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What is Non-fungible token?

What is Non-fungible token? (NFT) is a unique digital asset that acts as a certificate of ownership for virtual or physical assets like photos, videos, Tweets.. non-fungible tokens. NFT. nfts.

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non-fungible token

Non-fungible token

NFT (Non-Fungible Token) is an asset that you can’t hold in your hand, but you have complete ownership of that asset.

NFTs sell for millions of dollars and, as such, they have attracted the attention of investors, art lovers, gamers and tech enthusiasts from all over the world. Now everyone wants to own an NFT. However, not all NFTs fetch a high value.

The price that your NFT gets depends on your marketing strategy, which is created by NFT experts who build a community of users, reap numerous influencers, leverage content marketing, and use social media to encourage more bids. Higher bids lead to a better NFT selling price.

Check out this short Marketing School video with Neil Patel and Eric Siu on Why NFTs Will Impact the Future of Marketing

Difference Between Non-Fungible Token and Fungible Tokens

A non-fungible token is unique and not interchangeable. On the other side A fungible token can be readily interchanged for another of like kind. 

I know it’s hard to digest this explanation, so let me give you an example to make things clearer.

Suppose you borrow $50 from your friend and return the money after a few days. Your friend will accept the payment in, say, five 10-dollar notes or maybe two 20-dollar notes and one 10-dollar note. However you pay it back, you are not obliged to use a 50-dollar note. Why? Because dollars are a fungible asset. They are not unique and can thus be easily exchanged with other notes.

Now, suppose you borrow your friend’s guitar with Justin Bieber’s autograph on it to show to your family. After a few days, you try to return another guitar of a different type other than what your friend gave you. Obviously, this new guitar does not have the Justin Bieber signature on it. Will your friend accept the new guitar? No, because in this case, the guitar with the autograph is a non-fungible asset that is not interchangeable.

Non-fungible and fungible tokens behave in the same way. If you have an asset that is truly one-of-a-kind, you can add your item’s entry on the blockchain and get a certificate of ownership. This will become a non-fungible token or NFT.

Now, let us discuss some examples of fungible and non-fungible tokens to make things even more clear.

Non-fungible token

Non-fungible token

Examples of fungible tokens

  • Dollar
  • Bitcoin
  • Ethereum

Examples of non-fungible tokens

  • Digital art
  • Domain name
  • Twitter handle
  • Digital games
  • Crypto kitties
  • House
  • An essay
  • My Space post
  • A news article
  • Physical art
  • Diamond
  • Land
  • Any digital collective
  • Video footage of iconic moments in world history
  • E.T.C

What Are NFTs Best Used For?

The majority of NFTs are still used to commodify digital art creations, and they are best used to obtain ownership of the work, such as digital art, music files and video games. However, anything can be sold as an NFT. It doesn’t matter if you are an artist, a buyer or a collector; NFTs are for everyone.

Advantages of NFTs:

  • NFTs, give you the power to retain ownership of original artworks or digital collections.
  • If you can buy an NFT at a reasonable price, you can sell it later when the market is high, leading to huge profits.
  • Sellers can directly connect with audiences. Therefore, the need for agents and intermediaries is reduced.
  • For gaming enthusiasts, art lovers and creative people, NFTs are an additional source of income.

Disadvantages of NFTs:

  • NFTs run on DApps, which are controlled by blockchain. DApp stands for “decentralized application,” meaning that these apps do not run on a central server owned by companies like Google or Facebook. Instead, they run on a peer-to-peer network like Blockchain. Therefore, creating a DApp is time consuming, tricky and costly.
  • Buying and selling NFTs can be risky. People buy an NFT in the hope of selling it at a later time for huge profits, but if the market collapses, they have to bear a huge loss. Hence, trading NFTs is a risky affair similar to the share market. You should play only if you can afford the risk.
  • Most people don’t understand blockchain or NFT. Therefore, the chances of making mistakes and incurring losses are higher.

Why Would Someone Buy an NFT?

Simple answer: money! If you can get hold of a highly valuable NFT at a low price, then you can become a millionaire just by selling a single piece of NFT. Sounds too good to be true, but it is!

Non-fungible tokens invest wisely

As mentioned already, NFTs are a risky investment. Think twice before putting your hard-earned money into buying an NFT. Only the money you can afford to gamble (and potentially lose) should be used to purchase and trade NFTs.

How much you can earn from an NFT investment depends on how much someone is willing to pay for it. There are no guidelines for it. One can’t guess whether you will be able to sell your NFT at a price higher than what you paid for or whether you would even be able to sell it.

Therefore, people who can afford it and are willing to take the risk should invest in NFTs.

List Your NFT on More Than One Marketplace

You should list your NFTs on more than one marketplace to increase the chances of selling them. Make sure to choose a platform that fits according to the scope of your project. For example, SuperRare is an NFT marketplace for single-edition digital artworks, while Enjin is a marketplace for trading any blockchain assets.

