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What are NFT Royalties? Here's What You Need to Know
What are NFT Royalties? Here's What You Need to Know

Non-fungible token (NFT) royalties are an important part of the blockchain ecosystem. Many people don’t know what NFTs are or how they work, but that doesn’t change the fact that these tokens are a major force in the industry. In this article, we’ll look at NFTs, non-fungible token royalty systems, and why you should care about them.


How do NFT royalties work?

NFTs are digital assets that are unique and owned by individuals. The tokens can be used as trading cards, digital art, digital collectibles, and more. NFTs can be traded and exchanged on the blockchain, and they can have unique attributes attached to them. These attributes typically relate to ownership. For example, an artist can create a digital painting and then use a royalty to tie the ownership of the painting to a blockchain token. If someone then buys the digital painting, they also gain the right to own the token. This is how NFT royalties work because the token acts as proof of ownership for that specific painting. You can think of it as owning a share of the painting.


Why are NFT royalties important?

NFT royalties are important because they add value to blockchain ecosystems. Artists and creators can use them to tie their work to blockchain tokens. These tokens can then be traded and used in the marketplace. Not only does this add value to the blockchain ecosystem, but it also helps artists and creators get paid for their work. People can buy tokens that represent their ownership in works of art. This means that artists can get paid when their work is sold. It also means that people get to enjoy art and other digital goods while also receiving tokenized proof of ownership.


How will NFT royalty systems operate in the future?

Because NFTs are digital assets, they can be programmed with certain functions. This means that they can have unique attributes and functions that the owner can use and control. For example, artists can program their digital art tokens to self-destruct once they are sold. This would prevent the token from being sold more than once. Other royalty systems could be programmed to allow for partial ownership. This would be great for allowing investors to participate in an artist’s work without having full ownership of the art itself. There are many ways that NFT royalty systems could operate in the future. They could work to improve the efficiency of the art industry, and they could also be used to protect artists’ rights.


Why You Should Care About NFT Royalties

As we’ve seen, NFT royalties are an important part of the blockchain ecosystem. They can help artists and creators get paid for their work, and they can also be used to protect their rights. If you like art and want to support artists, then you should care about NFT royalties. It’s not just artists that can benefit from these types of tokens, though. Collectors can also enjoy owning unique tokens that represent their ownership to pieces of digital art. That’s why everyone should care about NFT royalties. If you like art at all, then you’ll like these tokens.


Final Words: What is the future of NFT Royalties?

The future of NFT royalties is looking bright. This is because the tokens can be used for more than just art. Artists can create digital goods like paintings, music, books, and other creative works and tie them to blockchain tokens. This will allow them to get paid for their work and to protect their rights. NFTs can also be used for more than just ownership. They can also be used for voting and for governance. These are just a few examples of what NFTs can do in the future. There are many other uses for these tokens, and we can’t wait to see what happens next.

Top Tier Athletes And Their Involvement In NFT World
Top Tier Athletes And Their Involvement In NFT World

Many parents support the idea of their offspring becoming athletes and sports stars. When asking a child about their career aspirations, becoming a sports star would top the list. Though reaching the pinnacle is difficult, it is one of the best careers in the world. The attraction to sports is the players' financial gain and adulation. Anyone who reaches the top of any sport will become financially free. Furthermore, players from the most popular sports are celebrities on par with actors and famous businesspeople.

The vast sums involved in sports are due to the massive interest and demand from the general public. People love sports and are willing to pay enormous money to watch sporting events. Due to the fascination, businesses not involved with sports pay massive advertising fees to become associated with the sport. There are many sports, from golf, martial arts, cycling, and racket sports to track and field events. It is an endless list.

However, some sports have better earning potential than others. Sports such as soccer, football, basketball, golf, and tennis are some lucrative sporting activities. Anyone who reaches the pinnacle in these activities will easily earn millions of dollars. There are few sports stars whose fortunes run into billions. Earnings are not limited to the salary received from the clubs. Top sports stars can accumulate wealth through endorsements, sponsorship deals, and payments from their clubs. The massive earnings are due to the player's skill set combined with their popularity. A famous, well-loved star will command the highest salaries.

Investment Options For Sport Stars

Like all wealthy people, sports stars invest their income; they use their finance to buy more wealth. It makes zero sense for money to sit idle in bank accounts. Investments take all kinds of forms. From starting their own business, investing in other companies to involvement in financial markets are some of the popular forms of investments. Cryptocurrencies and their associated technologies have become mainstream in the last few years. The portfolio of many wealthy people, including sports stars, usually has some investment in this arena.

Investing In NFTs

Non Fungible Tokens (NFTs) are one way to invest in cryptocurrency technologies. This field has attracted many sports stars. Some famous sports stars who hold NFTs include Stephen Curry, Serena Williams, Shaquille O'Neal, and Neymar Jr. These are just a few of the hundreds of sports stars who have become involved with NFTs.

NFTs, with their cartoon art representation, appear fun and appeal to the younger generation. Given that the sports star demographic is of the lower age bracket, it makes perfect sense for these people to invest in NFTs. Owning NFTs can help market sports stars and their brands. Becoming associated with a popular NFT collection will increase the media coverage received. For example, if an athlete buys a blue-chip NFT such as the Board Ape Yacht Club, the news will be seen on all major outlets and social media channels. This is a win-win situation for both the project and the athlete.

The more an athlete is featured in the popular media, the more it enhances their prominence. It allows them to demand more outstanding salaries and endorsements. The involvement of top-tier athletes will help drive up the price of the NFT, a good situation for the NFT project. Additionally, NFTs are an investment opportunity. Though buying NFTs is highly speculative, there is an excellent chance that blue-chip projects will see a price rise. Top-tier NFT projects such as BAYC and Azuki continue to see a price increase.

NFTs can help well-known athletes connect with their fans. The trend is for athletes to buy NFTs from significant projects to date. There will be a more significant number of athletes who will release their own NFT collections. It offers the athlete a way to bond with fans in new and innovative ways.

Holders gain the opportunity to meet the star or receive merchandise. This helps to solidify the relationship; it will lead the fans to become even more interested in the athlete's brand and helps to foster a community of fans in ways never seen before. There is also a financial benefit for the fans. Owning the NFTs of a sports star, the fan can sell these assets. Previously the relationship has been a one-way street; the athlete benefited from fans without much reciprocity.

If the perceived value of the star is on the rise, the price of the NFT will increase. It offers the opportunity for the holder to sell their NFTs for a profit.  NFTs open up all manner of possibilities in the world of sports. Sporting clubs can sell NFTs, which will offer their fans the opportunity to gain merchandise, special ticket allocation, or vote on club governance. NFTs are relatively novel, but there is no doubt that this is a field that opens up opportunities never seen before in the world of sports.

 

The Importance Of The Founder In NFT Projects
The Importance Of The Founder In NFT Projects

People who've followed NFTs for some time are aware of these essential considerations when buying NFTs.  Many new members of the NFT community overlook this critical aspect.

Many newbies buy NFTs without much consideration. The usual pattern is for people to hear about NFTs, find the NFT community on Social Media platforms such as Twitter, and become part of the Discord servers of various projects.

A busy server and quality artwork ensure the newbie becomes involved in the community. It leads to the person minting the NFT on launch.

Following the mint, it's common to see the price of the NFT fall in value. After a few months, the founders neglect the project, and the holders find themselves with an NFT with little value.

Since this neglect has been the standard pattern seen throughout 2021, most NFTs on the secondary market are worth less than the price paid on launch.

There have been numerous cash grabs. The founders make six figures from the NFT project, but the investors have a losing asset.

The success stories in the NFT space have received praise. For example, the Bored Ape Yacht Club (BAYC) is admired throughout the NFT community, and any NFT stories in the mainstream media feature the BAYC regularly.

For every successful project, there are far more failures.


Mistakes Made By More Experienced NFT Buyers.

After spending time in the NFT community, people become aware of the requirements of a good project. They commonly look for the following characteristics:

Doxxed Team. The team mustn't be anonymous. Anonymous groups are more prone to carry out rug pulls (where the founders close the project after launch). Investors have no idea of the identity of the founders. As a result, the groups can quickly abandon the project and scam the investors.

Great Community. There must be a sizable community behind the NFT project. People look at Social Media and Discord profiles to gauge the size of the community. Without a community, there is no one to buy the NFTs.

Good Artwork. Essential to ensure the artwork is high quality and in line with the current trends. For example, there is a great deal of admiration for the artwork by Doodles and Invisible Friends NFT projects.

Utilities. Projects need more than artwork to become a success. The only exception is if the NFTs are from an established artist such as Beeple, Banksy, or another artist with a big following in the traditional art world.

Projects without a well-established artist need to provide utilities in the form of Play To Earn games, events, staking possibilities, and more.

People seeking these factors in projects are better positioned than newbies. But many projects satisfying these conditions still fail to succeed, especially in this current climate where the NFT space is experiencing a bear market.


The Importance Of The Founder

The most critical factor in a project is the founder. Many investors entertain projects because the founder is well known. They could be a celebrity or an industry leader.

Unfortunately, many of these projects flounder in the long term. Shortly after mint, there is a pump in price. But a few months after the launch, the value has become less than the mint price.

The founders are not highly active in the project; they make no effort to immerse themselves in the community.

It leads people to conclude (probably correctly) the founders are not interested in the project. The community loses faith, sells their NFTs, and projects end up in the backwaters of the secondary market.

A successful project is one where the founder engages with the community. They should be active before and after the launch. Making themselves involved in the conversations on Discord and Ask Me Anything (AMA) or Twitter Space shows a genuine interest in the project.

An example of a successful project is VeeFriends by Gary Vee. The founder is always available. He is constantly talking about his projects on Social Media and does not go missing in action.

 

Wrapping Up

The most important consideration for any NFT collection is the founder, motives, and project vision.

Unfortunately, the NFT world has seen many cash grabs. The devs and the founders fail to take much interest following the launch.

The reality is that unless the NFT collection is by a genuine, highly established artist, the project starts after the launch.

The easy part is the stage up to the launch; it's the segment where the founders are raising capital to realize a vision. Making their promises become a reality involves hard work.

To date, in the NFT space, many founders are fond of the idea of raising capital. But dislike the effort to complete the project and make the utilities and the roadmap a reality.

Many experienced investors in the NFT community understand the situation and no longer mint NFTs easily. This is a contrasting situation to 2021, where people readily bought NFTs.

Perhaps this explains the current bear trend in the NFT world; sales volumes are significantly lower than the record-breaking numbers a few months ago.

For the investor, the best approach is to take a great deal of interest in the founder. Presenting evidence of interest by the founder ensures confidence in the community.

The involvement of a famous name does not guarantee long-term success.

 

Common NFT Scams: Identified
How To Identify Common NFT Scams

Scams exist in many areas of life, defined as fraudulently obtaining money or goods from unsuspecting victims. 

The Internet is hugely beneficial for society and helps improve many people's lives. But it has led to criminals using it to defraud people—from phishing and fake shopping websites to dating scams. 

Cryptocurrencies use the Internet and are not exempt from scams. The anonymous nature of cryptocurrencies has made things easier for fraudsters. 

NFTs are an extension of cryptocurrencies and are an arena with frauds targeting newbies and the uninformed. Since this is a relatively new technology, most people have likely been victims of one form of scam or another.

What are some of the common NFT scams?

Rug Pulls

After a project launch, the founders exit the project with investors' funds. The founders close the assets associated with the project, such as the Discord server and Twitter account, and leave the scene. With the founders no longer involved and little trace of the project, the price of the NFTs decreases until it becomes worthless. The investors possess nothing more than NFT JPG images on the blockchain. 

The NFT space has been rife with these scams throughout 2021. As people become aware, these deceptions are becoming less common.

Anonymous founders carry out rug pulls; people have no idea of the real identity. Given the anonymity and lack of traceability with crypto wallets, it's a straightforward scam to perpetuate.

Cash Grabs 

This is rife in the NFT space. The founders of the project promise various developments for the project. 

After the launch, they fail to implement these promises. Over time, the value of the NFTs decreases, and the investors are left holding the bag. 

Nearly every NFT investor has been a victim of such activities. Such schemes are also known as a slow rug; the founders leave the project slowly. 

These schemes are difficult to classify as a fraud; the founders are in a position to kick their promises into the long grass. And many often come up with all manner of excuses why developments fail to progress. 

Pump And Dump 

This is where an individual or a group of people team up to buy large quantities of the cheapest NFTs in the collection (buying the floor price). 

They drive up the collection price, also known as "sweeping the floor" or "wash trading." After a significant price increase, the NFTs are sold for a profit, and the culprits exit the market. The value of the NFTs decreases, people are left with NFTs worth less than the price paid. 

The project founders are known to engage in such practices to drive up the price of their collection.

Project Impersonation

Fraudsters try to mimic real projects by creating websites and social media profiles with a similar appearance to the actual project. 

They aim to lure unsuspecting victims to a website and mint fake NFTs. The victim connects their wallet to mint an NFT, which turns out to be an empty file. 

Victims are targeted through direct messages or posting links in the comment section of Social Media platforms.

The problem has become rampant: fraudsters routinely hijack the real Discord server of a project, disabling the power of admins and moderators and placing links to direct members to a fake minting website. 

Customer Support Scams

This is a problem commonly seen on Discord and Telegram. Scammers contact through direct messages offering to help people mint NFTs or provide bonus airdrops.

As a customer service representative, the scammer tries to obtain wallet details such as passwords and the seed phrase. Using the information, fraudsters drain the funds from the wallet.

The problem is that NFT projects warn members not to engage in direct message conversations. Official members of staff have ceased contact with members directly through direct messages. 

Experienced people will not fall victim to such scams; newbies are the intended targets. 

Intellectual Property Theft And Fake Collections

There are projects known to take the artwork from talented artists and use it for their collection. Without agreements in place, this is a form of theft.

Projects using artwork from an artist without permission are a theme in the NFT community. 

On discovery, the reputation falls, and the value of the NFTs decline in price; it becomes a loss-making investment.

Some individuals take artwork from upcoming projects, load it to marketplaces such as Open Sea and aim to impersonate the actual project.

Buyers of these NFTs become victims of a scam.

Conclusion

Scams are common because the NFT market is new, with many new people entering the space. It allows fraudsters to exploit inexperience and vulnerabilities.

The best approach for a newbie is spending time in the NFT community, networking with others on platforms such as Discord, and becoming fully aware of the technology before major investment sprees.

Yuga Labs & Bored Ape Yacht Club (BAYC) Launch ApeCoin Tokens
Yuga Labs & Bored Ape Yacht Club (BAYC) Launch ApeCoin Tokens

Bored Ape Yacht Club (BAYC) is the most iconic NFT collection; it's set the standard for others to follow. The nearest rival CryptoPunks, based on nothing more than artwork, was taken over by BAYC's creators, Yuga Labs, in March 2022. This acquisition has created the biggest juggernaut in the NFT world; no other project comes close in size.

BAYC 's success depends on its ability to evolve, pivot, and provide value to its holders. While many projects offer artwork and no more, BAYC has significantly contributed to the NFT world. They airdropped NFTs from other projects (such as Bored Ape Mutant Club and Bored Ape Kennel Club) to BAYC NFT owners, provided in-person events, and developed online games for its members. Yuga Labs allows the holders to use the NFT they own to create and sell merchandise.

 What is ApeCoin?

As part of this ability to grow, in March, Yuga Labs collaborated with the collective named ApeCoin DAO to drop ApeCoin ($APE) token.

ApeCoin acts as a digital currency in the same way as many other cryptocurrencies. People will be able to spend ApeCoins on upcoming products and services BAYC will offer, including the Play To Earn game launching in 2022. The hope is that ApeCoin may evolve beyond the BAYC ecosystem in the future.

There is a difference between Apecoin and cryptocurrencies such as Bitcoin, Ethereum, and Solana. Bitcoin, Ethereum, and Solana are native coins derived from their perspective blockchain. Apecoin does not have its blockchain and resides on the Ethereum mainnet; it's considered a token rather than a coin.

ApeCoins are not too dissimilar to Axie Infinity Shards (AXS), the native governance token of the Axie Infinity network. Axie Infinity players can buy, sell and trade using Axie Infinity Shards.


Distribution

A total of 1 billion ApeCoins were available; the allocation was as follows:

15% to the holders of Bored Ape Yacht Club and Bored Ape Mutant Club holders,

15% to Yuga Labs,

14% to the partners that helped launch the tokens,

8% to Yuga Labs founders,

1% to charitable events,

47% to ApeCoin DAO

ApeCoin DAO

ApeCoin DAO is part of the Ape Foundation, the governance behind the token. They have the power to manage the everyday running, project management, and bookkeeping of the token system. Holders of the ApeCoins and the DAO can dictate the ecosystem's future, thus making ApeCoin a decentralized system.

 ApeCoin DAO consists of leaders from the Social Media, gaming, and crypto space. These people include Alexis Ohanian (from Reddit), Amy Wu (from FTX), Dean Steinbeck (from Horizen Labs), Maaria Bajwa (from Sound Ventures), and Yat Siu (from Animoca Brands).

The BAYC project and Yuga Labs are separate entities from the ApeCoin DAO. If BAYC and Yuga Labs were closely connected, the project would come under the scrutiny of The Securities and Exchange Council of the United States. The Securities and Exchange Council is the government organization responsible for regulating Securities and protecting investors. To date, the organization has not focussed on NFT projects.

Launch 

On launch, the price of ApeCoins started at almost $40 per token. During the day, the token fell to around $6 as people who received free tokens sold their share. A few days into the launch, the price of the ApeCoin sits at around $11. The vast market cap size has meant that ApeCoin is in the top 50 of all cryptocurrencies.

The token was available on all major exchanges such as Coinbase, Binance, KuCoin, and FTX. It's unusual for new tokens to be widely known, but the popularity of the BAYC meant exchanges readily accepted ApeCoin onto their platform.

Original holders of BAYC NFTs were given 10,094 tokens for each NFT they held. This translates to nearly $400k at the price height and $60k near the bottom.

ApeCoins show that the Bored Ape Yacht Club project continually provides the holders with utilities. These utilities translate into social and financial gain. Unfortunately, the NFT space is riddled with scams and rug pulls. But Yuga Labs have set the blueprint for what makes a fantastic NFT project, an aspiration for other projects to follow.

No one can predict the price movement of digital currencies; there are no guarantees of price increases. The ecosystem created by Yuga Labs is continually expanding rapidly; it's probably a good bet to suggest ApeCoins are potentially a significant investment.

As always, do your own research before investing.

 

 

 

 

The Similarities Between Crypto And NFT Projects And How NFTs Help The Crypto World.
The Similarities Between Crypto And NFT Projects

Cryptocurrencies have been around for a long time: Bitcoin, the first cryptocurrency project launched in 2009. There are currently over 16,000 cryptocurrencies currently in circulation.

With each year, the awareness of cryptocurrencies has increased. But digital currencies are still an unknown quantity for the vast majority; most people are not fully aware of their full function.

 

The Similarities Between Crypto And NFT Projects

NFTs hit the headlines in 2021; it was the word of the year and has become well known as some popular cryptocurrencies such as Bitcoin and Ethereum.

A cryptocurrency project has two components, the blockchain and a native coin associated with the blockchain. Blockchain is the technology, and the native coin is the digital currency.

NFTs are different from cryptocurrency, but NFT and cryptocurrency projects have many similarities. They both have a team or company working on developing and completing the project's aims.

Bitcoin is a blockchain, and the associated coins serve as a digital currency. Bitcoin as a blockchain is old technology and serves no purpose other than registering the transactions of its digital coins.

There are other crypto projects with more features than Bitcoin. For example, blockchains such as Ethereum, Solana, and Polkadot allow advanced information storage facilities on their blockchain.

XRP is the native token associated with Ripple; it plans to act as a money transfer utility at meager prices. Ripple and its native coin XRP, seek to compete with the fiat currency.

Tether is the native token linked with the Tether network; it's a stable cryptocurrency. While other cryptos face high volatility and swings in price, Tether is secure as it's pegged to the US dollar. It acts as a reliable medium of exchange and a way to store value.

 

All cryptocurrency projects strive to provide a service. As the oldest cryptocurrency, Bitcoin has the clout to act as nothing more than a digital currency. Other cryptocurrency projects aim to provide some form of value in addition to serving as an electronic currency.

This is similar to the utility feature of NFTs. NFT utilities can consist of events for the holders, play-to-earn games to ownership of virtual land. Owners gain other benefits in addition to the great-looking artwork stored on the blockchain.

A crypto project has a white paper to describe its aims and the achievements they seek to realize. All NFT projects have a white paper and roadmaps that state the project's ambitions.

All crypto and NFT projects try to build a community at the start; they do this through giveaways. NFT projects will try to provide free NFTs, while crypto projects offer free currency airdrops.

Building a community on Discord and using Twitter as the leading Social Media communication channel is a shared feature.

The blockchain Polkadot and the NFT project World Of Women have become successful projects. They do not need to make a significant effort to grow; the expansion takes place organically. Many external sources will discuss and market these projects, and people will readily engage.

 

The Differences And How NFTs Benefit The Crypto Ecosystem

NFTs use blockchains to register and record ownership details, and a crypto project helps facilitate the requirement. Crypto projects have enabled NFTs to become successful entities in their own right; without blockchains, there cannot be NFTs.

The success of NFTs has spawned a new industry. Entrepreneurs can pursue new lines of business, further employment opportunities, and an additional investing stream for investors.

NFTs have helped many crypto projects. The likes of Solana, Polygon, and Tezos have seen people using their blockchain in increasing numbers, which has led to a positive impact on these projects. The value of Solana coins was less than a dollar in early 2020; its price rose astronomically, reaching as much as $250 in 2021.

