NFTs, a token is merely a certification of validity stored on a blockchain, making the currency traceable and available to all. As a result, an NFT is a one-of-a-kind virtual currency that can take the shape of paintings, films, music, or any other type of digital production. They derive value from multiple factors like scarcity, creator, uniqueness, utility and liquidity premium.
Usually, NFTs are minted in a platform where the non-fungible tokens are traded. It is known as the NFT marketplace. Minting NFTs on NFT marketplaces entails that one wants to mint NFTs from their account. Artists can sell them or display them for visitors to their NFT store. NFT marketplaces have a feature for people to mint NFTs within minutes of making the artwork.
Please be informed that there are a few expenses to be considered while uploading the NFT in the digital space.
First, you will be required to pay the gas fee- an expense that is common to all cryptocurrency transactions. Moreover, you also have to pay a certain amount for the site, just like those involved in listing your NFT.
However, the NFT world is still evolving, and certain platforms will allow you to pass the minting fees on to the buyer, or you can always mint an NFT backed by a blockchain with no fees.
Traditionally art collectors relied on galleries, auction houses, art-collecting books to get their hands on Collectables. However, today with the introduction of the high-tech NFTs available for collection, the demand for collecting art has increased significantly.
While the rise of blockchain-based digital artwork is remarkable, most of the coveted NFT artwork has ironically been created by men. Take, for example, digital artist Mike Winkelmann, famously known as “Beeple”, made NFT history in 2021 after selling “Everydays: The First 5000 Days” for over $69 million on the art auction house Christie’s.
Alas, there are some high-profile counterexamples to break the chain of male dominance in the NFT world. Renowned Hollywood actor Reese Witherspoon announced that her production company ‘Hello Sunshine’ will develop feature films and television series based on the Ethereum NFT collection World of Women (WoW).
NFTs are empowering female creators to wield their individuality and voices – to find target investors that resonate with their brands and art.
NFT platforms provide much-needed financial stability for women, which is not easily achieved outside the virtual world.
Today there is a massive upgrade in the profiles of potential digital art-collectable buyers which in turn increases the value of the art and promotes the artists. Secondary royalties and total control on IP rights is another aspect that the artists enjoy. Consistency and level of involvement in the community is another aspect that artists control themselves, which leads to attracting more investors.
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