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What are NFT coins and how do you earn from them?

 

What are NFT coins and how do you earn from them?

There is a lot of talk about NFT coins in the media as more celebrities and also clubs in different sports are adopting it and chances of making good profits are increasing in this field.

What are the most popular NFT?


But at the same time, there are many inaccuracies about these currencies, which some compare to encrypted cryptocurrency such as Bitcoin, while they are completely different.


Let's talk in this article about this technology that will change a lot of areas and perhaps also the real estate field on the ground.


What is NFTs Crypto?

The term NFT is an acronym for the Non-Fungible Token or Non-replaceable Token that encrypts the image, the term NFT in its acronym indicates that the image protected by it is irreplaceable and unique.


NFT can be any digital image including videos or music, but a lot of the current excitement revolves around the use of technical means to encode images to sell digital art and in most cases digital images or short films, GIFs, etc.


At a very high level, most NFTs are part of the Ethereum blockchain which is a cryptocurrency like Bitcoin, Ripple, and Dogecoin.


NFTs are designed to give collectors something that cannot be copied: ownership of digital work (although the artist can still retain copyright and copyright rights just as they do with physical artwork).


To put it in terms of physical art collection: anyone can buy a print of those pictures and paintings, but only one person can own the original.


So we should agree that these tokens are real digital assets and not currencies like Bitcoin or the dollar, and therefore they are not exchangeable and tradable.


These assets are sold at specific prices or there is an auction on them for a specific period that ends with the largest bidder obtaining the asset they are competing for.


NFT market size

Since the beginning of this year, the non-fungible token market has exceeded 2 billion dollars, and transactions are increasing with significant growth of 2100%.


The first big quarter of the NFT market comes after $93 million worth of NFT was sold between October and December of last year.


Significant spending on NFTs has coincided with new investors entering the market According to NonFungible.com, which tracks NFT transactions, there were 73,000 NFT buyers and 33,000 NFT sellers in the first quarter.


This disparity has helped drive up prices, the site said, adding "a sign of the massive interest in new entrants, but also the desire of existing owners to keep their assets, creating a phenomenon of scarcity in the market."


It's also worth noting that sales of less than $2 billion were controversial at the start of the year, considering revenue from the NBA Top Shot, the highlight of basketball-turned-NFT, and not included in NonFungible.com's estimate.


Those sales totaled $472 million during the first quarter, according to the site, and the record $69.3 million spent on NFT from digital artist Beeple was not included in the NonFungible.com report.


In March 2021 Christie's, a 225-year-old and somewhat traditional auction house that previously sold only physical art, auctioned an all-digital piece of Beeple for $69,346,250.


Unlike Bitcoin which are all identical in design, NFTs are unique, to the extent that non-fungible tokens offer for sale is the idea of ​​scarcity.


It is possible to purchase a token that represents art in the physical world, but NFTs can also protect and encrypt digital assets such as a photo or tweet.


What does NFT mean in art?

This is the area that has benefited most from NFT coins, as it has allowed illustrators and artistic creators to sell their art for good amounts and more than what is usually accustomed in the digital world.


On March 11, the history of blockchain technology and art history changed forever, Christie's, one of the world's most famous auction houses, sold artwork of NFT coins for $69 million, marking the first time that Christie's auctioned an entirely digital artwork.


While some people are already raising concerns that selling what is essentially a link to a multimillion-dollar photo could be just a front for money laundering, others believe that NFT coins are a real revolution in the art world.


How can I sell my physical products online?

Tokenization appears to be the most natural and obvious application of the non-fungible token technology. Brands that were already selling physical collectibles such as trading cards can now sell the same in digital form.


Due to the scarcity of NFT coins, the price of a digital trading card can be much higher than that of its physical counterpart.


To date, sports cards are the most common type of NFT licensed coin holding. The first NFT sports card project allowed people to trade licensed cards for football players, but recently the NBA launched its own NFT card collection.


It is very likely that other sports organizations will soon follow, and collectors will also be able to purchase NFT baseball or hockey cards.


But these cards and tickets are just a small example of the potential of this technology, as anything physical can be sold in digital form and securely as well.


How can NFT be used in gaming?

Video games based on NFT coins could be the future of electronic entertainment, so far none of the games that use non-fungible tokens have been able to gain widespread popularity, but the potential for adoption of this technology seems huge.


Players are already known to spend a lot of money, and that's in games like PUBG Mobile, Free Fire, and Call of Duty, all of which are worth billions already.


If any major video game company decides to sell in-game items such as NFT coins, the impact of that decision on both gaming and blockchain ecosystems will be enormous.


Many major companies that offer free games and profit from virtual items inside their games monitor this technology, and game development experts say that there are possibilities for these companies to significantly increase their revenues by relying on it.


What are the most popular NFT?

There are many platforms for buying and selling non-fungible tokens, all of which actually require dealing with Ethereum which is the second-largest digital currency in the world, and its blockchain network is mainly used in this field.


This means that you should have an Ethereum wallet to receive payments when selling or buying with it if you are planning to acquire some digital assets.


The most famous platform is OpenSea which is the largest market for NFT coins and has many assets such as Axies, ENS names, CryptoKitties.


The Rarible platform comes in second place among the options available to those interested, in which digital assets such as graphics, games, entertainment photos, music, and more are sold.


Other platforms we suggest you visit are SuperRare, Foundation, AtomicMarket, Myth Market, BakerySwap, KnownOrigin, and Enjin Marketplace.



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