As well as giving the blockchain real-world use, NFTs have encouraged a new range of people to enter the crypto space. The cool-looking artwork attracted people who would not have entertained blockchain technology previously. It has led to people examining the broader crypto ecosystem and other projects in the crypto space. The user base of cryptos has increased.

 

Conclusion

Until recently, most crypto projects have been speculative with no real-world use. People could exchange cryptos as payment between themselves, but there is no central payment system like the traditional banking system.

NFTs projects, offering only artwork, have limited physical world use. But utilities such as play-to-earn games, casinos, and events change the landscape.

NFTs allow crypto-based blockchains to flourish and provide a beneficial effect. There is little doubt that both crypto and NFTs will see a greater prevalence and use in society with time.

 

Ideas On Starting Your Own NFT Company
Ideas On Starting Your Own NFT Company

The Internet provided entrepreneurs the opportunity to start many businesses. At the start of the century, the number of companies that utilized Internet technology was low. Two decades later, nearly every business uses the Internet in some form. A vast number use the Internet as the cornerstone to sell goods and services.

NFTs use blockchain technology with the Internet as their foundation. The inception of NFTs has provided entrepreneurs with interest in this technology to start up new businesses in this space.

A popular business to operate in the NFT arena is to start an NFT project. The company or the group of people create NFTs and market the project to investors. The low barrier to entry has meant big budgets are not necessarily required to make a start.

As time passes, investors have become picky with projects, companies with bigger budgets are now more likely to succeed. They have the means to provide better marketing; companies with significant capital can offer innovative and higher quality NFTs and associated utilities.

 Many artists, brands, and businesses are unaware of the NFT world. One business idea is for companies to complete NFT projects on behalf of others. This opens the doors for NFT companies to offer their expertise.

 

NFTs For Artists And Photographers

NFTs as art is an entity on a low trajectory; there are many art-based projects, and the market is saturated. Much of the artwork looks similar, it's cartoon-based and created by unknown illustrators and digital artists.

Many projects seek freelancers for low sums of money from the developing countries through freelancing marketplaces such as Fiverr and Upwork. NFTs have been in circulation for over a year, allowing only a small market share for each PFP NFT.

However, there is room for established and talented artists, especially creators with a solid fan base. Their work in the form of NFTs will entice traditional art collectors to enter the space. NFT fans are likely to see these NFTs as a good investment because the work is from an established artist.

NFT companies could contact established artists and offer their services. The NFT company will carry out the process from inception to launch. There is little involvement for the artist other than providing the artwork and participating in marketing activities such as making appearances at events to showcase the project.

Photography is similar to art; companies can help established photographers sell their work as NFTs. NFT open up another route for photographers in addition to media outlets and marketplaces such as Shutterstock and iStock Photo.


NFTs For Musicians

Another avenue for NFT companies is to align with musicians. NFT has provided a way for musicians to store their music as digital assets on the blockchain.

Fans will buy the NFTs to access the music; there is no need to use expensive record companies for marketing their product. It becomes possible for musicians to use NFTs to ensure they keep a high percentage of the sales revenue.

NFT companies can help musicians to release music through NFTs and the blockchain. As it's a simple process, there is an excellent profit margin for the NFT enterprise.

Musicians such as Eminem have released NFTs incorporating music, and other musicians are likely to capitalize on NFTs going forward in time.

 

NFTs For Brands And Companies

 NFTs open up opportunities for brands to sell NFTs of items associated with their company. For example, a fashion company can issue handbags as NFTs to provide another revenue stream. They can go further by showcasing their goods in the evolving Metaverse and pursuing additional opportunities.

Brands can even offer free NFTs to their people as a marketing opportunity. For example, Papa Johns, the pizza chain, recently issued 19,840 NFTs for free through the Tezos blockchain. This received a great deal of publicity for the company, which will drive up sales of its food products.

NFTs companies can contact brands to help them launch NFTs. These offerings are not limited to big corporations such as Nike or Gucci. Small to medium-sized companies can capitalize on the popularity of NFTs and make NFTs work for them.

 NFT is a technology that many companies do not understand well. NFT enterprises could educate brands on the benefits and acquire business to launch NFTs for these organizations.

 

Wrapping Up

Technology has opened up all manner of opportunities, and NFTs are no exception. Between 2010 and 2015, Social Media became popular with Twitter, Instagram, Pinterest, etc. Many companies began to use Social Media for their businesses, and companies who offered expertise in this sector capitalized. NFTs are at a similar stage; there is the possibility for individuals and companies to help musicians, brands, and artists make use of NFTs for mutual advantage.

Scotch Whisky Retailer Demonstrates The Real-World Use Of NFTs
Scotch Whisky Retailer Demonstrates The Real-World Use Of NFTs

NFTs are unique, no other version exists, and verification of digital asset ownership is possible by storing data on the blockchain. To date, NFTs have been dominated by art and online gaming, with music also having an impact. Art acted as an excellent introduction to NFTs for the world. In the early days, there were no utilities associated with the NFTs. This was probably a good thing. The introduction of utilities such as staking, decentralized autonomous organization (DAO), and yield farming in one large chunk is too much to digest for anyone but ardent crypto techies. 


As investors become comfortable with the premise of blockchain and NFTs, real-life utilities are becoming realized. The Scotch whisky retailer, "The Whisky Barrel," is one of the early adopters to utilize NFTs away from art, gaming, and music. 


With investing, there are two classes: standard assets and alternative investments. Traditional assets involve stocks, bonds, and cash, while alternative investments feature collectibles such as art, antiques, and whisky. 


Investing in whisky has been on the rise since the turn of the century. Creating high-quality mature whisky is a highly capital-intensive process for the distiller. The maturation age for fine whisky is between 12 to 50 years. To offset costs, distilleries sell casks at a low price at the start of the distilling process. The distiller handles the storage and distilling process, while brokers deal with the sales and marketing. Investing in whisky can return as much as 54%, with an average return of 10% per year over five years. Many people buy whisky for investment purposes rather than enjoyment.


Such investment involves the investor, the broker, and the distiller. The broker handles the sales and marketing and takes their fee from the investment returns. 


NFT and blockchain technology allow the distiller to deal directly with the customer and alleviate the need to use brokers. Distillers can sell their aged bottles and casks as NFTs on the marketplaces, and customers can buy direct. This is similar to musicians who can directly market their work as NFTs to the customer without record companies. 


"The Whisky Barrel" is focused on the authentication aspect of their products. The owner of the NFT is certified to own the actual product; there is no possibility of counterfeit or fake spin-offs becoming part of the equation. It's easier for the owner to sell their commodity as the potential buyers will have fewer concerns about the authenticity of the purchase.


"The Whisky Barrel" will use the Solana blockchain for their NFTs as this is an eco-friendly platform with low transaction costs. 


This moment is not the first time NFTs have represented whisky. "UniCask Co Ltd" became the first minter of whisky NFTs. In December 2021, the 1991 vintage cask of Single Malt Scotch Whisky Springbank was divided into 100 portions and sold as NFTs. The bottling of the whisky takes place in 2041. Until then, the holders can own and trade this rare whisky as an NFT from anywhere in the world. With each year the value of the whisky increases, we will see the price of the NFTs will rise. 


Since then, "UniCask Co Ltd" has created NFTs for another whisky product. "UniCask Co Ltd" is in the process of constructing online games to act as utilities in the same manner as traditional NFTs. 


The great thing about NFTs is the authentication aspect, only one version of the NFT can exist and eliminate the possibility of fraud or other malpractices. 


There has been rhetoric about NFTs authenticating expensive commodities such as Rolex watches or Chanel handbags. These are items that can increase in value with time. But NFTs do not eliminate the possibility of counterfeit products in such a scenario. The owner of the NFT, with the item in their possession, can always present a fake product. With time, blockchain and NFTs will solve such issues with the insertion of technology within the collectible pieces. 


There are some exciting prospects for NFTs in the future. As 2022 rolls on, blockchain and NFTs see their technology utilized away from art and online gaming. Sandbox and Decentraland sell virtual land. In time, NFTs could act as a contract for buying and selling real estate in the physical world.


Trading: Investing In NFTs To Make Money
Trading: Investing In NFTs To Make Money

There are many ways to invest capital to make a profit. The traditional investing methods involve stocks and shares, real estate, and high yield savings accounts with financial institutions. Cryptocurrencies based around blockchain technology have become a popular vehicle for investing and trading in recent years. NFTs, like cryptocurrencies, revolve around the blockchain. NFTs became well known in 2021 and have become a fashionable investment and trading avenue for those interested in finance, technology, and cryptocurrencies.


Like all investments or any other form of buying and selling, there is no guarantee of profits with NFTs. While there is a possibility of making money, there is also the chance of losing; the more informed the investor, the greater likelihood of making the right calls. With this in mind, let's look at trading NFTs. Speculators buy NFTs because the price will increase and sell as the market price rises. People purchase new projects or ones already launched and established.



Buying And Flipping NFTs From New Projects


Many "paper hands" buy into newly launched projects and sell immediately for a profit. While this was easier in 2021, with the massive number of projects launching daily and the lack of long-term vision from most projects, this strategy is not straightforward. Many people buy NFTs only to find the project fails to sell out, and their NFT has decreased in value. With little chance of the price of the NFTs increasing, it's a losing situation.


Due to the vast number of projects launching regularly, it has become difficult to track down great projects. And competition from other investors makes it challenging to obtain whitelisted spots for good projects to enable early purchase. 


Top collections command a considerable demand. The project owners become picky about who makes the whitelist to purchase during the presale period. Without access to the presale whitelist, public sale purchase is the only option. With the vast competition, the chance of buying in the public sale is slim. People can become aware of good projects through alpha Discord servers which carry out all the research on behalf of the investor.

Websites listing projects coming to the market and information from Twitter is an excellent way to find project launches. Due diligence is required to ensure the project is worth pursuing. For example, checking the project is doxxed, has a big enough community, and has long-term viability utilities.


Buying And Flipping NFTs From Established Projects

Buying into established projects is another trading strategy. But ready access to more significant sums of capital is required. On the Ethereum blockchain, NFTs, which were hundreds of dollars on launch, become thousands of dollars. This kind of capital is not available to everyone who wants to purchase. For instance, in the summer of 2021, it was possible to buy a Bored Ape Yacht Club NFT for ten thousand dollars; these NFTs became worth six figures and beyond within a few short months. 


The alternative is to buy on other blockchains such as Solana with lower prices. But Ethereum remains the number one blockchain, and all big projects focus on the Ethereum MainNet. Many projects on blockchains such as Solana become rug pulls where the founders end the project and disappear with the investor's money. Some allow a slow rug to take place, the developers lose interest, and the project comes to a halt. The price of NFTs falls over the weeks and months; the investor has a loss-making asset. 


Buying any NFTs from projects destined for success is the aim of NFT traders. Investors should ensure a steady trading volume; others are buying the assets, it's no point buying NFTs where the price is high, but trading volume remains low. 


Rarity traits are something people should investigate. These NFTs are likely to increase in price significantly higher than common NFTs. Looking at NFTs near the floor price but with rarity, traits is a good idea. These are incorrectly priced and will see a more significant jump in price as the value of the NFTs and project rise. 


Wrapping Up


NFTs have become an integral part of the blockchain ecosystem; people wishing to trade NFTs for profit are the most significant contributor. The investor will make better trading decisions when possessing greater knowledge and information. Spending time studying the market and becoming more aware of the NFT space is a wise idea. Focusing on one successful project and appreciating all the NFTs and rarity attributes within the collection might be an avenue to pursue. 


Note: This article is not financial advice. Trading NFT or any investment is not risk-free; people should always do their own research before investing. And remember, never invest money you cannot afford to lose. 

5 Female-Led NFT Projects Explained
5 Female-Led NFT Projects Explained

This month will feature International Women's Day. According to Wikipedia International Women's Day "is a global holiday celebrated annually on March 8 to commemorate the cultural, political, and socioeconomic achievements of women.

Technology and finance have traditionally been male-dominated industries with a low representation by the female gender. Unfortunately, the world of NFTs, involving technology and finance, has also seen under-representation. Men are more likely to invest in NFTs and work in this sector. Luckily, this is a problem that's being tackled; many women-led NFT projects seek to empower women and encourage greater participation in this space.

Here are five women-led projects that aim to tackle the problem and bridge the gender gap:

World Of Women


This project was launched in July 2021 and has become one of the success stories in the NFT world. Launched for 0.07 ETH, the floor price now exceeds 7 ETH. The collections aim to highlight emerging artists from the globe, give back to women-led organizations, and educate women and other underrepresented minorities in the NFT and Web 3 space. Yam Karkai, a digital illustrator and NFT artist who grew up in Europe and the Middle East, is the project's face. The World of Women NFT consists of 10,000 randomly generated NFTs of various rarities on the Ethereum blockchain. 

Each NFT has an image of a woman with diverse features; the project aims to promote inclusivity and diversity. Some of these highly prized NFTs are owned by the likes of Snoop Dogg and Reese Witherspoon. 

Boss Beauties


Boss Beauties is an NFT collection by My Social Canvas, a social enterprise for over ten years. It aims to provide opportunities to high school and college girls worldwide. According to the Boss Beauties website, the project is a "women-led global initiative that creates opportunities for girls and women through cutting edge collaborations."


Consisting of 10,000 generative artwork, the project launched in September 2021, and sold out within an hour. 5% of the initial mint went towards funding the next generation of leaders, with 5% to launch women in the NFT podcast series. The collection became the first NFTs to be displayed at the New York Stock Exchange and has a floor price above 1.5 ETH. 



Women Rise


Women Rise is a project by the Pakistani-American visual artist Maliha Abidi. Maliha advocates social justice, including gender equality, women's rights, and girls' education. Women Rise is a collection featuring 10000 generative NFTs to build a community on encouraging more women to participate in the NFT and blockchain space. 


Launching in January 2022, the project was a sell-out. 2.5% of sales was given to the Malala Fund, with 5% from royalties going to 'Women Rise' and the 'Activist' club. 7.5% of sales proceedings went to organizations supporting girls' education, mental health in marginalized societies, and gender equality. Maliha Abidi has been featured in publications such as The Guardian, The Rolling Stones, and Forbes. Part of the Women Rise team includes Randi Zukerberg, the sister of Mark Zukerberg.


Fame Lady Squad


Fame Lady Squad launched in July 2021 as the first female-led NFT project. Being the first project of its kind, it received much attention. The 8888 NFTs in the collection sold out and made $1.5 million. it soon became apparent the founders were not female. They were some Russian men claiming to be female! The project was transferred to the community, which created a new artwork and reignited the project. 


It's now a successful community-run project with a merchandise store with activities planned for the Metaverse.. The project aims to provide support and help to women in the Crypto / NFT space. 



Remarkable Women NFT


Remarkable Women NFT is a collection of 6000 NFTs launched in February 2022 by the artist and illustrator Rachel Winter. The sell-out project illustrates women expressing cultural inclusion, fashion, feminism, and self-expression. 10% of the sales were donated to Fund for Women's Equality (FFWE), and 10% of secondary market sales go to the Remarkable Women Impact Fund, a project that supports causes to uplift women. 


The project will feature in-person events for holders, merchandise for use in real life and the Metaverse, and education to help people of all genders learn more about Crypto, Metaverse, NFTs, and Web 3. The projects enable holders to stake their NFTs for a period in return for points that can be redeemed for rewards as part of a loyalty program.



Attaining Crowdfunding For Your Business Through NFTs
Attaining Crowdfunding For Your Business Through NFTs

Generative Avatar Projects led the NFT space in 2021 with numerous hugely successful projects. Collections such as CryptoPunks, Bored Ape Yacht Club (BAYC), and Doodles are some of the all-time best-selling NFT projects. Others tried to emulate these projects, with many enjoying a modicum of success.


As time passes, avatar-led undertakings have less impact, but the versatile nature of NFTs ensures other types of campaigns become the trend. 


How Are Crowdfunding And NFTs Connected?


Crowdfunding has become a means to raise capital in the Internet era. It's an alternative way to raise money for businesses away from sources such as borrowing from the bank, business grants, and angel investors. Crowdfunding involves the business person proposing the idea, a group of people willing to invest, and a platform bringing the two parties together to execute the concept.


NFTs have the features to replace crowdfunding and become a better method to raise capital. It eliminates platforms performing the middle man mediator role. With NFTs, there are only two sources involved: the business proposing the idea and the investors willing to buy the NFTs to raise the money required. 


The Changing Nature of NFTs


While NFTs projects evolve from avatars, one part will remain constant. All projects require loyal and committed fans to succeed; the community element continues to be necessary. It's likely projects will evolve to where utility is the main focus and art becomes negligible. In this raising capital example, the business becomes the utility.


Raising Funds Through NFTs


Anyone wishing to start a business could do so through an NFT community, the funding step becomes less difficult. Many lending institutions require people to jump through hoops before offering the finance. Becoming accepted on crowdfunding platforms is no easy task; arduous tests are in place like traditional institutions. 

The Internet has made it easy to build a following. Anyone wanting to start an NFT project can post on Social Media platforms such as Twitter and build a community on Discord. A big enough community with trust in the assignment will lead to the sell-out of the project. 

The Problem With Avatar Based NFTs

The novelty factor of NFTs meant early projects with artwork could succeed. The legendary Cryptopunks project continues to be the number 1 project purely based on art. But there is only so much demand for art; the chance of the investment increasing in price diminishes as more JPG artwork enters the blockchain ecosystem. 

This led to projects seeking to offer metaverse experiences and play-to-earn games utilities. But unfortunately, for the majority of projects, the utility is not ready upon launch. The road maps typically state the project will evolve to offer utilities some months after the launch.

With no firm guarantees, it leads to a lack of confidence from investors. The numerous cash grabs and rug pull further add fuel to the problem. 

How Can A Business Raise Funds Through NFTs? 

Building a solid community on Social Media and Discord and communicating the intentions will gain the investors' trust. Having concrete business plans helps the situation. Various plans can be proposed and implemented to reward investors. Investors could gain a percentage of the profits from the business; all paid through the NFTs. Allocation of discounts is possible for holders.


The smart contract feature of NFTs allows agreements to be programmed with no need for third-party involvement. The holders could even become part of the organization's governance through a decentralized autonomous organization (DAO) setup. 


Why Such A Setup Is An Improvement On Avatar Based NFT Projects?


NFTs are an extension of cryptos, and people buy for investment purposes. Purchases are made in the hope of price increases. Very few invest in NFTs for the love of art and a carefree attitude towards the price. In a business NFT scenario, the utility is the main focal point. The project will need to deliver the utility upon launch. The utility could be up and running on a small scale and the money raised through NFTs allows expansion to occur. 


In this situation, for success, a detailed plan needs to be laid out clearly for the investors to study and analyze. Unlike avatar NFTs, there is no vague notion of a utility launching in the future. This has great use for businesses already in existence. They can raise cash for further expansion. Given the company already enjoys success, it will provide confidence to the investors. 

This kind of scenario will lead to more people taking NFTs seriously. The cartoon avatar nature of NFT often only appeals to young people and teenagers.

Conclusion

NFTs have many uses in the commercial marketplace, and a way to raise capital is one example of utilizing NFTs. It will also provide more investment opportunities for the investors to develop their scope. With time, many businesses will use NFTs in many different capacities. 





NFT Marketing Explained
NFT Marketing Explained

Marketing is an essential component to launching a successful NFT project. A project could have great artwork, a secure smart contract, and a professional front-end website to facilitate minting. Still, the project will fail to reach its potential without great marketing. So how can a project go about carrying out a successful marketing operation?

 

Build And Grow A Community  

 

For people to buy the NFT, confidence in the project is required. Trust is attained by building a loyal community of fans. Discord is currently the favored method to build a community. The app allows conversations in text and voice and features such as Ask Me Anything.

 

People are encouraged to join the community through Social media platforms or shilling other Discord servers with an NFT presence. Enticements such as the opportunity to enter the whitelist or prize giveaways are common.

 

Participation in the community is incentivized through chat contests. People with the highest engagement rates are awarded prizes in cryptocurrency or NFTs. Invite competitions are run to increase the size of the community.

 

An active Discord community encourages others to join and participate; visitors seeing a vibrant community will become members. A thriving community also encourages people to buy NFTs. Experienced investors in the market will only purchase from active communities. The Discord server allows the project to relay information and gain the members' trust. A vast volume of purchases will come from the community; building a solid, engaging community is essential.

 

Use Social Media

 

People discover projects through Social Media, with Twitter the most popular medium for crypto and NFT projects. It is a platform where people assess the strength and weaknesses of projects. One way for people to evaluate a project is to examine the following size and content engagement. This evaluation facilitates judgment on whether there is a strong interest in the project.

From an investment perspective, there needs to be demand for the NFTs for price rises. The foundation of investing is buying low and selling at a higher price.

 

 

A following is built on Social Media platforms like Twitter by posting quality content that suits the app. For example, written content that reads well with well-spaced, easy-to-read information is essential on Twitter. On Instagram, great images and video reels are necessary to make the page look professional.

A project often builds its following through organic engagement methods such as commenting on other accounts coupled with giveaways. People love freebies and will join Social Media accounts for the opportunity to win.

 

Social media is used to direct people to the Discord server to contribute to community development. Twitter Space is a valuable tool to deliver more information on the project and how it'll proceed.

 

Social Media Influencers are commonly employed to advertise the project. Influencers have a vast following; they can inform their followers about the project and spread awareness.

 

Collaborations with other projects are a great idea and are mutually beneficial; it facilitates followers to discover new projects.