Here are some of the largest marketplaces for NFT:

  • OpenSea – For domains, trading cards, sports, and art collectables.
  • AtomicMarket – Marketplace for atomic assets.
  • Raible – For all forms of crypto assets.
  • NBA TopShot – The Official NBA collectables marketplace.
  • MythMarket – Platform for trading cards.
  • super rare – For unique digital artworks.
  • Foundation – For buying and selling digital arts.
  • KnownOrigin – For collecting rare digital artworks.
  • Enjin – For trading blockchain assets.
  • MakersPlace – Marketplace for selling digital creations.

How to Market Your NFT Project

People won’t buy your NFT unless you market it extensively. Several NFT marketing agencies offer media PR and influencer marketing to attract buyers.

Communication is the key to manage your audience. For instance, keeping your community informed about the next drop (an “event” when your NFT sale begins) is crucial in order to encourage more bids.

Both social media marketing and content marketing plays a vital role in community building and bid participation. Marketing your NFT well is essential to driving more profits from NFT sales. Community engagement is a necessary part of NFT marketing because your NFT community comprises people who will spread the word about your new NFT and (hopefully!) buy it.

Then start sharing informative posts that educate people about the value of NFTs. Since NFTs are still new, you should create educational videos and adopt a storytelling approach to make it easy for people to learn more about non-fungible tokens.

Start participating in relevant discussions and help community members. Your posts, advice and comments should provide value to fellow crypto enthusiasts.

I hope this content was helpful and great live a comment and share.

View  our NFTs content. NFTs

READ THIS POST  ​Top 5 Celebrity NFT Collections Value

Kingsley Francis is the founder and Partner at Fxkinfin Financial Advocates, owners of fxkinfin.com. He is a financial writer with extensive experience in print as well as online media.

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NFT

​Top 5 Celebrity NFT Collections Value

Celebrity NFT Collections. With entrepreneurs, rappers, DJs, and professional sports players leading the way, more and more celebrities are joining in the NFT craze than ever. Celebrity NFT Collectors. NFT collections

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Celebrity NFT Collections by Fxkinfin

Celebrity NFT Collections

With entrepreneurs, rappers, DJs, and professional sports players leading the way, more and more celebrities are joining in the NFT craze than ever.

Some launch their own NFT collections; some collect NFTs from other creators; some directly invest in NFT ventures. Some do all.

This guide will dive into the portfolios of the top celebrity NFT owners who have collected dazzling JPEGs from the most extravagant collections.

​Top 5 Celebrity NFT Collections Value

  1. Snoop Dogg: This guy owns CryptoPunk #8472, which was last sold for around $1.71 million. He also holds several other CryptoPunks, Bored Apes, Meebits, Moonbirds and more. The rapper’s NFT portfolio value is one of the highest out there. Approximate portfolio value: $4.63 million
  2. Steve Aoki: This american DJ is an avid NFT collector who owns multiple Bored Apes, some worth over $200,000. He also owns a CryptoPunk, several Moonbirds, Mutant Apes, Azuki, CloneX, and more. Approximate portfolio value: $903,000.
  3. Paris Hilton: She has long been an NFT advocate, recently launching her own animated NFT collection called Past Lives, New Beginnings. Early this year, she bought Bored Ape #1294 and showed it off on Jimmy Fallon’s TV show. Approximate portfolio value: $453,700.
  4. Madonna: This legendary singer, songwriter, and actress, recently made headlines for performing at the World Of Women NFT.NYC party. Her most expensive NFT is Bored Ape #4988. Approximate portfolio value: $215,490.
  5. Travis Barker: He aped into BAYC early this year after buying Bored Ape #7765 for around $241,000 at the time. However, his portfolio value has since dropped. Approximate portfolio value: $173,000.

Celebrity NFT Collections Value Image

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The Future of Opensea NFT Marketplace and Why OpenSea is Getting Outdated

Opensea NFT Marketplace. NFT collections are for and about different communities, NFT market. After all, NFT collections back then came down to PFP, and their only value was in the mere concept of digital art. Opensea

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Opensea NFT Marketplace

Opensea NFT Marketplace

Multicoin Capital analysts have come up with curious thoughts on the market, they’re definitely worth sharing. So, you’ve seen ‘regular’ NFT marketplaces like OpenSea or Magic Eden, right? The thing is, they generally share the same set of tools (discovery on homepage, same search presentation, etc.), they look and function the same way.

In 2018, when OpenSea was founded, it was okay. After all, NFT collections back then came down to PFP, and their only value was in the mere concept of digital art

Today, things are different. NFT collections are for and about different communities, that’s why marketplaces should map to the unique characteristics of communities and optimize around the type of content they host.