 

There are numerous Social Media platforms. Twitter should be the primary focus as it has a significant NFT presence. Other platforms such as Telegram, Instagram, and TikTok are worth considering after achieving a big Twitter following.

 

 

Other Advertising Methods.

 

There are numerous websites and blogs to advertise the project; some are paid, others are free. Press releases and websites such as mediums allow content marketing to take place.

 

Content marketing is an excellent method to bring users to the company website. Through blog posts, traction and traffic from search engines are directed to the Discord server.

 

Advertising on the Metaverse is also an option. Metaverses such as Cryptovoxels and Decentraland are popular places for NFT fans. Advertising here will help to attract an audience heavily into NFTs.

 

Final Thoughts

 

Building an extensive fan base before the launch will help to ensure the project sells out. A sold-out project has the momentum to increase strength and become more comprehensive. A collection that performs poorly on launch will attract negativity from the existing community, drive down the price of the NFT, and become harder for project growth. It'll be challenging to attract new members as people will see the project as less than successful.

Utility Considerations For NFT Projects.
Utility Considerations For NFT Projects.

 Many NFT collections offer good artwork, with projects viewing it as an important component. Only a few NFT projects are entirely art-based; most provide other benefits in the form of utilities.


Discord Channels.

 

All major NFT projects have a community on Discord accessible to anyone. Discord has become the most prominent app for community building and information sharing in the crypto and NFT space.

 

Some NFT projects have special channels only available to the holders of the NFT. These channels are managed by the collab.land bot, allowing a members-only community to provide additional benefits. Some of these are to facilitate free airdrops, provide specific project news, or allow holders to vote on project governance.

 

NFT projects could offer educational content for users in the form of investing, art classes, and special appearances by industry leaders.

 

Access To Events.

 

Some projects have access to networking events, parties, or seminars as a holder. Top projects like Bored Ape Yacht Club and VeeFriends have real-life meetups for holders. There are VeeFriends NFTs that allow in-person access and mentorship from Gary Vee.

 

Famous and well-known people can launch NFTs where the holder gains signed merchandise or attend events with the founder.

 

Physical Items.

 

Some NFTs by artists allow people to obtain the physical version of the NFT. Flipkick is a company that works with artists to deliver NFTs linked to physical art. This space will evolve as NFTs become popular and artists realize the potential of NFTs and blockchains.

 

Some projects have physical merchandise associated with the NFTs. The infamous Bored Ape Yacht Club sells merchandise and allows NFT owners the right to create sellable merchandise with the NFT they own.

 

 

 

Airdrops.

 

It's pretty standard for NFT projects to give holders additional NFTs and other rewards.

 

Bored Ape Yacht Club (BAYC)airdropped Bored Ape Kennel Club and Bored Ape Mutant Club NFT to its holders; these two new projects became valuable as the BAYC project grew.

 

The top-selling CryptoPunks NFTs were free on launch; anyone holding an Ethereum wallet could claim an NFT.

 

NFTs are closely linked to Blockchains as this technology enables NFTs to exist. Numerous blockchain platforms give away NFTs as airdrops. For example, Binance Smart Chain, a strong competitor to the Ethereum blockchain, has airdropped tokens.

 

Breeding

 

Play-to-earn (P2E) game Axie Infinity facilitates the players to breed new in-game characters. In addition to using the characters in the game, they can be sold or rented, offering the holders the potential to earn additional income. Some non-P2E NFT projects allow the holders to breed and the creation of new NFTs.

 

Another project that allows breeding is CyberKongz to create BabyKongz. In addition to breeding, CyberKongz contains Kongz Island, a multi-estate concrete jungle built on Sandbox, and its own $banana token, which has contributed to CyberKongz becoming a quality NFT project.

 

 

Fractional Ownership

 

Fractional Ownership of NFTs allows people to purchase a fraction of an NFT. An art NFT by a well-known artist could be split into many components and available for many people to buy shares.

 

Pak's NFT Artwork 'The Merge' is a well-known example. The NFT sold for over $90 million; it was split into over 312,000 units to ensure many people could buy a stake in the project.

 

Taking such an approach will ensure the NFT is easier to sell. An expensive NFT is limited to wealthy buyers; fractionation provides greater market access and an easier sale process in the future.

 

Staking

 

Financial gains are achieved with many NFT projects when the NFT is sold. Staking allows the NFT to be locked away into the project or another ecosystem to earn a passive income. Such projects are likely to have a greater appeal to investors.

 

Metaverse Activity

 

The Metaverse is a trending subject; it will have a significant impact in the future. Offering activities involving the Metaverse is a utility that adds value. Decentraland and SandBox provide Metaverse opportunities that have contributed to their success. Projects providing artwork NFTs could present a Metaverse experience where individuals can view the art in a Metaverse-based museum.

 

Conclusion.

 

In the current climate, utilities are an essential part of success. It's unnecessary to have an endless list of utilities, but the greater the number, the more the investors will benefit.

 

For the project to reach a favorable outcome and give the market confidence, it should have the utilities ready and available on launch. Such scenarios eliminate negative sentiments often seen following the launch.

 


The Low-down On Obtaining NFTs For Free
The Low-down On Obtaining NFTs For Free

Top-quality NFTs are not an inexpensive item. On the Ethereum blockchain, paying as much as $500 for a new NFT is not out of the norm. Some NFTs cost even more. This payment does include the transaction (gas) fees which run into hundreds of dollars. Cheap NFTs are available on the Polygon network, but individuals dabbling with NFTs rather than professional projects are the source of these NFTs. The likelihood of such NFTs becoming valuable is low. 


Where To Find Free NFTs?


For those without the funds to mint NFTs, there are ways to obtain them for free. 


Marketing is necessary to launch all NFT projects. The exception is NFTs released by a well-known name or corporation. The value held by the cooperation is sufficient for viral marketing to occur. For example, if a brand such as Prada or Coca-Cola were to launch an NFT project, the news would spread fast without significant effort.


Normal individuals usually run NFT projects, and a successful launch requires marketing effort. The marketing phase is usually a few weeks to a few months, during which time there are opportunities to win NFTs. Offering prizes and giveaways are the most significant way for projects to advertise, gain exposure and grow the community.


Promotion and marketing take place on Twitter, Discord, and Instagram. Many projects start by offering the chance to win whitelist spots. The winners can mint before others but still need to pay for the NFT. Occasionally the whitelisted people obtain the NFT at a discounted price. 


Twitter is the best place to discover NFT giveaways. Searching under #NFTGiveaways will show projects using giveaways. The more popular the project, the fewer opportunities to win an NFT; there is no need to use enticements. 


Twitter also has promoters not related to projects doing giveaways. They are running giveaways to grow the account and increase the following. Some well-off individuals run contests to give back to the community.


The usual requirement to enter is to retweet, like the tweet, and in the comment section, add several friends who may have an interest in NFTs. Some also ask people to join their Discord server. 


The Discord servers of NFT projects also run giveaways. These run as chat contests; members who chat the most are awarded NFTs as a prize. There are other giveaways in invite contests; members who invite the most people to the server receive NFTs. Some try to cross-collaborate with other projects; the Discord members must join another server to enter the giveaway. Fanart contests are also widely used by more significant projects. It's worth joining numerous Discord servers to discover giveaways. 


Note Of Caution. 


NFT giveaways are very common on Twitter, but not all are real. Promoters run many fake giveaways, which cloud the scene. 


They offer the chance to win an NFT, but the prize will not materialize. Fake giveaways are apparent when winners are not announced in the comments. It's best to go through the promoter's Twitter feed and look at previous giveaways. These promoters seek retweets to gain exposure and followers; the fake giveaways are a means to grow the account which can be monetized later.


The best approach is to identify people with real giveaways and consistently enter the contests offered by these accounts. 


Scams are less likely with giveaways run by projects; these contests are generally honest. The exception is if the project is unsuccessful. It fails to take off with a low mint, the owners become demoralized, and they fail to award the prize. And the chances are people will not want to gain an NFT from a failed project! Many such projects have become abandoned by the founders.


Free NFTs Are Not Free! 


Thousands of others want to win NFTs; the competition is stiff. Many entries are required to win a giveaway on Twitter; it's a time-consuming affair. People are not paying for the NFTs monetarily; compensation takes an enormous amount of time. 


In Discord chat and invite contests, a vast portion of time is required to reach the top positions to win prizes, the same as Twitter giveaways.  


It may be better to seek employment and buy the NFT. But everybody's situation is different. For instance, in low to middle-income countries, winning an NFT and the value associated with it is worth more than the hours spent working. 


Free Mints.


A strategy used by collections with limited marketing budgets is to offer free NFTs. Most have little presence on Twitter or Discord, but people discover the project and mint the NFTs for free. 


The project takes off, and a Twitter and Discord community springs up quickly. NFTs, increase value, leaving the lucky ones with a money-making asset. Within days the initial hype dies, and with little to no road map, the price of the NFT falls. These are a good opportunity for a quick flip.


Some of these collections advertise on blogs and websites. Additionally, they can be found by searching Twitter and Discord communities that discuss NFTs.




NFT Staking And How NFT Owners Can Benefit
NFT Staking And How NFT Owners Can Benefit

Blockchains which started as digital ledgers for record-keeping digital currency transactions are becoming used in other settings. Currently, blockchains show significance in decentralized finance and NFTs. There is also the rise of staking NFTs, a combination of NFTs with finance.


The Evolution of NFTs From JPG Artwork


NFTs have become a common feature in the crypto world; anyone familiar with crypto will likely understand the technology and the inner workings behind NFTs. Many NFT projects are launched daily on various blockchains such as Ethereum, Solana, Polygon, etc. 


But the novelty factor behind NFT artwork is now redundant. In the early to the middle part of 2021, a collection with lovely generative artwork would suffice for a successful NFT project. Now an NFT collection with great artwork as the main selling point will flop. The market has decided that JPG artwork stored on the blockchain has little value. There is endless art flowing in the blockchain with little appetite to become worth thousands. Artwork by a well-known artist or celebrity is the exception; such a collection will sell quickly. 


This has led to projects releasing utilities as a significant part of the road map. Utilities come in many forms, one of which is the member communities. The hugely successful VeeFriends offer a community, holders can access seminars and events by Gary Vee. Bored Ape Yacht Club (BAYC) is a social club with parties and events held for members and other benefits. Or the Nike-owned RTFKT enables holders to access the physical version of the NFT represented as sneakers. Real-world utilities combined with confidence from the market ensure the NFTs hold value.


The Rise Of NFT Staking


There are two main reasons why people purchase NFTs. Firstly the novelty factor, NFTs are a recent phenomenon; people are keen to buy a new product. The second reason is the investment possibilities. People purchase NFTs hoping the asset price goes up, leading to profits. 


The majority of NFT projects are flops. It is not unusual for NFT projects to sell out or mint a reasonable quantity of NFTs within the collection. But following the launch, the value of the asset falls. It's a good situation for the founders; the initial mint can quickly raise six figures or as much as a million dollars within a few short months. The investor has an NFT worth less than the initial price. 


Investors can mitigate such situations by researching projects that offer staking opportunities. Staking is a common feature in the crypto and blockchain ecosystems that use the "proof of stake methodology." For carrying out transactions, adding blocks to the chain, and validation, the participants are awarded native tokens of the blockchain. The participants must stake Crypto coins; the more significant the stake, the greater the likelihood of becoming chosen. The holders can pool together to create a node system to carry out the necessary work. This system offers a way to earn a passive income and ensure the coins are used. 


It has become possible to utilize NFTs for staking purposes. The holders offer the NFT to the project or external sources; it's held in return for staking rewards. 


The most prominent proponent of staking directly into projects is NFT play-to-earn (P2E) games. One of these is Axie Infinity. Players purchase the Axie Infinity NFT; it enables them to participate and earn in-game assets that generate a profit. Players can stake in the governance token Axie Infinity Shards ($AXS), giving yields as much as 80% annual percentage rate (APR). Another P2E game is Splinterlands, where holders of the native token have access to rewards, governance of the game's DAO, and other special offers.


External platforms allow NFTs to work with Decentralized Finance (DiFi) to enable staking. The NFTs are locked away in return for a yield. Platforms that facilitate staking include Kira Network and NFTX. Kira Network is a blockchain protocol that enables NFT holders to stake assets in return for tokens. NFTX has been explicitly created for NFTs to generate liquidity without selling NFTs. Holders can stake their NFT in return for NFTX tokens which act in the same manner as altcoins.


Conclusion


Staking NFTs on external platforms is a new phenomenon; the infrastructural foundations are taking shape. It has a great deal of volatility as a new protocol but will evolve. NFT projects can succeed by offering broader investment possibilities within the road map, and staking is one way to achieve that.


Note: This is not financial advice; everyone should research before investing in NFTs or other assets.


The Alternative Benefits Of NFTs
The Alternative Benefits Of NFTs

NFTs hit the headlines in 2021. In the early part of the year, Jack Dorsey, the CEO of Twitter, sold his first-ever tweet as an NFT for over $2.9 million. The digital artist Beeple sold an NFT collage for around $69 million, and a whole host of others sold their NFTs for fees well into six figures and beyond.

 

The term 'NFT' was named world of the year by Collins Dictionary and many people jumped into the craze that's NFTs; they could see the enormous potential of NFTs.

 

Much of the positives behind NFTs are well documented. These include proof of ownership, authenticity, transferability, and security. But what are some other advantages?

 

Good For The Economy

 

NFTs have spawned a new industry. For an NFT project to go to the market, it requires people to carry out tasks ranging from creating the artwork, developers to deploy the NFTs onto the blockchain, and marketing staff to execute the plan to sell the collection. All these tasks enable people to earn money plowed back into the economy.

 

People do not need much experience to become involved in this new industry. Some established industries may seek years of experience, but such people do not exist in the NFT space. This easy-entry enables people with a small exposure to NFTs to leverage their existing skills and take up well-paid roles.

 

People with an entrepreneurial ethos can start up businesses involving NFTs. They can begin NFT projects, develop technology to enhance the ever-evolving space, and create marketplaces.

 

Good For Business.

 

NFTs have seen many billion-dollar corporations enter the NFT space. They range from Adidas, Samsung, Coca-Cola, Gucci, and many more, opening up another avenue to conduct business. Until now, the only mode of operation has been selling physical goods online and offline.

 

NFTs allow these established organizations to leverage their current popularity to sell digital assets and develop Metaverse-related activities to increase their offering. Organizations like Gucci create Metaverses where people can enter, enjoy a virtual reality experience, and purchase items for their virtual world. It's possible to buy gadgets, furniture, clothing, vehicles, and much more. What is available in the real world will become available to purchase for use in virtual space.

 

NFT and blockchain technology opens up marketing opportunities. Giving away NFTs can help gain new customers, add customer loyalty, and drive new marketing opportunities. It enables new products and enhancements launches. For instance, hotels can offer loyalty schemes for people holding their NFTs.

 

Good For Investors

 

NFTs have offered another avenue for investors. The emergence of NFTs has seen people buying NFTs as investment possibilities in the hope of increasing in price. Many traders enter the space hoping for quick flips for huge returns. While there is no guarantee of NFTs going up in price, there are many success stories. Top projects such as Azuki, Doodles, and World Of Women have exceeded their initial mint price. Anyone investing in such projects has seen a significant return on their initial investment. These stories have led people to believe NFTs are the modern gold rush. The evolution of NFTs is fast; what was on-trend a few months ago becomes no longer desired. It's best to stay tuned to the latest news.

 

Investing in NFTs aside, the technology behind NFTs opens the door to other investment opportunities. Organizations leading the way in the NFT world have sound potential. Companies developing the Metaverse, NFT marketplaces, and crypto coins used to purchase NFTs are excellent bets. For example, Matic, the native tokens of Polygon, has gone up in price. From a few cents at the start of the year to almost $3 by the end of 2021. Mana, the token behind Decentraland, which develops virtual land, has seen significant increases in the last five months.

 

Note that there are no guarantees in any investment, and people should always do their research before investing.

 

Conclusion

 

NFTs are revolutionizing the world. The Internet in Web 1 and Web 2 changed people's communication and spending habits. NFTs are the Web 3 version of the Internet; it's likely to have a more significant effect than previous versions. NFTs and blockchain technology are closely intertwined and open the door for positive financial and societal change. The world is likely to see more benefits as the months pass by.

 


The Environmental Effect Of NFTs
The Environmental Effect Of NFTs

The COVID-19 pandemic has seen an increasing number of people turn to technology for work and recreational pursuits. It has led to the crypto, blockchain, and NFT technologies experiencing an uplift. A few years ago, blockchain technology was not the norm, and the number of transactions did not match the number seen today. As blockchain technology becomes increasingly popular, environmental effects are becoming a consideration.

 

Blockchain And How Is It Related to NFTs?

 

The blockchain is a digital ledger of transactions duplicated and stored over a network of computers (called nodes) in the blockchain system. It allows recording information and data that is impossible to change prevents hacks and manipulation. Every time a new transaction occurs, the data registers to every participant's ledger.

 

The ability to store digital assets on the blockchain is the appeal of NFTs. NFTs are unique; there's only one version in existence with the possibility of proving ownership. It's feasible to record art, music, video games, and many other things.

 

Why Does The Blockchain and NFTs Cause Environmental Concerns?

 

Creating the artwork or the pieces of music or video game does not, depending on the asset, consume a great deal of energy. However, carrying out transactions on the blockchain uses enormous amounts of energy.

 

Bitcoin set the motion for blockchain technology to emerge; it's the oldest blockchain in use. Bitcoin is a database of accounts with digital currency stored in each one. But NFT transactions are not feasible through Bitcoin.

 

Ethereum is an evolution of Bitcoin and is more sophisticated with more outstanding capabilities. One of these features of Ethereum is "Smart Contracts," which enables an agreement or contract to take place between the buyer and the seller to allow a change of ownership of NFTs.

 

The likes of Bitcoin and Ethereum use 'proof-of-work' (POW) to complete transactions. With POW, the computers (nodes) in the system attempt to complete a complex mathematical problem. Proof of Work prevents DDoS attacks, spam, and other fraudulent activities. Hackers and actors with ill-intention do not have the computing power to hijack the blockchain. Many nodes carry out POW per transaction, but only one node is  the "winner." All the other nodes have wasted their energy. Additionally, the nodes must communicate to validate the transaction, further adding the power usage.

 

Minting an NFT on the Ethereum blockchain can use the same energy as a US household in 9 days. To purchase an NFT, it is not unusual for the transaction fee to amount to some hundreds of dollars. Energy usage is not limited to the initial minting. Further transactions such as listing the NFT and selling on the secondary market also consume energy.

 

 

The Solution To The Environmental Concerns

 

While there are legitimate concerns about energy usage, there are answers to these questions. Ethereum blockchain accounted for over 99% of the NFT transactions by the end of 2021. It is currently moving away from the 'proof of work' concept to a more efficient 'proof-of-stake system.' ETH 2 will roll out in 2022.

 

'Proof-of-stake system' allows cryptocurrency owners to stake coins in exchange for checking transactions and adding valid transactions to the blockchain. Owners create their validator computer system (nodes) and stake coins to participate. Completion validates the trades to ensure accuracy. Unlike 'proof of work,' endless nodes are not carrying out 'wasted' work, and as a result, energy efficiency increases. It's thought the 'proof-of-stake' system could cut down energy use by as much as 99%.

 

Other blockchains do not employ a 'proof-of-work' methodology; these include Cardano, Flow, GoChain, Solana, and Tezos. They utilize the 'proof-of-stake' system and are more efficient. But these blockchains do not enjoy the same popularity as Ethereum.

 

Layer two networks can improve efficiency and cut down energy wastage. Polygon is a layer two network that works with Ethereum. On Polygon, the transactions are fast and use less energy with lower transaction fees. Such techniques could be adopted until more environmentally friendly solutions become common.

 

A further solution is for blockchains to use renewable energy sources such as solar, wind, and hydroelectric. These energy sources will not run out, are more environmentally friendly, and do not negatively impact public health.

 

Conclusion

 

In recent times the environmental effects of NFTs have been highlighted, leading to people questioning the validity of NFTs. But some technologies alleviate the situation, and a more environmentally friendly solution will become the norm with time.

 


The Advantages And Disadvantages of Running An NFT Project On Ethereum MainNet Vs Layer 2 Solutions
The Advantages And Disadvantages of Running An NFT Project On Ethereum MainNet Vs Layer 2 Solutions

Everyone involved in NFTs is aware of the technology behind them. Blockchains act as the driving force for NFTs; these blockchains are used to store data and verify ownership. Unlike cryptocurrencies, the NFT is unique with no other version, where each coin is the same. Numerous blockchains allow NFT transactions to take place. These include Ethereum, Cardano, Flow, Solana, and Tezos. Ethereum accounted for over 97% of the NFT transactions of all the blockchains by the end of 2021. Layer 2 solutions for Ethereum that support NFTs are available with Immutable X and Polygon.

 

Ethereum Blockchain: Advantages and Disadvantages.

There are numerous reasons why Ethereum accounts for the vast majority of NFT deals. In the short history of cryptocurrencies and blockchains, Ethereum is an early pioneer. It has developed protocols and standards that lead the way. Ethereum is an open-source, decentralized blockchain with innovative contract features to ensure a secure platform. Such capabilities allow the recording of high-accuracy transactions.

 

The popularity and the size of Ethereum have led many developers to work on the platform; its capabilities continue expanding. Many NFT collections utilize Ethereum as the choice of blockchain for NFT project development.

 

But its popularity has led to setbacks and issues. Due to the enormous demand, congestion within the network is an issue causing a high transaction fee (called the gas fee).

 

It's not unknown for the gas fee to cost more than the NFT itself! This issue has led to NFT projects looking at alternative blockchain sources to execute and store digital data. Unless Ethereum can address the problems, its market share will fall in the future.

 

The popularity of the Ethereum blockchain has meant the existence of many secondary marketplaces to cater to Ethereum NFTs. For those running NFT projects, Ethereum opens up more marketplaces to trade and promotion opportunities. There are other costs involved with Ethereum NFTs after the initial purchase. People need to pay gas fees for listing and auction sales on the secondary market.

 

Polygon Network: Advantages and Disadvantages.

Polygon is a side chain secondary network residing above the Ethereum blockchain network - the primary layer. Polygon cannot complete the transaction on its network; it uses bridging to connect to the Ethereum network and use smart contract features. Polygon aims to alleviate and address the issues faced by Ethereum. It's less popular than Ethereum and does not face congestion problems. The secondary network has the infrastructure to ensure

faster and more efficient transactions.

 

The most significant advantage Polygon has over Ethereum is the low gas fees. Transactions occur quickly on Polygon, with no need for the same mining power leading to nominal transaction fees. Less congestion also contributes to lower expenses.

 

Polygon network is less secure than Ethereum. It opens the door for assets to become lost. For the sake of speed, there are fewer checks and balances in place.

 

Ethereum is the second biggest cryptocurrency after Bitcoin, and the coin associated with Polygon (Matic) is in the top 15. New people entering the market are more likely to purchase on the Ethereum blockchain than Polygon as they have a greater familiarity.

 

Purchasing Ethereum NFTs on marketplaces such as OpenSea is not tricky. But to buy Polygon NFTs, extra steps are required to bridge the Ethereum and Polygon network. For people without tech know-how, the process is not straightforward. People concerned about crypto scams going through lengthy processes may discourage participation. There are fewer marketplaces that cater to Polygon NFTs.

 

Conclusion

Ethereum is the premier blockchain for NFT transactions; it's the preferred option for most projects and individuals wishing to buy NFTs. Ethereum is perfect for high-value transactions as there is less likelihood of the NFTs becoming lost in the system.

 

Polygon acting as an intermediary has its use for low-cost NFTs and the budget-conscious. It is a good choice for smaller artists not wishing to pay high gas fees to list their NFTs and people wanting to buy inexpensive NFTs with low transaction fees.

 

The high demand for Ethereum NFTs has created congestion and high gas prices, which has seen the emergence of Polygon. The situation may change with the launch of ETH 2.0, which intends to solve the current problems faced by Ethereum. But the last 18 months have seen Polygon become significant, and the trend is set to continue in the near future.

 



NFT Rarity Traits
NFT Rarity Traits

Experienced NFT investors are aware of the qualities that constitute a great project. These include awareness of the founders' identity, the quality of the artwork, the size of the community, trading volume, and the project's utilities. Once a good project is identified, successful traders seek out the rare NFTs in the collection.

What Is Rarity In NFTs?

NFTs are a collection of generative art containing a few hundred to 10000 pieces. The NFTs in a project have a similar appearance, but each has different traits. For example, in the Bored Ape Yacht Club (BAYC) project, there are 10000 NFTs. Though each Ape looks similar, they have different eyes, clothes, fur, hat, mouth. All of which give each NFT a distinctive, unique appearance. Some of these traits are less common and considered rare. Numerous rare traits within a specific NFT increase the overall rarity, ensuring a high value.

In the BAYC collection, the Bored Unshaven Pizza Mouth appears 26 times in the 10000 NFTs; it's a rare trait. In contrast, an Ape with no earring appears 7023 times and is common.

On project launch, it's impossible to see the NFTs and no way of knowing the rarity; buyers are given NFTs at random. Following the launch, it becomes possible to view the NFT and determine the rarity. Typically in a 10000 collection, there'll be a few hundred rare with the remainder common.

For investors, it becomes essential to appreciate the rarity factor. The rarer an NFT, the more valuable the digital asset. There is a massive difference in the sale price of regular NFTs and the rare items in the collection. The normal NFTs are near the floor price (i.e., the cheapest one in the group), while the scarce items are 50 to 100 times the floor piece.

 

Rarity Strategy For Project Owners.

Rarity consideration is not just important for those wishing to buy NFTs; it's essential for people wanting to launch their own NFT project.

Looking at the iconic CryptoPunks project, one reason for the massive success is the concept of rarity. The same principles from trading cards are used, the number of NFTs in the collection is limited, and some NFTs are rarer than others.

A limited number of NFTs combined with rare items within the project excite the collectors; people become more interested. In the CryptoPunks collection, there are a few unique NFTs, considerably more valuable than others. The success of CryptoPunks has laid a model for NFT projects to follow.

Follow the following strategy to create rare NFTs for a collection.

Trait Category. There may be, for example, five trait categories. This could be clothing, hair, mouth, background, and earrings. Each one of these categories would have a certain number of specific traits. For example, there could be seven different types of Mouths. The particular traits vary in frequency; some projects have as many as 40 to 50 per trait category.

Unique Traits. These are traits that fill each of the specific category items. From the above example, there would be seven different types of mouths. These could be Bubblegum, Cigar, Cigarette, Grin, Tongue out, Unshaven or Rage. These unique traits may appear only 200 times in a 10000 collection and become rare.

Rare Traits. These are unique traits that appear less than one percent of the time in the collection's total number. For example, in the BAYC project, Bored Unshaven Pizza Mouth appears 26 times in the collection of 10000 and is ultra-rare, a highly prized trait.

 

How To Go About Finding the Rarity?

There are numerous ways to determine rarity. These include :

Trait Rarity Rank. The rarest traits of NFTs in the collection are compared, the one with the lowest number determined as the rarest.

Average Trait Rarity: This calculates the average number of rare traits in an NFT. If an NFT has three traits and the rarity of these traits are 10%, 20%, and 30%, the average trait rarity is:

(10% + 20% + 30%) / 3 = 20%

Statistical Rarity. Here the rarity figure for each trait is multiplied to give an overall figure. For example, if an NFT has three traits and the rarity is 10%, 20%, and 30%, the statistical rarity is:

10% x 20% x 30% = 6%

 Rarity Score. While the above three are helpful, the Rarity Score is considered complete and is the most popular formula for making a rarity assessment. The total rarity score for an NFT is defined as "the sum of the rarity score of all trait values."

Rarity Score for a Particular Trait Value calculated by the formula:

1 / ([Number of Items with a particular Trait Value] / [Total Number of Items in Collection])

An NFT contains several traits; the Rarity Score value is added to find the final overall score.

 

Tools to Determine Rarity

It's very time-consuming to look through each NFT to determine the rare NFTs within each collection. Luckily there are tools to help; the most popular one is:

Rarity Tools (https://rarity.tools)

Rarity Tools can be used to find the high-value NFTs. It will help to determine the potential sale price of the NFT. It also provides the means to assess the rarity of NFTs from a newly launched project.

Rarity Tools is a popular tool, and all the major projects are listed on the Rarity Tools website. As NFTs became, popular more tools have appeared. Other tools include:

Rarity Sniper (https://raritysniper.com)

Moby (http://moby.gg)

Traitsniper (https://app.traitsniper.com/)

It is usual for smaller, lesser-known NFT projects to list their collection under one tool. For a broader experience, it's necessary to use and become comfortable with the numerous tools.

Conclusion.

The rarity of an NFT is an essential consideration but determining the demand for a project and future projection is more critical. It makes no sense to buy a rare NFT from a project with limited interest in the market. However, a combination of a successful project and a rare NFT is a winning strategy for trading NFTs.

 

The Advantages And Disadvantages of Ethereum Vs. Layer 2 Polygon
The Advantages And Disadvantages of Running An NFT Project On Ethereum Vs. Layer 2 Polygon

Everyone involved in NFTs is aware of the technology behind them. Blockchains act as the driving force for NFTs; these blockchains are used to store data and verify ownership. Unlike cryptocurrencies, the NFT is unique with no other version, where each coin is the same. Numerous blockchains allow NFT transactions to take place. These include Ethereum, Cardano, Flow, Solana, and Tezos. Ethereum accounted for over 97% of the NFT transactions of all the blockchains by the end of 2021. Layer 2 solutions for Ethereum that support NFTs are available with Immutable X and Polygon.

 

Ethereum Blockchain: Advantages and Disadvantages

There are numerous reasons why Ethereum accounts for the vast majority of NFT deals. In the short history of cryptocurrencies and blockchains, Ethereum is an early pioneer. It has developed protocols and standards that lead the way. Ethereum is an open-source, decentralized blockchain with innovative contract features to ensure a secure platform. Such capabilities allow the recording of high-accuracy transactions.

 

The popularity and the size of Ethereum have led many developers to work on the platform; its capabilities continue expanding. Many NFT collections utilize Ethereum as the choice of blockchain for NFT project development.

 

But its popularity has led to setbacks and issues. Due to the enormous demand, congestion within the network is an issue causing a high transaction fee (called the gas fee).

 

It's not unknown for the gas fee to cost more than the NFT itself! This issue has led to NFT projects looking at alternative blockchain sources to execute and store digital data. Unless Ethereum can address the problems, its market share will fall in the future.

 

The popularity of the Ethereum blockchain has meant the existence of many secondary marketplaces to cater to Ethereum NFTs. For those running NFT projects, Ethereum opens up more marketplaces to trade and promotion opportunities. There are other costs involved with Ethereum NFTs after the initial purchase. People need to pay gas fees for listing and auction sales on the secondary market.

 

Polygon Network: Advantages and Disadvantages

Polygon is a side chain secondary network residing above the Ethereum blockchain network - the primary layer. Polygon cannot complete the transaction on its network; it uses bridging to connect to the Ethereum network and use smart contract features. Polygon aims to alleviate and address the issues faced by Ethereum. It's less popular than Ethereum and does not face congestion problems. The secondary network has the infrastructure to ensure transactions are faster and more efficient.

 

The most significant advantage Polygon has over Ethereum is the low gas fees. Transactions occur quickly on Polygon, with no need for the same mining power leading to nominal transaction fees. Less congestion also contributes to lower expenses.

 

Polygon network is less secure than Ethereum. It opens the door for assets to become lost. For the sake of speed, there are fewer checks and balances in place.

 

Ethereum is the second biggest cryptocurrency after Bitcoin, and the coin associated with Polygon (Matic) is in the top 15. New people entering the market are more likely to purchase on the Ethereum blockchain than Polygon as they have a greater familiarity.

 

Purchasing Ethereum NFTs on marketplaces such as OpenSea is not tricky. But to buy Polygon NFTs, extra steps are required to bridge the Ethereum and Polygon network. For people without tech know-how, the process is not straightforward. People concerned about crypto scams going through lengthy processes may discourage participation. There are fewer marketplaces that cater to Polygon NFTs.

 

Conclusion

Ethereum is the premier blockchain for NFT transactions; it's the preferred option for most projects and individuals wishing to buy NFTs. Ethereum is perfect for high-value transactions as there is less likelihood of the NFTs becoming lost in the system.

 

Polygon acting as an intermediary has its use for low-cost NFTs and the budget-conscious. It is a good choice for smaller artists not wishing to pay high gas fees to list their NFTs and people wanting to buy inexpensive NFTs with low transaction fees.

 

The high demand for Ethereum NFTs has created congestion and high gas prices, which has seen the emergence of Polygon. The situation may change with the launch of ETH 2.0, which intends to solve the current problems faced by Ethereum. But the last 18 months have seen Polygon become significant, and the trend is set to continue in the near future.

Blockchains For NFT Projects: Ethereum Vs. Solana
Blockchains For NFT Projects: Ethereum Vs. Solana

A blockchain is like a database used to store data. Unlike a traditional database with only a few copies of the entity – a live database and some backup copies, the records on a blockchain exist on thousands of computers (referred to as nodes). While a regular database uses tables to store data, blockchain contains data blocks.

 

Blockchains are used for digital currency transactions, and as technology emerges, these blockchains are used in numerous industries. For example, IBM uses a private blockchain to hold supply-chain records. Aside from financial records, the most prominent use of blockchain is for Non-Fungible Tokens (NFTs).

 

Blockchain Technology Behind Ethereum and Solana NFTs

Numerous blockchains exist, but the leaders in the blockchain platform are Ethereum and Solana; they use technology in different ways to reach the same outcome.

 

Ethereum is the most established; it has been in existence since 2015 and is the most widely used blockchain for NFTs. Its popularity and approach to conducting transactions have led to expensive fees. The situation has provided an opening for competitors to enter the marketplace, with Solana, the most successful of the competitors. Solana started in 2017. However, in 2021, the popularity of NFTs and the limitations with Ethereum saw a significant increase in its use.

 

Ethereum is currently using a "proof-of-work" mechanism to operate. Any node that adds a new block to the chain must complete a complex puzzle. This process proves the computer has "done work," known as mining.

 

The news is broadcasted to other nodes in the network, and if accepted by others in the chain (in other words, consensus), a new block is added to the chain. The back and forth proof of agreement are time-consuming. It's the reason why Ethereum's transaction numbers are limited. The miner is rewarded in ETH for the work carried out (the digital currency associated with Ethereum).

 

Many people want to use the blockchain, leading to high transaction fees. Ethereum is in the process of moving to a “proof of stake” mechanism where a computer is allowed to validate transactions based on the number of ETH crypto coins it holds. This will result in more transactions and a reduction in fees. The drawback with the current “proof-of-work” is a slow process; it can only handle 15 transactions per second.

 

The Solana blockchain uses a different mechanism from Ethereum. It uses the “proof of stake” and “proof of history” approaches. “Proof of stake” means to carry out transactions, the node must hold crypto coins, in this case, SOL tokens. Solana can carry out as much as 50,000 transactions per second, a significant improvement on Ethereum.

 

There is no proof of consensus mechanism on the Solana blockchain. A timestamp determines when a process occurs, which is forwarded onto the next node to continue. Validation is carried out afterward utilizing the transaction time; it makes the process quicker. The vast number of transactions available on the Solana blockchain eliminates bottlenecks, and as a result, the transaction fees are low. However, the lack of proof of consensus leads people to question whether the Solana blockchain is decentralized.

 

Ethereum and Solana NFTs

 

As a result of the lower fees, many projects use the Solana blockchain. But the number is small compared to Ethereum. Solana has a smaller community of users and a shorter history as the newer entity. As a result, many investors are concerned and prefer Ethereum NFTs.

 

In December 2021, the Solana blockchain shut down for over 11 hours due to high memory consumption. This raises questions over the rules of decentralization. A decentralized system does not have one body of governance and should not wholly halt due to system failure.

 

Solana NFTs are eco-friendly. In contrast to Ethereum blockchain, it requires less power and less energy consumption. NFT projects on Solana are viewed as less trustworthy. Notable rug pulls have occurred where the project founders disappear with the funds following the mint. While this is also common with Ethereum, Solana NFTs are considered riskier.

 

Conclusion.

 

NFTs have been dominated by the Ethereum blockchain and enjoy a near-monopoly. Other blockchains competing provide a more outstanding option for the investor. Solana blockchain has seen a meteoric rise in 2021; that pattern is set to continue in the future. Its technology schematics are advanced, while Ethereum's "proof-of-work" approach utilizes older techniques. It remains to be seen how the "proof of stake" approach, once rolled out by Ethereum, will affect the NFT market.

A Guide To The Iconic Bored Ape Yacht Club (BAYC) NFT Project
A Guide To The Iconic Bored Ape Yacht Club (BAYC) NFT Project

Non-Fungible Tokens (NFTs) took off in 2021, and the Bored Ape Yacht Club (BAYC) has been the leading light. When the project launched in April 2021, each BAYC NFT was available to mint for 0.08 ETH (approximately $220). Since then, the price of the BAYC has skyrocketed and (as of February 2022) costs as much as 94 ETH!

 

The project, started by Yuga Labs, contains four anonymous founders: Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass. Two of these founders were later doxxed and revealed as Greg Solano and Wylie Aronow.

 

The Bored Ape Yacht Club consists of 10,000 digital collectible Bored Ape NFTs stored as data on the Ethereum blockchain. Owning a BAYC NFT provides ownership of the art and access to an exclusive Yacht club pass that includes new NFTs, NFT upgrades, online membership, and in-person events and meetups.

 

The first of these benefits was “The Bathroom.” It gives the ape-holders access to a canvas to paint a single pixel on a virtual bathroom wall and create a collaborative artwork.

 

How The Bored Ape Yacht Club Continued To Develop:

 

After the initial mint, BAYC developed a detailed project roadmap to benefit the holder. In June 2021, the team launched the Bored Ape Kennel Club, the members of the BAYC were offered the chance to adopt an NFT from the Bored Ape Kennel Club for free. The only payment was the gas fee to mint an NFT. These NFTs had similar traits to Bored Ape Yacht Club NFTs. The Bored Ape Kennel Club NFTs were not available for the public to mint; being reserved for holders made them exclusive. Over 9.6 Bored Ape Kennel Club NFTs were claimed and are currently available to purchase on the secondary marketplace OpenSea with a floor price that exceeds 7 ETH.

 

In August 2021, the BAYC team released a collection of 20,000 NFTs as part of the Mutant Ape Yacht Club. This collection consisted of NFTs with similar traits to the BAYC NFTs but a mutant theme. The owners of the original BAYC NFTs were airdropped a mutant serum vial to breed new mutant NFTs. The public was able to mint the remainder for 3 ETH. A Mutant Ape Arcade game was also developed with the MAYC collection. People who won the game within three days received a POAP token. The mint ended within an hour due to the project's popularity. The lowest Mutant Ape Yacht Club is available to purchase at 17.9 ETH.

 

After releasing these two new collections, the BAYC project decided not to bring any more NFTs to the market and now focuses on utilities.

 

Why Is The BAYC Project So Successful?

 

One reason for the popularity of BAYC is its ability to keep up with changing trends. While many projects offer art and promise utilities that never seriously materialize, BAYC provided utilities that took off. Unlike CryptoPunks, the market leader in the NFT world, thanks to its early start in 2017, only focused on the artwork, the Bored Ape Yacht Club offers much more than art. Following the popular 2021 trend of releasing online games as part of the offering, in December 2021, it was announced that BAYC was collaborating with Animoca Brands to launch BAYC Play-to-Earn Game.

 

The BAYC project is successful as it has a community focus. There is a solid online community made up of members and fans of the BAYC, and the project has hosted numerous in-person events. Events have taken place in New York, California, and Bored Ape member meetups in Hong Kong and the UK. In November 2021, an event was organized in New York, featuring a yacht party and special appearances by Aziz Ansari and Chris Rock.

 

The BAYC project has broken away from being an online phenomenon to influencing the real world. Development has seen physical merchandise available for members to buy. Owners can create merchandise using art from the NFTs they own. The BAYC project has donated over $4.5 to charitable organizations.

 

The popularity of BAYC saw celebrities and well-known names buying the NFTs. Illustrious names such as Jimmy Fallon, Paris Hilton, Snoop Dogg, Justine Bieber, and many others own BAYC NFTs. Involvement by well-known names has fuelled this interest and has contributed to the high price seen today. The combination of celebs and the high cost has caused the NFT to become a status symbol in the same manner as a Rolex watch.

 

Conclusion

 

In January 2021, the sales of BAYC NFTs surpassed 1 billion dollars; this is a premier NFT project leading the way in the NFT world. Many more utility developments are in the pipeline. As a result of its success, “copycats” have sprung—projects offering similar artwork and utilities. If BAYC provides it, you know other projects will follow soon.

The Basics Of Becoming A Successful NFT Investor
The Basics Of Becoming A Successful NFT Investor

NFTs are a relatively new phenomenon and are an industry on the rise. Many people are seeing opportunities and entering the market daily. Numerous examples of NFTs minted for a few hundred dollars becoming worth thousands or six figures in months.

 

Some of these people are Crypto fans who've seen the emergence of NFTs, possessing the fundamental knowledge, have become involved. Others are investors interested in traditional stocks and shares, carrying out day or swing trading. There are collectible fans such as art that view NFTs in the same light. The final category is people who've never invested but have seen the explosion in NFTs and wish to participate.

 

To become a successful NFT investor, people become traders on a short or long-term basis or a combination of both. What are the requirements to become successful?

 

Mindset

It's essential to enter the business from the correct mental perspective; a successful trade can make millions of dollars over time. The trader needs to be ready for success and to make money. Many people seek success but don't possess the right mindset to earn serious financial returns. With the mentality "I am happy with $30k a year", it's unlikely investors will take the necessary action.

 

Mindset consideration is vital for success in any arena, not limited to Cryptos, NFTs, traditional investments, or the business world. People who achieve display the right mentality and desire for success. Those without the correct mindset need to improve their outlook to become motivated.

 

Aside from financial success, there are other important considerations, such as the ability to keep emotions in check, not worry about the fear of missing out (FOMO), being comfortable taking risks, self-discipline, and adapting to changing market conditions.

 

 

Education

 

It's essential to understand the industry. The good news is that the NFT world is new, and no one is a seasoned professional! No person has years of experience and is ahead of others. But those who have an understanding of crypto, trading, or buying and selling, will have an advantage with the basics in place.

 

All the information required to understand NFTs is on the Internet. Check out guides on blogs, Social Media platforms and join the Discord server of different NFT projects. Twitter is the platform of choice for NFT crypto enthusiasts, and YouTube is an excellent resource for learning. Discord is a perfect app as it's where NFT projects build communities. It provides the opportunity to communicate with others and understand in real-time.

 

The best way to learn is through investing in projects. By taking action, it becomes possible to learn from errors and mistakes. It's an excellent way to appreciate the ins and outs of the NFT world. But best to respect the fundamentals before making a purchase.