Verticalization of NFT marketplaces is inevitable. Accordingly, they will become community-owned and will integrate many non-commerce functions (e.g., live streaming, chat, forums, etc.). For instance, Grape Network has recently launched the first DAO-owned NFT exchange.

WHAT DOES IT MEAN?

  • Royalties and trading fees will flow back to the community treasury instead of 3d party marketplaces
  • The marketplaces will provide more than being just a financial intermediary, they’ll give additional value to the community (e.g., live streaming, chat, forums, etc.)
  • Exponential decline of fake and fraudulent NFTs

Niching down is really good for marketplaces and communities

Opensea NFT Marketplace Image

Opensea NFT Marketplace

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Cantina Royale $10,000 Airdrop Ends on 3 July, How to Join Cantina Airdrop?

Cantina Royale is a tactical arcade shooter play-and-earn game built on the Verko Layer 2 utilizing the latest Metaverse Experience Framework. Cantina Royale Airdrop.

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Cantina Royale Airdrop

What is Cantina Royale?

Cantina Royale is a free-to-play and play-to-earn tactical action shooter built on Elrond. Players have fun with explosive action and earn from playable NFT characters.

Fully-modelled 3D NFT characters

Take the galaxy down in a mission-based game mode with Cantina fully functioning 3D NFT Characters!

NFT Lending Platform

Lend or borrow a 3D playable character from NFT holders to earn a profit in Cantina!

Powered by Verko’s Lending Platform, NFT owners can lease out their digital assets to players and split in-game rewards automatically.

Cantina Royale $10,000 Airdrop

Great news for Maiar Wallet owners ( click here to install )! This dope Web3 game will send $10,000 in $EGLD tokens to random airdrop participants

  • 25 winners total
  • The prize pool will be distributed in parts: from $150 to $2500

PARTICIPATE by FILLING OUT THE FORM

Deadline: July 3

Cantina Royale Photo

Cantina Royale

Enter the Arena – PvP Game Modes

Battle it out with other online players in 1v1, Team Deathmatch, Battle Royale, and more for great treasures!

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Biggest Unique TYGA-T10T NFT collection drop

TYGA-T10T NFT collection drop. the collection of 10,000 unique NFTs inspired by the historic Pharaonic tombs and deities of Ancient Egypt cast into the distant technological future. TYGA T10T NFT.

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TYGA T10T By Fxkinfin

TYGA-T10T NFT collection drop

the collection of 10,000 unique NFTs inspired by the historic Pharaonic tombs and deities of Ancient Egypt cast into the distant technological future

The collection showcases a vast array of forms, neons, and compositions portraying an alternate universe and cosmos, featuring traits with various rarity levels. In the center of every composition is TYGA himself — the creators scanned his face in real life to recreate a precise 3D face model for the NFTs

Unique TYGA-T10T NFT

TYGA-T10T

What about the utility? NFT holders will be eligible for tons of benefits:

  • Access to behind-the-scenes materials
  • Early access to TYGA’s upcoming albums
  • Raffles for signed MSCHF x TYGA “wavy Baby”
  • Opportunity to participate in a TYGA music videos
  • Discounted access to the HOFA DAO membership and ARTEM monthly rewards
  • Opportunity to sit in the studio with TYGA for a session
  • Opportunity to win a VIP Table for you and a friend at the Live TYGA show

Mint day: already started on June 18 ” TYGA-T10T NFT “

Mint price: 2 SOL

Launchpad: Magic Eden

More information about the Auction and the Minting will be disclosed very soon on the project’s discord.

If you support TYGA and his music, or if you’re just a degen looking for some action, check this collection out 👀 NFA, of course

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Good News for Omnisea Testers, Update on OSEA Token Airdrop

Omnisea Testers. the team has recently uploaded a list of testnet participant addresses who are eligible for their native $OSEA token airdrop that is set to launch on July 4. OSEA Token Airdrop

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omnisea testnet

Omnisea Testers

Omnisea is a cross-chain NFT marketplace built on LayerZero that allows you to trade and collect NFTs from various chains without leaving your chain.

If you remember, not so long ago I’ve shared a testnet from Omnisea (original post here)

And, well, the team has recently uploaded a list of testnet participant addresses who are eligible for their native $OSEA token airdrop that is set to launch on July 4

Omnisea Testers, Update on OSEA Token Airdrop

Omnisea Testers

You had to complete the testnet with your MetaMask

LIST OF ADDRESSES

  1. Address here: View
  2. Address here: View
  3. Address here: View

Soon Omnisea will also publish a few tasks that tesntet participants have to complete if they want to receive the airdrop. Nothing too complicated, just a precaution to brush off the bots.

Stay tuned for updates!

READ THIS POST  Good News for Omnisea Testers, Update on OSEA Token Airdrop
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