 

NFTs are an ever-evolving space; what's in demand now may not be favored in the future. For example, in early 2021, an NFT project could become successful with art. But as the year progressed, projects had to incorporate utilities in addition to great art. There was a trend where play-to-earn games became popular. In 2022, there is a desire for NFT based music, photography, and the Metaverse with commodities such as real estate. NFTs will continue to evolve and change. It's essential to keep up to date with the market and the awareness of the latest trends.

 

Finance

 

Something that stops people from entering the market is the financial consideration. Hesitation is not an issue for crypto investors or traditional traders with access to funds.

 

For the average person, finance is a barrier to entry. Typically, to purchase an NFT on the Ethereum blockchain (including gas transaction fees) will exceed $500. A few thousand dollars is required to become fully involved and participate in numerous projects.

 

Other blockchains, such as Solana, have low gas fees and inexpensive NFTs. But the number of significant projects hosted on Solana is limited in contrast to the Ethereum blockchain.

 

The Polygon chain is a secondary network that resides on Ethereum's main blockchain network. NFTs on Polygon have no gas fees, and the cost of NFTs is considerably less than its Ethereum counterpart. But serious projects don't utilize Polygon; it's a platform that individual artists use to sell digital art. However, it is possible to buy NFTs on Polygon from lesser-known artists, shill on Social Media, and build profits.

 

Some people without the financial means to purchase NFTs enter Giveaway competitions on Twitter, Discord, and Instagram. Many projects view Giveaways as a means to generate hype and interest.

 

Conclusion

 

As with any trading, involvement in NFT to generate profits carries a risk. There are no guarantees of success, and everyone should do their research before investing. But NFTs is a relatively new market providing alternative investment possibilities and the chance to generate profits.

Major News Outlet Considers Utilizing NFTs
Major News Outlet Considers Utilizing NFTs

"Can classic front pages and deluxe images have a profitable second life?" Sun publisher analyzes.

The publishing arm of Rupert Murdoch ponders on diving into the bubbling market of Non-Fungible Tokens (NFTs) by changing the substantial loads of pictures, comics, and unique front pages of the Times and the Sun into extraordinary digital assets.

News UK is in its initial stages of examining the crown jewels among other authentic images, such as unique pictures of the Queen, front pages like "It's The Sun Wot Won It!", to "Freddie Starr Ate My Hamster."  It moves to give a second life as an extraordinary digital asset marketable to the public.

This interest in NFTs emerges as the market for the debatable trading of NFTs grew to a value worth £16bn ($22bn) last year.

The likely move into the world of NFTs, a market that News UK's titles have discussed, is driven from the higher rank, the chief executive, Rebekah Brooks, and the chief operating officer David Dinsmore.

The Times unintentionally contributed significantly to the emergence of crypto assets. Satoshi Nakamoto, the alleged pseudonym for the person or group of persons who invented bitcoin, embedded and quoted the January 3rd, 2009 front page, which began with "Chancellor on the brink of Second Bank Bailout," in the very first bitcoin blockchain transaction, referred to as the Genesis Block.

As a nod to Nakamoto's belief that cryptocurrencies would improve the global financial system, the edition was tagged "the most uncommon and precious crypto-collectible in existence" in the newspaper industry.

One of the topics News UK is investigating is how to exploit the edition of crypto-fame and commercial possibilities that it released on January 3rd, 2009.

However, the issue of making this move to be successful is worrisome. For instance, a holder of an NFT with his digital "token" can verify he owns the "original" work, which could get him multimillion-pound. In contrast, it may not be easy to reproduce an element of a photograph or front page that people would pay for when the image is freely available on the internet.

News UK, which refused to comment on its crypto project, is speculated to likely retain the rights to continue using the originals in its publications.

This act is similar to Julian Lennon, who sold several pieces of Beatles memorabilia as NFTs last month, including garments were worn by his father, John, and Paul McCartney's handwritten notes, but secured the physical items.

The financial appeal is obvious: products such as the Bored Ape Yacht Club's 10,000 NFTs, now valued at about $300,000 by celebrities such as Snoop Dogg, Eminem, Jimmy Fallon, and Paris Hilton, have generated over $1 billion in sales since its introduction.

However, similar to cryptocurrencies, the NFT market is drawing regulatory bodies' scrutiny due to concerns that it is a bubble that may damage investors.

IN DECEMBER, the UK advertising watchdog banned Arsenal football club from advertising digital "fan tokens." It

claimed the promotion took advantage of its supporters' inexperience and little knowledge about investment in crypto assets, deluded the prospects about the danger of investment, and failed to make it evident that the 'token' was a crypto asset.

This week, HM Revenue and Customs stated that it had confiscated three NFTs as part of an investigation into an alleged VAT fraud scheme involving 250 fictitious entities.

Cautions about crypto assets, which are not regulated in the UK, came from institutions like the Bank of England and the Financial Conduct Authority.

There have also been calls for Transport for London, which administers the UK capital’s bus, subway, and train network, to ban the growing cryptocurrency adverts that aim to entice inexperienced prospects with the guarantee of high returns.

The New York Stock Exchange is Getting into the NFT Game
The New York Stock Exchange is Getting into the NFT Game


The New York Stock Exchange (NYSE) is a stock exchange based in New York City that many consider the largest equities-based exchange globally. Recently, the NYSE announced an exchange for cryptocurrencies and Nonfungible Tokens.

The cryptocurrency industry has been in turmoil for days now because of the massive sell-off of Bitcoin. The currency's value has fallen by more than 50% from its all-time high, according to CoinDesk. But one part of the crypto space is still booming: nonfungible tokens or NFTs.

The NFT concept has been around since as early as 2012. However, it wasn't until recent years that the technology supporting NFTs made them possible on a larger scale. The idea behind NFTs is simple: They allow digital assets to be sold and traded as if they were physical assets, with all of their rights attached to them.

NFTs are unique digital assets because their ownership signature is stored on the blockchain. They represent ownership of something digital — often art or video files that investors can trade like stocks and bonds.

NFTs are created not just for art but also for collectibles of all kinds, including sports memorabilia and even real estate ownership. This feature makes NFTs a necessary new type of asset class.

 

The New York Stock Exchange is getting into the nonfungible token market to contribute to digital assets like what it does for stocks.

In a regulatory filing with the U.S. Patent and Trademark Office, desires to be a DeFi exchange for cryptocurrencies and NFTs that contend with OpenSea and Rarible Inc.

The application, dated 10th February, revealed plans for an NYSE-branded cryptocurrency and a platform to purchase, sell and exchange NFTs. This move will be a game-changer for the various blockchain communities.

In addition to the filing, the exchange may penetrate the metaverse, as it intends to supply "virtual reality, augmented reality, and mixed reality software."

"metaverse" refers to collaborative, immersive digital spaces accessed using virtual reality or augmented reality headsets or computer monitors.

The exchange also projects to offer "an online platform for buyers, sellers, and traders of virtual and digital goods, artwork."

However, in a recent proclamation, the NYSE announced it had no imminent plans to begin cryptocurrency or NFT trading but would constantly evaluate new developments, their influence on trademarks, and how they safeguard intellectual property rights accordingly."

The exchange last year issued its maiden NFTs, observing important foremost public offerings, including that of Snowflake Inc., Spotify Technology S.A.S.A., Roblox Corp., and Unity Software Inc.

 

The New York Stock Exchange (NYSE) will be the first traditional financial institution to enter the nonfungible token (NFT) market.

The Exchange has been in existence for more than two centuries. The NYSE was established in 1792 when 24 brokers and merchants signed an agreement called the Buttonwood Agreement on Wall Street in Manhattan, which happened to be under a buttonwood tree at the time.

The signatories agreed to trade securities among themselves and later became known as "stockbrokers." In 1817, the group renamed itself "the New York Stock & Exchange Board" and moved into a building at 40 Wall Street, which became its permanent headquarters until 1865.

It is one of the largest stock exchanges in the world, second only to the NASDAQ. For decades, the NYSE has been considered by speculators and investors to be the most prestigious exchange globally because it listed virtually every large U.S.U.S. corporation, including blue-chip companies like Apple and Microsoft.

Celebs and The NFT World
Celebs and The NFT World

This number will increase in 2022 as more people view NFTs as investment possibilities, social status symbols, and a means to support artists. Usually, celebs are trendsetters, and it's no different in the NFT space. Here are seven celebrity movers and shakers in the NFT world.

Paris Hilton. The TV personality has been involved in the crypto world since 2016 and is a big supporter of NFTs. Paris Hilton collaborated with designer Blake Kathryn to launch an NFT collection in April 2021. The project delivered three pieces, with two of them offering multiple versions. The collection sold out, bringing in over $1.5 million. She has an impressive portfolio of NFTs, owning over 100 items. Her portfolio includes NFTs by Grimes, Steve Aoki, and a Bored Ape Yacht Club (BAYC). In October 2021, Paris Hilton made her appearance in the Metaverse with the launch of Paris World, an online party island. Featuring a mansion, nightclub, and an Amusement Park, users have access to a luxury yacht and can buy virtual clothing belonging to Paris Hilton. Paris World went live in October 2021 on Roblox Gaming Platform.

Gary Vee. Gary Vee is a celebrity born out of the Social Media era. As a media mogul and motivational speaker, he became involved in the NFT space after buying a series of Crypto Punk NFTs in 2021. As a fan and supporter of NFTs, Gary Vee owns over 1000 NFT assets and is one of the biggest influencers in the NFT space. In 2021 Gary Vee launched his own NFTs with the VeeFriends project releasing 10,255 hand-drawn NFTs. The collection was instantly successful and netted Gary Vee over $30 million. VeeFriends is one of the best-selling NFT projects in the short history of NFTs. In addition to artwork, the collection offers utilities such as an attendance pass to VeeCon, a conference featuring notable keynote speakers.

Snoop Dogg. Snoop Dogg launched his own NFT project in April 2021 with the release of "A Journey with the Dogg." The collection brought memories from his early self and art inspired by the NFT movement. The sale lasted 24 hours, with one piece called "Death Row" fetching over $108k. And in November 2021, the musician launched a new collection consisting of audio and video components. Created by the award-winning artist Coldie, it was auctioned for more than 188 ETH on the SuperRare marketplace. Snoop Dogg is a whale in the NFT space as the owner of a series of NFTs worth over $17 million. He holds NFTs by Crypto Punks and Meebits, with the most valuable Crypto Punk NFT worth $4.6 million.

Steph Curry. Steph Curry is a professional basketball player playing in the NBA. Like many celebrities, he is an investor in NFTs. In August 2021, Steph Curry spent 55 ETH to purchase Bored Ape #7990. Since then, Bored Ape Yacht Club (BAYC) has risen to 90 ETH. Steph Curry also owns NFTs by Adam Bomb Squad, Doodles, Mutant Ape Yacht Club, and many more. News revealed in January 2022 that Steph Curry bought two NFT Golf Memberships from LinksDAO, which saw the immediate doubling of LinksDAO NFT price. As well as being an NFT collector, The NBA star has his own NFTs with the release of The Genesis Curry Flow collection. It launched in December 2021 to celebrate his all-time 3 point record achievement.

 

Mark Cuban. Mark Cuban is a Celebrity entrepreneur with a fortune worth over $4 billion. Fully onboard with Crypto and NFTs, his NFT collection value exceeds $500 million. As well as purchasing NFTs, the entrepreneur has invested in platforms such as OpenSea and SuperRare, marketplaces for people to buy and sell NFTs. Mark Cuban is the owner of the NBA team Dallas Mavericks, and in November 2021, Mavericks started to issue NFTs as a reward to game attendees. Twenty thousand profile pictures of players are given to the spectators in non-fungible tokens (NFTs) at each game. One of the early adopters of NFTs, in January 2021, Mark Cuban, launched his own set of NFTs on Rarible.

 

Eminem. Marshall Mathers, in January 2022, bought a Bored Ape Yacht Club NFT for over $450,000. He joined other celebrity Bored Apes owners such as Gwyneth Paltrow, Neymar, and Justin Bieber. It's thought Eminem owns as many as 166 NFTs from 32 collections. Eminem released an NFT collection in April 2021 through the Nifty Gateway marketplace. Called "Shady Con," it took place as a digital festival with the opportunity to mint Eminem-approved NFT collectibles and instrumental beats from the Hip Hop legend. The collection raised over $1.7 million, and like many celebrity drops, it was a resounding success.

 

Steve Aoki. Steve Aoki is the Grammy-nominated American DJ and entrepreneur. A vast collector and investor of NFTs, the DJ is also heavily invested in the NFT ecosystem. Recently rolling out the NFT Marketplace OddKey to help creators showcase and sell their works of art. Additionally, he has launched a Metaverse platform called the A0K1VERSE, which aims to bring the real world to Web 2.0 and Web 3.0 through a community membership system. In March 2021, the DJ released an NFT collection through Nifty Gateway, making sales over $4 million.

 

Many celebrities take NFTs seriously, and the numbers becoming involved are on the rise. They shape public opinion and persuade ordinary members of society to consider buying NFTs. Other celebs who have invested in NFTs include Jay Z, Jordan Belfort, Lindsay Lohan, Ellen DeGeneres, and Logan Paul.

 


Is Bored Wukong a BAYC Copy?
Is Bored Wukong a BAYC Copy?

The Bored Wukong collection is an NFT based on the Chinese novel Journey to the West. The game has a strong Chinese cultural influence, with its main character being Sun Wukong, who is based on the Monkey King from the novel Journey to the West.

NFTs have been around for a while now. Just like with physical art, you can use an NFT to prove that you own a digital image or video and, therefore, it is unique.

Recently, people accused a local NFT creator of outright plagiarism, claiming that the popular Bored Wukong collection of digital images bears an uncanny resemblance to avatars created by the globally famous Bored Ape Yacht Club (BAYC) franchise.

The Bored Wukong Collection is not the only NFT-based art collection that has been accused of being a copycat project. The NFT Art Collection and the NFT Yacht Club have also faced similar criticism for similar reasons.

The Bored Wukong Collection was created by a group of individuals from China, who have been in the crypto space for quite some time, but their identities remain anonymous. The name comes from the mythological monkey king, Sun Wukong, who was 1said to be bored and wanted to be immortal. Bored Wukong is an anthology of 390 cartoon monkey photos, each of which sports an odd and, to a degree, unique assortment of accouterments. The NFT series is named after Sun Wukong, the legendary Monkey King from the 1500s epic novel Journey to the West.

Each NFT in this collection has unique attributes, including different ownership histories and mint dates.

The Bored Wukong Collection also has ten pieces of art, and each one is an NFT. Each piece represents something related to crypto or blockchain technology. The first piece is called "I'm rich." It's a digital painting of a woman holding a bag of gold coins with her face covered by her hair. The second piece is called "Bitcoin." It's a drawing of the bitcoin symbol on top of a pile of rupees.

The third piece is called "Wu." This piece depicts the same woman with her hair covering her face, but this time she's holding up a picture frame that says "Wu" on it.

However, the creator of Bored Wukong, who goes by the name "Wang," disputes this claim, saying that his work is original and that he didn't plagiarize from Bored Ape Yacht Club (BAYC).

Bored Wukong's creator remains perplexed about the accusation and maintains that his creations are unique.

The resemblances are not only artistic but also profitable. According to the Chinese NFT marketplace NFTCN, the first Bored Wukong artwork sold 99 yuan ($15) in November and was worth 8,888,888 yuan ($1,397,733).

In a recent interview with Cointelegraph, Wang said, "I think it's quite obvious that I'm not copying anyone." However, he also mentioned that he would not be in trouble if he were found guilty of plagiarism.

Wang is confident in his work and believes it deserves recognition as the original work.

Wendong responded to plagiarism claims on the Chinese social networking platform WeChat by revealing that each of the 390 Bored Wukong is hand-drawn for authenticity.


What Is The Metaverse? How Will It Impact Lives?
What Is The Metaverse?

Cambridge Dictionary defines the Metaverse as “a virtual world where humans, as avatars, interact with each other in a three-dimensional space that mimics reality.”

 

The term was first used in 1992 by Neal Stephenson in his book “Snow Crash.” In the novel, the protagonist is a hacker able to move between the dystopian Earth and 'Metaverse' - a computer-generated virtual reality. There have been movies featuring the Metaverse, in Tron and Ready Player One, a virtual reality forms the backdrop.

 

Shaping The Foundation For The Metaverse.

 

In the last decade, the foundations of the Metaverse have taken shape with augmented reality, virtual reality, and video. For example, in 2016, Pokémon Go used augmented reality, where it became possible to connect with Pokémon superimposed on the world through a smartphone screen. Marriott International Hotel allows a virtual reality experience where customers, through a VR headset, can see how the function might appear.

 

The notion of the Metaverse exists in online games such as Fortnite, Minecraft, and Roblox; people gather in huge numbers to play games and interact and communicate with each other. The platforms have hosted real-life and virtual events involving the likes of Ariana Grande and Travis Scott.

 

Metaverse Becoming a Reality

 

The ongoing pandemic has hastened the acceleration of the Metaverse becoming a reality. People confined to the home and working from home have initiated companies to develop virtual worlds where people don't leave their home for entertainment and social life – places to socialize such as a bar, see live performances, or listen to concerts. Remote working employees can hold meetings with their colleagues in a virtual world and trips around the globe taken virtually.

 

Some look at the Metaverse as the next step for the evolution of the Internet. The Social Media platform Facebook sees the Metaverse as important; in October 2021, it changed its name to Meta. The supporters envisage an immersive experience using cloud servers, mobile devices, personal computers, and VR headsets. The creation of a 3D virtual world that one can enter with a VR headset or AR glasses, a space populated by real people in the form of digital avatars, and the ability to interact with others.

 

Significant improvements to the basic form currently in existence are expected with the enormous financial investments pouring into the Metaverse. The Metaverse will be life-like, with the felt senses matching real life and the ability to partake in real-life activities. The Metaverse will replace Social Media, becoming significant as the digital world becomes as important as the real one.

 

As the Metaverse is at an infancy stage, there is no set standard for proceeding and evolving. Many companies building the Metaverse will each have their version and vying for attention. It may be possible to go from one Metaverse to another and create a single entity in time. But if Social Media has taught anything, companies dislike people leaving their platforms because of the financial implications.

 

What's Possible To Do In The Metaverse?

 

The idea is that the Metaverse, using a headset, will provide an immersive, 360-degree digital experience matching real life. It becomes possible to socialize with others through a life-like avatar; they can attend social events and hang out with others. It's an upgrade on Social Media where the capabilities are limited to a conversation through text, watching videos, or interacting via live streams. People can meet others and interact similarly to real life with a headset.

 

Shopping in the Metaverse is possible; people can visit virtual stores to buy clothing or items for their homes and use it virtually. There is the possibility to purchase land and homes in the Metaverse. Land and property are currently available to buy on Decentraland, with plots fetching as much as $2.5 million to date. Facilitation takes place through NFTs and the blockchain. NFTs are the cornerstone of the Metaverse; they have already seen a massive rise in popularity in recent times. Conducting business and earning an income in the Metaverse becomes a reality.

 

Conclusion.

 

The rise of the Metaverse is expected and will shake up the landscape of human existence. Life may be drastically different in a decade from what's seen today.

Cent, The Platform
Cent, The Platform

Cent, a platform launched in 2017, sold an NFT of Jack Dorsey's first tweet for $2.9 million. According to its founder, it has blocked most transactions because individuals were selling tokens of information that did not belong to them. Non-Fungible Tokens (NFTs) are digital assets that prove ownership for digital files such as pictures, videos, artwork, and text. An NFT may be created or "minted" by anyone. Also, possession of the token does not always imply ownership of the underlying asset. The Sale of Non-Fungible Tokens climbed to roughly $25 billion in 2021, leaving many people perplexed as to why lots of money is spent on products that anybody can access freely online.

Cent sold a tweet from Twitter's previous CEO (Jack Dorsey) as an NFT in March of last year, making it one of the first confirmed million-dollar NFT transactions. The prevalence of scams, frauds, and "wash trading" is alarmingly high. In an interview with Reuters, CEO and Cofounder of Cent, Cameron Hejazi has ceased to permit the purchase and sale of NFTs.
Even though the Cent marketplace "beta.cent.co" has temporarily halted NFT transactions, a section of the site dedicated to selling NFTs of tweets, known as "Valuables," remains operational. According to Hejazi, a spectrum of behavior is occurring which should not be treated with levity. Hejazi outlined three significant issues: individuals selling illegal copies of other NFTs, people creating NFTs of stuff they don't own, and people selling security-like sets of NFTs. He noted that these issues were rampant, with people continuously "minting" fake digital assets. "We tried to block problematic accounts, but it seemed like we were playing whack-a-mole... Every time we banned one, another one, or three more, would emerge", Cameron Hejazi said.

According to the largest NFT marketplace, OpenSea, more than 80% of the NFTs generated for free on OpenSea's platform were "plagiarized projects, fraudulent collections, and spam." OpenSea was valued at $13.3 billion following its current round of venture investment. The platform considered limiting the amount of free NFTs a user may mint, but after the reaction of the users, the decision was changed and announced in a Twitter thread saying it was "working through a multitude of options" to avoid "bad actors" while promoting innovators.
"Selling NFTs with plagiarized material is against our policy, so we are working round the clock to supply goods, develop features, and fine-tune our processes to meet the demands," stated an OpenSea representative.

The decentralized aspect of blockchain technology appeals to many NFT advocates and supporters since it allows users to generate and exchange digital assets without the intervention of a central authority. Even though Cent has just 150,000 members and "millions" in income, Hejazi claims the problem of fraudulent and illicit material is widespread. His business, however, wants to safeguard content producers and may apply centralized regulations as a temporary measure to reopen the market before researching decentralized options.

NFT Buyers are Affected by Gas Prices During Cool Pets Drop
NFT buyers are affected by Gas Prices during Cool Pets Drop

NFTs have been a hot topic recently, and the market is skyrocketing. According to NonFungible, NFT sales reached $250 million in March, up from only $2.5 million in February.

But there are still many problems that NFT collectors have to deal with these days: The major problem is the exorbitant transaction fees caused by Ethereum Gas wars.

 

Gas Prices

Gas is a fee you pay for each transaction on the Ethereum network. Meaning that if you buy an NFT for $1, you may need to pay an additional $5 for gas because of high demand on the Ethereum network.

Since January, gas prices have risen over 200% and are currently at $30 in Gwei, the smallest unit of Ether gas price. It is not uncommon for people to spend more money on gas than on actual NFTs.

This week’s Cool Pets event caused a surge in NFT transactions and froze buyers who were required to spend exorbitant money on gas.

CryptoKitties company Dapper Labs held the event as part of its new game called Cool Pets Drops. Players use their pets to defeat enemies and earn rewards such as ETH or rare digital collectibles.

However, the high gas fee made it impossible for many players to participate in the event, with some even reporting that they lost money on gas fees because they did not complete the transaction.

The event saw a significant spike in traffic on CryptoKitties, a transaction volume of over 40,000 on April 11, compared to just over 3,000 transactions per day in March.

Record-breaking auctions of digital artworks have accompanied the rise of NFT with provenance and authenticity. However, many artists have complained that high gas costs make the sale of their work difficult to realize.

 

Transaction Fees

One of the biggest concerns for NFT buyers is the rising transaction fee of Ethereum. As every transaction on the Ethereum blockchain costs a small fee to be processed, it can skyrocket above expectations.

Buying an NFT is like purchasing a physical product as it costs some money. However, you also need to pay for the transaction fees, usually about $2, and can go up to $100.

The transaction fee for Cool Pets has risen to above 7000% amid the hype of non-fungible token (NFT) trading. The transaction fee is currently $2,000 at 0.5 Ethereum, as one trader paid over 1.2 Ether, which is more than $2,500 as the transaction fee.

Piers Kicks said that he couldn't buy a Cool Pets drop because the transaction fee was too high in a recent tweet. This was surprising, as Cool Pets drop is among the most popular NFT collectibles on the Ethereum blockchain at this point. A few days ago, one user ended up paying over 1.2 Ether as a transaction fee to gain one Cool Pet drop.

This is happening because of high gas prices right now because of high demand. In another instance, a user had to pay 0.5 Ether for just one Cool Pets drop, making it even more confusing why it works like this.

A user on Twitter named “Crypto Mastermind” stated that their transaction got stuck because they didn’t pay

“Gas fees were a problem before Cool Pets, they're a problem now, and they'll be a problem until we found a solution," said Adraen Bounouar, cofounder of Animoca Brands, which owns Cool Pets.

Cool Pets' public drop comes amid what some observers call an NFT bubble, with skyrocketing gas fees as investors scramble to buy newly minted digital assets before they sell out. On Friday alone, gas fees rose over 7000%, according to data from Etherscan.

According to Bounouar, while this is an issue that plagues the entire crypto industry, it hasn't affected his company's ability to sell products or attract users. "Many projects launched recently, and people are rushing in and buying everything," he said. "But we've just sold out of a bunch of cats within hours."

What Are The Most Expensive NFTs?
What Are The Most Expensive NFTs?

NFTs have existed for many years; their origin can be traced back to 2014 when the digital artist Kevin McCoy minted the first-known NFT. 


It took seven years before entering public consciousness and starting its meteoric rise. In 2021, the term "NFT" was named word of the year by Collins Dictionary. 2021 also saw NFTs marketplace value exceed 41 billion, with the number set to increase in 2022. The price of NFTs varies; they can be "sold" for free to millions of dollars, with expensive NFTs generating much hype and interest. Here are the top 5 selling NFTs of all time (to date).


1. The Merge ($91.8 Million)


Work of art by the digital creator Pak, it isn't easy to know if it's a single NFT or a collection. The NFT Marketplace, Nifty Gateway, in December 2021, sold the NFT. The artwork was broken down into 266,434 units (called mass) and sold to individuals. People who already owned Pak NFTs were offered a "mass" at $299 pre-sale; the figure rose to $400 in the public sale where anyone could purchase. People could buy as many "mass" as they wanted, and the sale concluded within 48 hours. 


Merge is one of the most significant sales by a living creator in the digital and physical art world. The drop raised $91.8, the largest ever sale of an NFT. Merge did not involve people buying Ethereum NFTs; they purchased "mass" tokens combined to form the NFT following the sale. There is confusion on whether this is a project or an NFT since there are over 266k units involved. But one single individual, in theory, could buy all pieces on the secondary market to put together a single NFT.


Everydays: The First 5000 Days ($69.3 Million)


This NFT by the artist Mike Winkelmann (known as Beeple) sold for $69.3 million in March 2021. Selling at Christie's, a mainstream auction house that never sold digital art before, its involvement contributed to NFT culture becoming mainstream. 


In May 2007, Winkelmann started to post an image online and continued daily for the next 5000 days. In 2021, Beeple took the photos to create a collage and formed an NFT. He teamed with Christie's to create an auction lasting two weeks. Initially starting the bidding at $100, the price increased as crypto enthusiasts became involved, fetching a record price for an NFT at the time. 


"Clock" NFT ($52.7 Million)


In February 2022, AssangeDAO, which aims to seek justice for WikiLeaks founder Julian Assange, won the Assange and Pak's Clock NFT. The NFT under the Censored collection shows a timer displaying the number of imprisoned days. 


Assange, facing extradition to the US to receive a 175-year sentence, partnered with the digital artist Pak to raise the legal defense fund.


AssangeDAO consists of more than 10,000 Assange supporters who pooled money to raise capital to buy the NFT. While Assange is a controversial figure, it demonstrates the community benefit of NFTs. NFTs allow individuals to come together for a common cause, bypassing corporate organizations that monopolize the Web 2.0 space. 



Human One ($28.9 Million)


Following the success with "Everydays: The First 5000 Days", Beeple made the headlines in December 2021 when "Human One" sold for close to $29 million. 


The Human One features four video screens on a rotating rectangular box that depicts a life-sized human astronaut walking through many dystopian climates. Beeple said it's "the first portrait of a human born in the metaverse" the artwork is a physical piece accompanied by a "dynamic" NFT, a series of video clips stored on the Ethereum blockchain as the display for the screen. Beeple plans to add new designs to the blockchain, enabling art to change with time. 


The owner may see changes to the artwork over time, and it's a new concept with the introduction of "dynamism" to the art world. 


CryptoPunk #5822 ($23.7 Million)


The CryptoPunk project was a significant contributor to NFTs taking off in 2021. They are a collection of 10,000 pixel-based art images of unique characters, each with personality and distinctive features. 


As with all collections, some NFTs are worth more than others, with the rarity feature playing an important part. The fewer duplicate features in an NFT than others in the collection, the greater its value. The CryptoPunk project has nine aliens also categorized as rare. CryptoPunk #5822 has an alien avatar type and is valued highly.


CryptoPunk #5822 sold for over $23 million in February 2022. Deepak Thapliyal, the CEO of the blockchain infrastructure company Chain, bought the NFT from the Larva Labs' online marketplace. It's the fifth most expensive NFT ever sold.


Conclusion


"Clock" NFT and CryptoPunk #5822 are recent additions to the top five. With blue-chip NFT prices on the rise, other NFTs will occupy these positions in the future.

MetaVerse Real Estate Market Update
MetaVerse Real Estate Market Update

During the same time that a multitude of recent 's metaverse projects like 'Decentraland' and 'The Sandbox' are putting together Ethereum, we are beginning to understand movement on rival chains. The Solana-based Portals has immediately increased adoption and distinguished users since its starting last fall (harvest). The project has generated $5 million to grow its metaverse aspiration.

Portals declared $5 million in seed funding led by Greylock. Some supplementary investors participated. Among them are Multicoin Capital, Solana Ventures; Alameda Research; Sino Global Capital; The Chainsmokers' Mantis VC firm; Justin Kan, co-founder of streaming video site, Twitch, and new gaming NFT marketplace Fractal.

The Portals project aims to use the funds generated to enlarge its team. It creates more of its metaverse development, encompassing the upcoming starting out of its Portals Downtown city center and the improved means for creators.

As a Portals project, Interactive Spaces was first sold as NFT assets in November 2021 and started in December 2021, allowing users to act with the locales. Each Space can be altered to suit a user's requirement using the 'drag-and-drop' tools, making it comfortable to import one's NFTs and create a locale that appears like those of Nintendo's popular 'Animal Crossing' game series.

Cryptocurrency exchanges FTX US and Binance US have enacted "metaverse headquarters" in the Portals world. These include blockchain music service Audius, DeFi protocol Raydium, and MFT marketplace Magic Eden. The least expensive, readily obtainable Portals NFT on Magic Eden is listed for 85 SOL or a little over $9,000. Larger spaces within Portals, the "Vision" and "Oynx" levels, appropriated towards businesses and brands presently have price floors of 2,100 SOL ($220,000) of 469 SOL ($50,000), respectively.

Like the previously mentioned 'Decentraland' and 'The Sandbox,' Metaverse game projects have had favorable intakes after Facebook's reveal as 'Meta' last October, with sudden rush token valuations and a rise in need for virtual land plots in their respective worlds. Investors sold over $500 million worth of virtual land in 2021.

Metaverse has to do with a more enveloping future aspiration of the internet, in which users act upon each other or interact in shared 3D spaces, where they can work, play, own and make use of NFT assets. The recent rebranding of Facebook as Meta has instigated hyping around the metaverse, but blockchain-based projects have been developing in the Space for years.

An influencer directs portals on Solana and fellow metaverse project, Somnium Space, which supported Solana towards the end of 2021. Solana's NFT ecosystem has increased significantly over the last six months, with projects like Degenerate Ape Academy and Solana Monkey Business in high demand and soon-to-come NFT-driven games like Aurory generating hype and Star Atlas.

As of the middle of January, the market has produced more than $1.2 billion in trading measures, with more than 5.7 million Solana NFTs amounting up to that point according to the inventors of Metaplex, Solana's NFT protocol. Metaplex generated $46 million in January in a round co-led by Multicoin and Jump Capital, with participation by retired NBA star Micheal Jordan.

YouTube Puts NFTs and Metaverse On Roadmap For the Year 2022
YouTube Puts NFTs and Metaverse On Roadmap For the Year 2022

In the past year, the rise of Non-Fungible Tokens (NFTs) has been brought to attention, enhancing the connection between creators and fans. A few weeks ago, Susan Wojcicki, the CEO of YouTube, wrote a letter about the emerging Web 3.0 acting as an inspiration for the services offered by the company in 2022. Since YouTube is a platform based on creators and viewers, it makes sense for the Google-owned corporation to seek out ways to utilize NFTs in its ecosystem.

This month, Neal Mohan, Chief Product Officer, wrote, "We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans." He went on to say, "Together, they'll be able to collaborate on new projects and make money in ways not previously possible."

Forming successful content is the prominent problem creators face – videos receiving many views, shares, and likes. NFTs allow creators to diversify their offerings. Mohan suggested that creators could "sell videos, photos, art, and even experiences" to fans. Some current ways to monetize the video-sharing platform include the YouTube partnership program, selling products or merchandise, and connecting with brands as an influencer. Monetization is possible for YouTube as an NFT marketplace; it takes a commission from the sales through seller's or buyer's fee. NFTs will open up another monetary avenue for both YouTube and the creator. The creator also invites collaboration with fans and cross-collaboration with other producers.

To date, the NFT space is partial to scams and copyright theft. The social media platform suggests it could make NFTs safer by implementing mechanisms to assess the legitimacy of assets through its collection of videos.

Mohan touched on the subject of Metaverse, saying, "We're thinking big about how to make viewing more immersive." Gaming is the first area to be impacted where YouTube will "work to bring more interactions to games and make them feel more alive." The platform has supported virtual reality videos since 2016 with a virtual reality division within its organization. As of now, there are no significant plans on how the online video sharing and social media platform would implement the Metaverse experience. But big things are expected.

Conclusion

YouTube is not the only social media company to become involved with NFTs and the Metaverse. Meta is considering introducing a marketplace on Facebook and Instagram where users can create, display and sell NFTs. Twitter brought a feature in January to allow users to connect to their NFT wallet and show NFTs as hexagonal profile pictures. YouTube and other big tech giants are aware of the importance of NFTs and the Metaverse and are taking steps to become immersed in the arena.

What Types Of NFTs Are Available And The Future Impact They Will Have.
What Types Of NFTs Are Available And The Future Impact They Will Have.

NFTs came into existence in 2014, but it was not until February 2021 NFTs took off. Beeple sold the NFT project “Everydays: The First 5000 Days” for $69 million at Christie’s Auction House, and immediately NFTs went mainstream. Since then, NFTs have gone from strength to strength.


Non-Fungible Tokens (NFTs) represent digital assets containing non-interchangeable unique data stored on a digital ledger using blockchain technology to determine proof of ownership. They use the same technology as crypto coins, but unlike crypto coins, each NFT is unique and cannot be exchanged for one another.


The vast majority of the NFTs utilize the blockchain Ethereum to carry out transactions as it is one of the earliest and the most advanced blockchains. It uses smart contacts to complete the transaction where the agreements between the buyer and the seller are completed without external parties. Ethereum is also a very secure and safe blockchain; transactions carried are more likely to be recorded. There are also the Solana and Polygon networks which are becoming more widely used. These have emerged and become popular in recent months due to the widespread use of the Ethereum blockchain and the high transaction costs (gas fees) associated with the Ethereum blockchain.


What Items Can Be NFTs?


Art. 

Art laid the foundation for NFTs to begin their emergence, and art continues to be the leading use in NFTs. Art can be divided into two distinct areas:


Physical Art. These NFTs are where the digital form of art is associated with physical art. This type of NFT provides greater control of property belonging to the artists. It becomes possible to prove ownership, and that way, no counterfeits can exist as the owner has a digital representation to prove they own the art. Physical art is sold through third parties such as galleries, but such a mechanism eliminates the need for intermediaries. 


Digital Art NFTs. 

Digital Art NFTs are where the art exists only in its digital form, and there is no physical version. It is the biggest NFT market, and most NFTs are digital art. The expansion has begun with NFT projects offering utilities that go with digital art in membership events, metaverse activities, and so on.


Music 

Music NFTs are one of the emerging trends we’ll see in 2022. Traditionally musicians released their work through labels and record companies who sold it on behalf of the artist. And the labels and record companies took the larger share of the profits. NFTs eliminate third parties, and the artists can release their work directly. Numerous musicians have released their music as NFTs, including Grimes and Kings Of Leon. There will be a more significant acceleration in this area as we move forward in 2022. 



Video Game NFTs 

After art, NFT video games have been the most popular NFTs. Some NFT based games include Axie Infinity. Gods Unchained and Sorare. Most NFT based video games deal with the in-game effects based on player interaction, rules, etc. For example, items gained during the game could become NFTs, or the characters could be an NFT. There are models where players could earn an income from playing NFT based video games. During the Covid pandemic, many people in countries such as the Philippines made an income by playing NFT based games. As the NFT world develops, we will see further expansion and developments in this area.



Land and Real-World Items. 

Land tokenization has made it feasible to convert land and real estate into tokens on the blockchain and allow sales through the blockchain ecosystem. Numerous scenarios are possible, such as raising capital to develop property with the owners of the tokens becoming investors in the scheme. This scenario could apply not just to land but a whole series of real-world items such as cars. Such a system would cut down on “paperwork” and make the transaction easier and quicker. One exciting development is the availability of virtual land through sandbox and Decentraland, where people can buy and sell land in the Metaverse.


Tickets To Events. 

Something preparing to become prominent is the sale of event tickets. Potential customers wishing to attend festivals, concerts, or sporting events can purchase tickets on the blockchain with the event organizers allocating the numbers. The tickets are moved into the NFT wallet, and the owner can use them through a mobile phone device when attending the event.


Closing Thoughts.

NFTs are impacting the world and how it operates. Many people associate NFTs with JPEGs, but as activities like music and video games, NFTs begin to move, we will start to see the evolution and the actual real-world emergence and use of NFTs.

Safeguarding The Nike NFT Brand
Safeguarding The Nike NFT Brand

NFTs are becoming increasingly popular, and Nike is safeguarding its brand in this growing mark. NFT, which stands for Non-Fungible Token, refers to digital assets such as images, audio clips, or animated GIFs stored on the blockchain, a decentralized digital ledger. StockX, a Detroit-based sneaker and apparel exchange, has been accused of selling NFTs that bear Nike's trademarks without the company's authority or approval, according to a complaint filed by Nike on February 3 in the United States District Court for the Southern District of New York.

According to the filed lawsuit, "StockX has opted to compete in the NFT industry not by taking the effort to build its intellectual property rights, but by openly free-riding on the back of Nike's iconic trademarks and reputation." StockX has refused to comment on "pending legal concerns," according to a company representative, while Nike spokesperson referred to the filing when reached for comment. The market for NFTs has exploded in recent years, with one NFT selling for up to $69 million in 2021. It has made NFTs more popular among celebrities and companies.

Nike's lawsuit is simply the latest example of firms and well-known people using legal tactics to safeguard their domain in the nascent NFT and metaverse industries. According to the complaint filed in the United States District Court for the Southern District of New York on January 14, Luxury French fashion brand Hèrmes sued Mason Rothschild, a digital artist based in Los Angeles, in January for "seeking to get rich quick by appropriating the brand METABIRKINS for use in generating, advertising, selling, and enabling the exchange of digital assets known as non-fungible tokens ("NFTs")." NFT versions of the company's Birkin bag named "MetaBirkins."  were made and marketed by Rothschild.

StockX's NFTs are part of the project dubbed "Vault NFTs," which was introduced last month and allows users to purchase an NFT photo of a shoe while also gaining complete control of a physical replica of the shoe a later point in time for an extra charge. According to StockX's website, the service is not yet accessible. Nike claimed in court that most of StockX's NFTs are Nike-branded goods. And Nike claims buyers will think these NFTs are Nike-approved, which is untrue.

"Nike did not authorize or promote StockX's Nike-branded Vault NFTs," the lawsuit states. This release could mislead customers, and Nike's well-known trademarks may be weakened due to unauthorized merchandise.

Nike has recently increased their presence in the NFT and metaverse spaces. According to the company, it has purchased an NFT studio "RTFKT" that "combines the latest in gaming engines, NFT, blockchain authentication, and augmented reality with manufacturing skills to produce one-of-a-kind shoes and digital artifacts." RTFKT was created in January

2020, and although Nike hasn't said how much it paid for the firm, it's reasonable to conclude that the founders fared well considering its youth. FEWOCiOUS, an adolescent artist, helped create a line of "digital sneaker" NFTs that allegedly hauled in $3.1 million in just 7 minutes.

Alfa Romeo commences integration of NFTs into Latest Hybrid Car Record Vehicle Data.
Alfa Romeo commences integration of NFTs into Latest Hybrid Car Record Vehicle Data.

Though this is exciting, the new Alfa Romeo hybrid will be implementing NFTs to record the vehicle data.


The Italian luxury carmaker Alfa Romeo uses non-fungible tokens (NFTs) to securely store vehicle service records, accident reports, and trip logs. Alfa Romeo will use the blockchain to encode and record the history of all these cars. This data can then be sold or rented in controlled exchanges with all parties involved in the blockchain.

Alfa says it's the first carmaker to use blockchain technology to track a vehicle's performance data and securely store it in an NFT format — the same method digital artists and creators use to sell digital assets like images and videos. Alfa Romeo will hold the data on a privately secured blockchain network that is self-maintained.

"This data is valuable," said James Allen, president, and CEO of Alfa Romeo North America, in an interview. "And we believe it should be owned by the people who generate it."

The idea for this project came from a working group led by Allen himself. Last year, he created his group to determine how his business could use blockchain technology. He said his company has been working with blockchain technology company DeeFive for several months on "what we call 'data retention' or 'blockchain-as-a-service.'" He declined to say how much the company has invested in this project but said it's not a tiny amount.

The company announced the technology for its new 'Tonale plug-in' hybrid car, which is part of an attempt to improve the car's resale value and attract environmentally conscious buyers.

Tonale is expected to hit showrooms soon and will feature a 1.3-liter turbocharged petrol engine as well as a 48-volt mild-hybrid system that will allow it to run on electric power alone for short distances — up to 31 miles at speeds of up to 78 mph.

The car will track fuel consumption, carbon dioxide emissions, electricity consumption, and it will store that data on a blockchain. Insurance companies can then use this information to determine premiums based on past driving habits. Additionally, the move will benefit customers by providing them with a "real-time view of the vehicle's maintenance, helping them more easily identify any potential issues.

This feature could help reduce the number of car accidents, leading to lower insurance rates for drivers with good driving records.


Conclusion


It will be exciting to see what other developments Alfa Romeo has in store for its car line, especially sensors. NFTs are just the tip of the iceberg for sensing innovations and could provide exciting opportunities for companies to collect data from their cars. It's something fascinating, and it'll be happening big! We can't wait to see what the future holds!

Liquidifty Marketplace To List Gamespad NFTs
This revolutionary NFT marketplace is planning to list Gamespad NFTs on its platform.

"GamesPad" is an ecosystem that combines gaming, metaverse, and NFT. It is a comprehensive platform that assists gaming startups throughout the development process, from idea through execution and public debut. Its primary goal is to help budding gaming entrepreneurs by providing them with mentoring, coaching, and networking opportunities in the gaming and crypto space.
A highly skilled team of professionals created "GamesPad" and are bringing together decentralized VC, game incubator, marketplace, multichain launchpad, NFT aggregator, and significant gaming studio partnerships- all in one place. "GamesPad" will evolve dynamically with the rapidly advancing crypto market, thereby helping to provide the groundwork for a new generation of successful crypto-gaming enterprises. Additionally, "GamesPad" enables retail shoppers to participate in the future of crypto gaming as the industry's most strong initiatives are constructing it.

Gamespad NFTs on Liquidifty

GamesPad NFTs reflect the finest of this developing sector combining exclusive high-end art with tiered investment options to create a genuinely unique digital asset. When GamesPad's complete NFT collection sold out on the BullPerks launch platform for $4.5 million in an INO (initial NFT offer), the heavily hyped project witnessed a significant uptick in interest from the wider GameFi community.
Investing in crypto gaming initiatives that marketplaces like Liquidifty regard as key industry pillars are essential elements of the value of GamesPad NFTs give the ability to engage in the GamesPad ecosystem through elegant collectible art pieces. Involvement in GamesPad offers an investment in elevated blockchain gaming projects made possible by purchasing a GamesPad NFT.

For each GamesPad NFT, there is an assigned level of investment that comes with a distinct set of benefits. GamesPad is pleased to announce that their Non-Fungible Tokens (NFTs) will be listed on Liquidifty, allowing them to spread their influence further and reach wider audiences in the cryptocurrency world.


About Liquidifty

Liquidifty is a cross-chain NFT platform that will increase the liquidity of the NFT market while also providing users with different use cases for all of the NFTs owned by them. It is the next generation NFT marketplace that offers a variety of tools for NFT collectors. Users can take advantage of these tools to boost their NFT prospects, such as a cross-chain oracle, taking loans with NFT collateral, and earning with NFT vaults, among other things.
Unique and various NFTs exist; while they are created on separate blockchains, they are also unique. However, there is one thing that all have in common: Value. Liquidifty assists the users in making use of this value.

Musical NFTs & Minting NFTs
Let's talk about Musical NFTs & Minting NFTs

Tapping into the power of blockchain, non-fungible tokens (NFTs) is paving a new way in the cryptocurrency community. As old trends and new strategies are forming around these digital tokens, NFTs are setting the stage for an entirely new part of the future economy.

In 2020, several NFT projects faced costly gas wars - priority gas auctions. Numerous bidders battled for their spot, losing Ether (ETH) due to failed purchases. However, in 2021, digital scarcity and utility fueled NFT excitement in booming economies, which was bolstered further by the efforts of influencers.

Further, in 2022, new NFTs projects tend to reveal new values that influence how projects build components and the components they create. This invention focuses on "strong communities" and the collectors' only services.

Let's examine these new developments and their possible impact on NFT investors in 2022.

Change in Minting Strategy

As the NFT economy is becoming more industry-driven, projects are developing strategies for ensuring that their tokens remain valuable to investors. Among initiatives, the most recent trend involves instituting a "whitelist" model for token minting.

The whitelisting occurred due to a shift in coin strategy in response to the ongoing gas wars, which enraged many coin collectors and drove them to seek alternatives. Thus, what is the purpose of whitelisting in NFTs?

Whitelisting is a process that involves preparing a crypto wallet address that has been pre-approved for use in a future NFT mint. Whitelists are arranged and modeled for contributors who take an active role in project chores and activities and owners of certain groups who wish to engage in the game.

The benefit of this concept is that it attempts to identify potential community members who will offer value over time by awarding them a currency. Whitelisting makes it easier for investors and collectors to become lost in society's hype and the copy-and-paste farming black hole. While whitelisting can help reduce transaction failures, the community appears to be seeking a more value-based approach to access allocation.

Musical NFTs growing beyond boundaries

While NFTs continue to rise, creative projects emerge around this burgeoning industry. As a result, NFTs have found a way to integrate with just about everything: fashion, art, games — and even music.

3LAU — pronounced "Blau" – sold the world's first digital tokenized album in less than 24 hours, making over $11.6 million in online sales. In addition, 3LAU broke through barriers by launching Royal.io, an NFT music platform that allows users to own their favorite melodies while collecting royalties and other perks. 3LAU, led by Founders Fund and Paradigm, raised an outstanding $16 million in its inaugural round and has already garnered the attention of prominent performers.

On January 11, 2022, Nas, the renowned American rapper, also released his first NFTs on the platform for two of his songs, "Rare" and "Ultra Black." Fans immediately flocked to Twitter to express their enthusiasm for the platform.

Additionally, a musician, who goes under the handle Latasha.eth on Twitter, also sold the NFT music video for her song "Gogo Wyne" for ETH $13.4207

Final Thought

NFTs have proven to be a viable asset class that continues to evolve. Fans of these collectible tokens will undoubtedly see the next wave of innovation in the space take shape. As the technology and tools behind these tokens improve, we can expect numerous new use cases and ways for tokens to interact with our everyday lives. It's an exciting time to be a part of this nascent industry, and we can't wait to see how it evolves.

Why Are NFT Games Trending?
NFT Games? What is a NFT Game?

When looking for NFTs to buy, investors don’t just look at the art itself. Most people who invest in big NFT collections, such as the Bored Ape Yacht Club and Azuki, want the ability to use their NFT for a purpose. These are known as Utility NFTs. What are the perks and opportunities for the holders? What access can the NFTs provide? Those are the common questions serious investors ask before they invest in a collection.

Trending Now


Due to the popularity of the NFT space right now, we now have to deal with market congestion.   Without real purpose and utility, there are many projects that should not stand out in the space.


NFTs Are More Than Art Collections


Speaking of utilities, there are a number of projects in the NFT market where holders can use their NFTs to play games and participate in digital events. A few great examples are the leading NFTs: Bored Yacht Ape Club, and Azuki.


The Bored Yacht Ape Club, BAYC, for short, offers its holders access to its digital community or what they call the “swap club for apes.” The NFT collection, composed of 10,000 unique bored apes, provides holders member-only benefits and privileges. Within the club is a series of games that holders can also play.


On the one hand, Azuki has a different approach. Its NFT collection is composed of Manga-inspired characters and accessories.

According to the team, they “revived the Pokemon pack opening experience, attached backstory and lore to our NFT, and adopted them as our online personas.”
If you’re a fan of the Japanese Manga series, you will like the visuals and art Azuki represents. Aside from the art itself, the project revolves around the community, expanding their network through education, empowerment, and mobilization.


NFT Logo

NFT Games Are Led By The Community


One of the reasons why NFT games are trending is that it’s more about the community leading the development of such projects. This is one of the most significant developments in technology—the community can participate in the development of the projects they want to join rather than trying to keep up with what’s already developed.


In the gaming industry, game developers release new games frequently, making it impossible for the players to quickly adapt to the changes and updates. But thanks to more user-generated content, such as in the case of Roblox, the growing demand of the gaming community is satisfied.


Roblox is a stepping stone for the gaming industry to focus more on its community. However, NFT games present a whole new level of space where the community can lead the development of games. Since games are built on decentralized technology, they give the community the authority to decide on the project's future, especially if the NFT project allows early members to vote.


Blockchain Provides A Great Opportunity For Artists, Creators, and Developers


Decentralization is one of the greatest things that benefit artists, creators, and developers in the blockchain. Although the gaming industry is now turning into user-generated content, centralization is still not the best system for creators and developers to maximize their talent and profitability. User-generated content is only becoming a way for centralized gaming companies to solve their content issues.


So, how do the blockchain support artists, creators, and developers? The NFT space is a big place for talented creators to showcase their talent while providing the community with a great marketplace to earn. By allowing artists and creators to produce their digital art and minting them, the blockchain permits even small artists to put their creative pieces up for sale or auction. On the other hand, developers can establish a partnership with their chosen artists in the space.


Collaboration brings passive benefits for both sides, especially if they have their own established community. By combining networks, artists and developers are producing an expansive ecosystem that the community would be interested in.


Popular Celebrities Are On The Game


If there’s any other effective way to promote new projects in the NFT space, that is by influencer marketing. Popular celebrities are joining the bandwagon. In fact, Paris Hilton—a popular American media personality, went to Fallon Tonight and talked about NFTs. She also recently tweeted “I’m in a buying mood too” as a reply to @jf_nft’s tweet about buying NFTs.


Apart from Paris Hilton, Adidas 9gag and Twitter joined the “pfp” (profile picture) movement on Twitter. Adidas, with more than 4 million followers on Twitter, recently joined the Bored Ape Yacht Club (BAYC), while 9gag purchased a BAYC NFT too and teased its followers about dropping its collections too.


Meanwhile, Twitter changed its cover photo, saying “NFT pfp just feels right,” followed by a tweet “gm, looking for an nft pfp.” This recent tweet led to the increasing demand for some NFT collections, especially the ones that Twitter used as quick profile pictures.


With big companies, celebrities, and social media platforms entering the NFT space, the place is becoming popular, reaching more people who aren’t part of the market yet.


A Rewarding Place For Members


If you are a part of an NFT project, for example, BAYC, you are not only a holder of an ape avatar. You are a part of the club where you can use your avatar as access. Once you’re in that club, you can maximize your many privileges and benefits to earn more.


The same applies to other NFT games like Axie Infinity. With your Axie team, which are NFTs, you can play on the arena to earn SLPs. After accumulating enough SLPs, you can then sell or trade them to profit more. So, with your NFTs, you are hitting two birds with one stone—you are a holder of an Axie team that you can sell whenever you want, and, at the same time, you are earning SLPs in the game.


Top Popular NFT Games To Watch Out For


  1. Axie Infinity

If you’re looking for NFT games to profit more and experience the latest technology offered by blockchain, Axie Infinity might be a good game to join in. Last 2021, SLP’s all-time high was at $0.399727. This led to players being able to afford houses and cars. In the Philippines, an Axie player was reported to buy two houses from his in-game profits.


  1. Sorare


Sorare is also a popular game based on football. In this NFT game, players need to form a team based on their favorite players in real life. The rewards are based on the team's performance in real football games.


  1. The Sandbox


Another NFT game worth watching out for is The Sandbox. This game introduces a metaverse where players can make and trade digital assets. Players can monetize their voxel assets by listing them on the game’s marketplace. The Sandbox is somehow similar to Roblox and Minecraft. The main difference is that players earn cryptocurrencies, convertible to fiat currencies.


NFTs are indeed good collectibles if you believe in the future of blockchain and decentralization. By playing NFT games, you can maximize your crypto earnings and even participate in the future of the projects you are interested in.  



What Makes An NFT Project Successful?
What Makes An NFT Project Successful? How should I choose an NFT?


Unless you crawled out from under a rock or you time-traveled from the past, you have probably heard about NFTs and the Metaverse. They are all the rage now and have taken the decentralized monetary market by storm.

2021 was a year of massive growth for these NTFs, with several of them popping out constantly. NFTs made up $19 billion of the cryptocurrency market in the previous year. This means more people are gunning for NFTs and rushing to invest in them. So, while some NFTs may thrive and boom, others may not.

Factors to consider when choosing an NFT

Time, effort, and consistency will do you a lot of good in the business world, which also applies to NFTs. It does take some time, but if you are patient and approach it carefully, you should reap the good of the land. Aside from the pillars of NFT value, a good approach typically involves measuring the following:


  • Traction, i.e., Discord, social media influence, and people who back the NFT
  • Team: Who invested in the project? Are they pros?
  • Price movement and sales for a week


We will take a closer look at some of these factors below. 


Choosing the Right NFT 

Here are some factors that make an NFT project successful:

  • White Paper

A "white paper" is a document that outlines the goals and strategies of the NFT project you are looking into. If the goals and strategy of that NFT are unclear or seem far-fetched and unreal, it might be a good idea to take a left at that NFT.

  • Founders

Investing in NFTs is investing in the person behind the token. If the human or creator is unreliable, sneaky, and transparent about the project, take a step back to reevaluate. Transparency is critical with NFTs because it is the bond that joins the creator and future investors, so if the project doesn't seem like they are in it for life but looking for a quick buck, take a verse from the NFT Bible and flee from all appearances of scams.

  • Rarity

Like diamonds and other precious stones, the rarer they are, the more valuable they are. Creating scarcity and rarity means that people who own these NFTs are part of a particular group, the VIPs, if you may. Not only are these rare NFTs valuable, but they make the owners want to show them off.

  • Presence on Social Media

This is 2022, and if it is online and doesn’t have a social media presence, that’s kind of suspicious. Without visibility, you have no chance of finding potential owners for these NFTs, so a strong media presence is a must. Not just the number of followers, but the tone they present. Are they actual followers or people who are interested in the project? Do the founders frequently interact with the followers?

  • Die-hard Community

NFTs are community-driven. You cannot survive as a creator without solid community backing. A potentially successful NFT will have a lot of people following and supporting them. The more engagement, the more likely it is to be successful.


Conclusion 

Owning an NFT is more than owning a piece of digital art; it means being a part of something bigger – a community. Therefore, you must understand how this community works and join the right one. It is a community that births creativity. We have outlined several factors that make a successful NFT. Be sure to consider them carefully before choosing.


How to Auction NFT arts 
How to Auction NFT Arts? 

"One dollar bid, now two, now two, will ya give me two?" – Auction chants like this one are long extinct, and it's all because of technology. It's been a rollercoaster from auctioning properties to historic arts online and now NFT arts. If you're one of those who didn't know you could auction your craft, you're in luck. We will not only prove you can auction digital collectibles, but we'll also show you how to do it. In the NFT market, there are currently three ways to sell your unique asset:


  • Fixed price: it means you'll implement a set price. 
  • Reserve for a Specific Buyer (some NFT exchanges offer it): meaning you'll keep the asset for a particular buyer whose address you'll insert. 
  • Auction: it is more like placing the antique gem you own on a bid. We will focus on it here. Read further to know more. 


Auctioning Your NFT Art For Sale 

You're a creator, and you're feeling super proud of your collection. You are ready to display your unique NFT creation to the world via an auction. If that's you, read this guide to set up a personal NFT auction. 


  • The first thing is for you, as a seller, to select a clear reserve price. That is the minimum amount you can sell the NFT, usually the least ETH. This starting price is made public to potential bidders. Bids at or above it are the only ways for interested purchasers to kick-start the process. Keep in mind the extra service percentage deducted while you decide the reserve price. 


  • The next step is to add your NFT marketplace's auction list. You'll be paying for gas fees and revealing the starting price at this point. In addition, to promote your sale on social media, particularly Twitter. 


  • You can set the timer to an available countdown, usually one day, three days, and more. Nevertheless, when the reserve price of the item is met, a countdown of 24 hours begins by default. 


  • Most auction sites allow an extended time in which grace of 15 minutes is provided to potential bidders. It automatically initiates when an offer is made when there are 15 minutes left. 


  • Expect a 15 minutes reset for each offer placed in the final 15 minutes during the countdown until no more bids are placed. It promotes fairness among bidders worldwide. 


  • While the auction is ongoing, the marketplace will safeguard your NFT in escrow. It will remain in the auction site's smart contract till the end of the sale. 


  • Some auction platforms only allow to top a buyer's bid with 0.1 ETH or sometimes, 10% increase. If no one tops the proposal in time, the debut bidder or last bidder (if there are a few) will get the NFT. The only exception is if it is canceled, there will be zero bids. 



  • When the auction timer elapses, the bidder who won will sort the NFT. Asides service fee percentage (typically 15%), you will receive the balance amount in your wallet. Also, the winner takes the NFT home. 


What Can I Do To Boost My Auction? 

Are you having trouble getting your auction to take off? Here are a couple of ways to increase your chances:


  • Reduce the starting price. Perhaps your reserve price is too high. It will require you to pay additional gas fees, but it may be worthwhile once you sell your NFT. 
  • More importantly, tweet about it, endorse it, hype it, and make it a trend. Get your community and the people who believe in you to do the same. 


Best NFT Auction Sites in 2022 

This is where the auction is allowed without auction chants or even virtually. Everything is done virtually, as it is a digital-oriented market. Here are some of the best auction marketplaces:


  • OpenSea. 
  • Foundation. 
  • NBA Top Shot Marketplace. 
  • Axie Marketplace. 
  • SuperRare. 
  • Nifty Gateway. 
  • Rarible. 
  • Larva Labs/CryptoPunks.


NFT Growth, Risks, and Future in 2022
NFT Growth, Risks, and Future in 2022

Non-Fungible Tokens (NFTs) have been trading at record-setting prices in 2021. In the first six months, sales soared to US$2.5 billion. Even more surprising, NFT sales in the month of August, US$3.4 billion, eclipsed sales in the first half of the year.

NFT sales have been growing since late 2019. Their sales seem to follow the Bitcoin and Ether bull runs. Interestingly, when legacy coins’ market prices decline, the values of NFT sales decline too.

NFT-mania is a bubble destined to burst. When the cryptocurrency bull run ends, NFT-mania and its record-setting NFT sales will end with it.

NFT-mania is the logical outcome of people being under lockdown during the COVID-19 pandemic, and increased use of computers for business, school, entertainment, news updates, and socializing. Plus, the astronomical returns on investments in meme coins in 2021 have motivated more traditional investors to experiment with NFTs and cryptocurrency in general.

NFTs come with risks. They may lose their value over time. The proliferation of counterfeit NFTs and NFT scams are taking their toll on investors’ finances. Some buyers will never recover the outrageous fees that they are paying for NFTs. Also, there is the ever-present risk of having your NFTs stolen by a hacker.  

They will not disappear from the marketplace. It is more likely that certain NFTs like CryptoKitties, Beeple’s art, and CryptoPunks will remain valuable to niche buyers. However, there will be massive depreciation of most NFTs’ valuations when the crypto bull run ends.

Speculators, crypto enthusiasts, and scammers are pushing NFT market prices to unsustainable levels. When the bubble bursts, there will be few market winners.

In short, flipping NFTs is bad as a short and long-term investment strategy for the average investor.

Earning Passive Income from NFT
How can I earn Passive Income & Royalties from NFTs? What is Staking? What is NFT Auctions?

Understanding the NFT payment structures will help you avert cheating yourself out of a fortune. Whether you are a creator, buyer, or seller, you must know what to expect while cashing out on NFT arts. Like the famous business tycoon Warren Buffett says, the first rule is never to lose money, and the second rule is always to remember the first one. On that note, you can ensure you don't take a beating while investing in non-fungible tokens through three mediums:


  • Royalties 
  • Fixed Prices 
  • Auctions 

Find out more below. 


How Do NFT Royalties Work? 

Since non-fungible tokens are typically intellectual properties, it's only inherent that royalties are a form of a payout. Royalties in NFT collections are lifetime payments made to the creator per sale. You receive these payouts by default for every secondary sale as they are programmed onto blockchain smart contracts. 


NFT royalties percentages vary according to the marketplace, but they are usually between 2% to 10%. For instance, the OpenSea NFT royalties contract states that the creative mind behind the collection will typically receive a 2.5% fee. Meanwhile, you can also select your royalties in NFT by increasing your percentage fee in the "Collection Editor" settings. 


A reasonable NFT royalties standard percentage should be 5-10%. Unfortunately, some NFTs do not pay royalties if it's not categorically stated in the contract, so cross-check well. 


How does Fixed Pricing Work in NFT? 

When selling your intellectual property, you can either select NFT fixed price or auction. Fixed pricing in NFT is the most straightforward option compared to other forms of payments. In this area, there is no negotiation because the terms are specific due to the set price. It is like ordering an item from a standard online store. As a buyer, ensure you have enough crypto in your wallet for the item and gas fees before purchasing. If you are a creator, consider your NFT royalties percentage and the platform's fees while setting the total amount. 


How Do NFT Auctions Work? 

NFT auctions work entirely differently from other payment structures. Is it the bids, countdown, or the NFT that complicates the auction? Whichever way, we have carefully explained the process according to its phases:


Blockchain Technology:

The cryptocurrency you will spend solely depends on the NFT auction site's blockchain. Anyway, most NFT auction platforms are built on Ethereum, meaning you must have enough ETH to complete your transaction. Always make sure you have enough cryptocurrency for the item and gas fees. 


Reserve Price:

Instead of setting a fixed price, the investor will start with a minimum cost. These starting prices are openly displayed on the NFT auction site. Interested buyers can only place bids at or above it. 


Countdowns: 

Most NFT auction apps implement a 24-hour timeframe for the auction to run. It only begins to count after a prospective buyer places the debut bid. Once the time runs out, the auction automatically ends. According to the NFT auction record, the buyer with the highest bid wins. Nevertheless, a time extension is applicable if a new offer is made during the final 15 minutes. The extended time is an additional 15 minutes, and it provides a window for other potential buyers to bid. It ensures the auction is fair and won squarely. 


In Conclusion,

Unfortunately, double-crossing is expected in the creative world. Hence, you have to understand the payment structures before entering a contract. Although non-fungible tokens have reduced the rate of art fraud, there are still a few discrepancies. So, it would be best to prepare by equipping yourself with the knowledge. 


This article already has all the essential information on NFT payment structures. You have successfully become a confident digital artist that knows his onions! 



How does NFT work?
How does NFT work? What are some of the NFT Blockchains? & Examples of NFT Blockchain

All the amazing features of a non-fungible token would be impossible to accomplish without the NFT blockchain technology. This vital factor significantly imparts the world of NFTs massively. Non-fungible tokens use cryptography to store a digital-based ledger, recording the ownership history of a specific craft. The combination of NFTs and blockchain technology introduced digital careers to the opportunity of monetizing their skills. Although NFTs use similar blockchain technology to cryptocurrencies, they can't be regarded as a currency. There are a couple of essential elements an NFT must have:


  • Scarcity 
  • Authenticity


Let's look at the roles NFT blockchain technology plays in the past, present, and future of non-fungible tokens. 


How does NFT Blockchain Work 

A considerable amount of NFT blockchains are built on the Ethereum network. Regardless, NFTs can still be built on some other blockchain technologies. 


The blockchain implements a ledger to verify an NFT and its unique ownership. The identity of the NFT creator is a license to use the associated digital content, albeit it rarely grants the buyer copyright. In some contracts, you're only authorized to use the NFT for personal, non-commercial purposes. Meanwhile, others permit the commercial use of their digital assets. Some token standards are specifically developed to accommodate diverse blockchain functions. 


Using the ERC-721 standard, Ethereum became the debut blockchain to support non-fungible digital collectibles. ERC-721 is a transferable Solidity smart contract standard. Thus, developers can copy a reference implementation to generate more recent ERC-721-compliant contracts. ERC-721 includes essential techniques for tracing the creator of an NFT. Also, it provides authority for the inventor to transfer the digital assets to buyers. 

 

Presently, ERC-721 is the most extensively utilized blockchain in the NFT space. NFT is now a force to reckon with in the crypto industry. Therefore, more blockchains are emerging to incorporate or plan to support them. Continue reading to find out more. 

 

Examples of NFT Blockchain Technology 

Despite how simple Ethereum makes NFT usage, its gas fees, simply called transaction fees, are through the roof for most people. Therefore, there is a wide range of layer two alternatives for Ethereum. These blockchains support NFTs and are less expensive to use:


Bitcoin Cash: BCH is a cryptocurrency that supports NFTs and runs the Jungle NFT marketplace. 


Polygon: Polygon, previously called the Matic Network, uses a proof-of-stake consensus mechanism. Significant NFT exchanges, including OpenSea, back it. Essentially, it allows inventors to create NFT collections at no cost. 


Solana: The Solana blockchain supports unique digital assets through their recently established NFT marketplace, Solanart, with over 1500 daily sales. 

 

Flow: NFTs are backed by the Flow blockchain as well. It is primarily used in the crypto game sector of NFT. Also, it uses a proof-of-stake blockchain model to confirm transactions. 


Immutable X: Immutable X is an Ethereum layer two protocol created exclusively for NFTs. In addition, it uses ZK rollups to quash transactions or gas fees.

 

Cardano: In March 2021, Cardano established native tokens that allow users to create NFTs without smart contracts. 


Tezos: Tezos is a proof-of-stake blockchain network that allows NFT arts to be traded on their platform. 


GoChain: The VeVe app and Zeromint NFT platforms are powered by GoChain, known as an 'eco-friendly' blockchain.


In Conclusion, 

Cryptocurrency wouldn't be the pioneer it is today without blockchains. With non-fungible tokens in the scene, things have only gotten more interesting. As blockchain supports cryptocurrency, it also backs unique digital collectibles despite their distinctive natures. Now that you know more about how the NFT blockchain technology works, you can make better decisions while investing.


How to Make A Valuable NFT
How to Make A Valuable NFT? What Makes NFT Valuable? How to Check Value of a NFT?

Did you create digital art due to the current NFT craze but have no idea how to make a valuable NFT? This article will explain all you need to know about how to create valuable NFTs. There are currently several digital collectibles worth millions in NFT marketplaces. Essentially, to get your art to be worth that much, you have to seek more knowledge than how to make expensive NFT. You can create a unique NFT collection and still be unable to sell it because it lacks important values. Please stick with us as we reveal other factors that contribute to the values of a non-fungible token. 


What Gives an NFT Value?

Before learning how to make a valuable non-fungible token, you must understand the elements that make it so. Without applying these factors, your endeavors may only frustrate you more. So, this trio is the elements that will make your efforts worthwhile: 


  • Rarity 
  • Consumer interest 
  • Influence 


How to Make Your NFT Valuable 

Some crypto enthusiasts believe that art being unique and "cool" is enough to make an NFT valuable – that can't be any further from the truth. The true connoisseurs know that besides NFTs being used as provenance for digital arts, they provide actual values. The pillars of NFT Value include: 


  1. RARITY 

To make your non-fungible tokens valuable, you should know how to make a rare NFT. Even NFT arts within the same collection should each have their specific traits. For instance, there are 10,000 distinctive Bored Ape NFTs in the Bored Ape Yacht Club collection. Each Bored Ape NFT is specially designed with unique features and traits. These rarities play significant roles in why their prices have skyrocketed. 


  1. UTILITY

There are two primary categories of NFTs connected with this value: game assets and tickets. The utility value of a non-fungible token is determined by its implementations. One of the most significant advantages of the utility value is that it indicates that your NFT will evolve. Thus, your asset has multiple applications now and in the future, thereby making it valuable to potential investors. 


  1. OWNERSHIP HISTORY 

Another factor of NFT value is provenance, which means the record of owners. In most cases where a non-fungible token has a long ownership history, it was typically created by famous brands or celebrities. You can buy NFT formerly owned by either and resell when convenient. Alternatively, partnering with either to create NFTs will go a long way in increasing the value.  


  1. LIQUIDITY 

Another element that is key to improving the value of an NFT is liquidity. The worth of liquidity is directly proportional to that of the NFT. Therefore, when the liquidity increases, the price also increases. To determine network liquidity, consider these factors:


  • The size of the network
  • The number of transactions to hold 
  • The total liquidity of that system. 


  1. FUTURE VALUE 

An NFT's future value is determined by the future cash flow and fluctuations in the valuation. Supply scarcity and speculation are significant factors of valuation. Furthermore, the interest/royalties of the NFT's original owner are referred to as future cash flow. If you manage your non-fungible token properly, you can improve its value. 


In Conclusion, 

Understanding how to make a valuable NFT is a preliminary step you MUST take. It helps you ascertain that you will earn enough ROI from your investment. You don't want to release your next digital collectible without confirming that it has these essential values. So, get to work right away! 



How to Invest in NFT?
NFT Investing and How it Works? Should I Invest in NFT? Best NFT to buy?

Although NFT investing is considered high risk, the alarm bells haven't set off for most investors excelling at it. The number of investors is flying through the roof. Thus statistics indicate that of all US adults, 29% were keen on investing in non-fungible tokens last year. 


Could it be that NFT crypto investing is worth it after all? We will answer the question in this article and how to invest in NFTs crypto in 2022. Blockchain technology set a precedent for a wide range of possibilities in the crypto space. Now, let's take a look at the prospect of how to buy and sell NFTs for profit. 


Is NFT a Good Investment? 

Considering that non-fungible tokens are high-risk assets, it begs the question. The truth is it can be either good or bad, depending on your NFT investing strategy. For instance, some experts use this NFT investing strategy known as diversified investments. In this case, their portfolio combines safe medium-risk and low-risk investments with a high-risk one, such as NFT. Fundamentally, these other "safe" assets constantly pay dividends. Therefore, even when you lose, you're still winning in the sense of it. Note that cryptocurrency has always been about finding the strategy that works for you.  


How to Invest in NFTs with 4 Easy Steps in 2022 

If you are money-grubbing, NFT investing might not be for you. A significant number of buyers invest in non-fungible tokens for the privilege of saying they own one. In most cases, they're enthusiastic about the NFT art and take pride in its uniqueness or creator (celebrity). However, some people still make vast amounts from NFT art investing. So, here's how you do it:


  1. Sign up for an account at your preferred NFT investing app. Check the best NFT marketplaces to select one that suits you. 


  1. Create a cryptocurrency wallet to store both your tokens and NFT keys. You have two choices; an external wallet or a crypto exchange, such as Metamask or Coinbase. 


  1. Deposit funds into your external hardware wallet or exchange. You can achieve that by linking your credit card or bank account, then directly buying crypto. Prepare your documents for a mandatory KYC verification to confirm your identity. 


  1. Finally, purchase the NFT art that catches your fancy! Hodl till whenever you are ready to sell. 


NFT Projects of 2021 & 2022

2021 was an incredible year for the future of non-fungible tokens. Therefore, here are a few NFT projects worth investing in or at least taking a look at in 2022:


  • Virtual Reality Land
  • CryptoPunks
  • Meebits
  • Axies
  • Proof of Beauty
  • Bored Ape Yacht Club
  • Doodles 
  • Hashmasks
  • Decentraland
  • Cyberkongz
  • Sandbox's LANDs


In Conclusion,

Hopefully, this article has helped you progress from NFT investing for beginners to advanced. Not only do you know how to invest in NFT now, but you also know which projects to start looking at! Essentially, try to join as many legit NFT airdrops as you can. NFT investing explained most in the simplest way!


Top NFT Marketplaces to Sell Your Art in 2022
Top NFT Marketplaces to Sell Your Art in 2022 – Including Essential Features 

Many digital artists are burdened with the question, "where is the best NFT marketplace to sell my art in 2022?" Considering the plethora of NFT platforms available, one must be meticulous about choosing the right one. As a result, we have curated an NFT marketplace list that will guide your decision-making process. This article provides accurate information about the top NFT platforms available as well as the typical features. Let's delve deeper! 


Where is The Best NFT Platform to Sell Art? 

Here is a summary of the top 5 platforms for Non-fungible Tokens in 2022:


  1. OpenSea

Currently, OpenSea holds the most sway in the NFT sphere. The marketplace allows you to locate, collect, and purchase incredible NFTs. 


Merits:

  • Utilizes Ethereum and Polygon blockchains. Note that the Polygon network allows you to mint NFT for free. 
  • Sellers are charged 2.5% per sale. 


  1. Rarible

Rarible is popularly known for its lazy minting feature, which allows you to make NFTs at no cost. 


Merits

  • Buyers and sellers pay 2.5% per sale, but the seller can alternatively pay the total 5%.
  • Whenever your NFT is traded, as royalty, on the platform, you'll be paid a 10% commission. 


  1. SuperRare

This platform allows buyers and sellers to acquire one-of-a-kind, single-edition NFTs. 


Merits:

  • A 3% transaction fee is charged to the buyer.
  • For the debut sale, the seller pays a 15% commission.
  • Every time your NFT is traded, you'll receive a 10% royalty.
  • Utilizes Ethereum network.


  1. Mintable 

Mintable is an excellent platform for trading NFTs, coupled with a university where you can learn to make NFTs. 


Merits:

  • You can mint NFT without gas fees, then pay later (when a buyer obtains it) 
  • Fees vary from 2.5% to 5% and 10% for conventional items, gasless NFTs, and prints, respectively.
  • This marketplace is based on the Ethereum blockchain.


  1. AtomicHub

It is a decentralized NFT platform for designing and trading unique collectible digital items. 


  • Utilizes the WAX network, an acronym for Worldwide Asset eXchange.
  • It charges a 2% transaction fee off the full sale price.


Features of A Great NFT Marketplace 

We will not send you off to the shark without proper gear. In this case, the shark represents a sea of NFT platforms. Let's gear up with what to expect from any reliable NFT marketplace for beginners or maestros to avoid puzzlement. Here are the must-have features:


  • NFT Marketplace Architecture

The NFT marketplace architecture is vital, which is why it must have an appealing user interface, particularly the front-end storefront. So, you can easily navigate the NFT marketplace site. It is also crucial that the platform runs on blockchain(s). 


  • User Experience

The platform’s ratings and scoring systems are vital. It promotes UX by allowing users to share their experience. You can't trust a platform that doesn't prioritize its customers' opinions, making it difficult to know their reputation. 


Another aspect that promotes UX is filters. An inquiry function allows prospective buyers to categorize the products according to the artist, rarity, niche, and cost. Moreover, search filters speed up the process of your purchase. 


  • NFT Marketplace Fees

NFT marketplace gas fees deter many newbies from venturing into the business. It's understandable since you are trying to make money, not lose some. If you read our top NFT platforms list, you'll discover ones that let you mint NFT for free. 


  • NFT Investing; Auction & Buying 

When it comes to auctions, you have to consider if the site updates bids in real-time and provides a validity date. Additionally, the listing status feature eases both auction and purchasing processes. It allows buyers and sellers access to relevant information about NFTs on sale. Furthermore, you must ensure they have a secure and fast payment method before proceeding.


How to Make an NFT?
How to Make an NFT? How do I List it? Where do I list it?

Who wouldn't want to learn how to make NFT after hearing the highest-grossing NFT art cost $69.3 million? Yes, you heard right! In 2021, 41-year-old artist Beeple sold an NFT digital art at that whopping amount, and now, we all want to know how to make NFT and earn money. You're just in time because we will not only show you how to become an NFT artist in this article. The main takeaway here is learning how to make NFT art for FREE! Get your unique cryptocurrency asset ready because it's go-time! 


How to Make an NFT Art for FREE in Five Steps

Firstly, you must note that you can't make Non-fungible tokens out of random things despite the flexibility. Here are a couple of criteria to consider before you learn how to mint NFT:


  • Ensure it's YOUR intellectual property. Otherwise, you may have legal issues in the future. 
  • You can make an NFT of only articles that can be replicated as multimedia files, such as text (essay), video clips, songs, and more. 


  1. Choose a Digital Wallet 

Although there are several digital wallets, MetaMask and Coinbase wallets are widely used for minting NFT because of their ease. We highly recommend either. 


  1. Pick an NFT Marketplace 

The subsequent step is to choose your preferred NFT platform. Some of the most common include Axie Marketplace, OpenSea, Rarible, SuperRare, and Mintable. Rarible is famed for its lazy minting feature, allowing you to make Non-fungible tokens at zero cost. While minters are gradually getting acquainted with the strategy, we will focus on the current significant platform, OpenSea. 


  1. Sign up & Create NFTs on OpenSea 

OpeanSea is the perfect platform for a novice NFT artist. After creating an OpeanSea account, you'll need to make an NFT collection. You can create an NFT collection with these easy steps:


  • In the upper right, you will see your profile icon. Click on it. 
  • Next, click on "My Collection." 
  • Now click "Create."
  • Fill in the necessary details and "Save."
  • Lastly, choose a title, customize your preferred URL for your collection, and finally, include a description. 


  1. Choose the Right Blockchain

While we can agree that the Ethereum blockchain is topnotch, the Polygon blockchain is perfect if you want to avoid gas fees. It all depends on your pocket, but the Polygon blockchain is one way you can mint your NFT for free. 


  1. Time to Mint NFTs

At this stage, all you have to do is click on the non-fungible token collection you created and "Add item." Now is the time to keep our criteria before minting NFTs in mind. Is it yours, and can it be replicated as a multimedia file? If yes, upload the art and select the number of copies you want to mint. Click on "Sell" when you're done minting. 


Conclusion, 

Congratulations! Now you know how to make an NFT token! Have gas fees deterred you from pursuing your dreams to become an NFT artist? Even if you only hear about creating NFT art for the first time, we've explained how to make NFT for beginners above. It's all you need to know, so good luck! 



What is an NFT? NFT Meaning?
What is an NFT? What does NFT mean? & How Does it Work?

The most common word used to attribute NFTs is "one-of-a-kind." Indeed, NFTs are unique in every sense of the word. NFT stands for Non Fungible Token, meaning you can't trade one art for the other because each one is exclusive to its owner. Simply put, streaming platforms allow musicians to accumulate wealth from listeners' streams. Interestingly, the thousand dollars a musician earns per million plays; an artist can make that or even more from selling a single NFT art. It makes you more curious. Well, read on because this article concisely contains vital details of NFTs. 


What does NFT mean? 

One of the most critical keywords in NFT is "digital ownership." Consequently, an NFT is a cryptographic, digital asset created with distinguished metadata and codes on the blockchain. You create, you own, and no one can take that away from you!


NFT Explained; how does it work?

Fortunately, NFTs aren't only for artworks; other forms include music, videos, essays, and oddly, tweets! For instance, Twitter founder Jack Dorsey sold one of his oldest tweets turned NFT for $2.9 million. Also, an NFT clip of famous basketball player LeBron James was acquired for $71,455. It is indeed a world of endless opportunities! 


Art theft is on the rise globally, with over 50,000 crafts stolen every year. Even physical pieces of art are being stolen and duplicated. Imagine the horror of uploading your art on the World Wide Web without due diligence. NFTs are designed to store records of the owner of exclusive artwork. A typical NFT digital art record reads thus: 


"AJ owns the rights to this song (URL to song). He purchased it from Betty (the original creator) on 02/01/2022 for $28,500."


What's the Buzz in the NFT Marketplace? 

NFT gurus have hacked the game of selling their arts at incredible prices! Some NFTs are worth a fortune, ranging from thousands to millions. NFT investing has made millionaires out of popular digital artists, such as Pak, Mad Dog Jones, Beeple, and more. Examples of amazing sales in the NFT marketplace are:


  1. CryptoPunk #3100 sold for $7.58 Million
  2. Replicator cost $4.1 Million
  3. Human One acquired with $28.9 Million
  4. The First 5000 Days bought with $69 Million
  5. Stay Free cost $5.4 Million
  6. Crossroads sold at $6.6 Million
  7. CryptoPunk #7523 worth $11.7 Million
  8. The Merge sold for $91.8 Million
  9. Ocean Front traded at $6 Million
  10. This Changed Everything sold for $5.4 Million
  11. Doge valued at $4 Million


Other examples of NFTs for sale include:

  • A sock sold for $60,000
  • A looping video worth $26,128
  • A cyber flower cost $20,000


In Conclusion, 

You made it to the end of this article which means you are ready to start your NFT journey! By now, you already know what to expect in the NFT sphere and how to navigate the intricacies. Before you get to create, watch out for our subsequent article where we guide you further. Here, we leave you with the quote: “If you are an artist and still don't use NFT (Non-Fungible Token), you are potentially missing millions of dollars.”


Is NFT Just Art? Why do People Buy NFT? Should I buy NFT?
Is NFT Just Art? Why do People Buy NFT? Should I buy NFT?


One thing to note about technology is that it carries everyone along, including contemporary creatives who can now sell their pieces to interested buyers for thousands of dollars. What makes this emerging technology more peculiar is that it provides a secure way for content creators to auction their work and for collectors to conduct safe transactions. Additionally, as a designer in this Internet day and age, you need a platform that gives you digital ownership and rights to make profit off your work on the web. 


NFT is the word you are looking for. Non Fungible Tokens comprise distinct virtual tokens and digital collectibles that represent technically everything, ranging from sports to arts, and game momentos. This digital asset is stirring up a lot of buzz in the cryptocurrency sphere, and with good reason. Some people are of the notion that NFTs are strictly for art but that can't be farther from the truth. 


Here, we will reveal more about Non Fungible Tokens and all the other incredible infrastructures they serve. 


How Does an NFT Work?

NFTs are stored on a blockchain, which is a decentralized open-source ledger that keeps track of transactions. Most people know that blockchain is the underlying technology that creates cryptocurrencies. NFTs are commonly kept on the Ethereum blockchain, even though they can also be held on other blockchains. In February 2021, speculators and collectors reportedly dispensed over $200 million on a variety of NFT-based objects, and a whopping sum of $250 million for the entire year of 2020.


Examples of digital files that are supported by NFTs are: 


  • Collectibles
  • Art
  • Music 
  • Videos and sports highlights
  • Designer sneakers
  • GIFs
  • Virtual avatars and video game skins



Music + 2 Not-Art NFT Uses

Be it a piece of artwork, an in-game item, a trading card or even a meme, NFT ensures it is safely stored on the blockchain as a unique collectible item. An even better news is that NFTs are impossible to forge, copy, or erase. In fact, once an NFT file is replicated, it instantly loses the privilege to be called that term. 


The NFT is the asset's digital certificate that proves who owns it. No one can duplicate it because it is "non-fungible" and protected by blockchain. The only one permitted to sell it is the original owner, who registered the file initially. 


  • NFT for Music 

It is possible to mint and sell your music NFTs. You can discover the platforms that are currently available to you if you do your research. When your fans purchase your track as a Music NFT, they will receive a portion of the future royalties earned from streaming platforms. With each NFT sold, artists can determine the type of sale, price, and royalty share. NFT for Music has given several creative minds the opportunity to craft without any limit. 


For instance, Abhishek "ABVERSE" Bhaskar is a Beatboxer & National Award winning Architect from India. He is the creator of Metavoice, the World's first everBeatboxing generated Digital Art, allowing people to see the Human voice rather than just hear it. He is also the Ex-Brand Ambassador of Adidas Originals & JBL. He has also conducted 2 of India's Biggest Beatboxing Workshops with over 3000+ participants. Abhishek explained:


"The Metavoice Project is an amalgamation of Beatboxing (Art) & Design (Visual), allowing people to see the human voice, rather than just hear it. So my approach towards NFTs is always to provide unique assets and share them with the Metaverse for people to experience. NFTs is the right way to showcase my work, as it is unique, the world's first-ever of its kind, and hence, allowing people to own a piece of my work across the years, is very special to me."

 

  • NFT for Videos and sports highlights 

Basketball has ultimately stolen the spotlight for NFT videos and sports highlights through the association with NBA Top Shot. Consider sports highlights NFTs as a hybrid of an old-school sports card and a TV highlight. Despite the fact that they've been existing since 2014, video NFTs recently became prevalent as a secure method for buying and selling GIFs, sports highlights, and more. 


A standard NBA Top Shot includes a 10-15 second clip of an actual game highlight featuring a top player, with NBA brand insignia, as opposed to settling for a bunch of cardboard pictures with numbers on the back. A "cosmic" slam by LeBron James gained a total of over $200,000! 


The Unique Selling Point of these Highlights 

The fact here is that every NBA Big Shot has a distinctive code (serial number) that is logged onto Top Shot blockchain, Flow. Therefore, each owner can establish that theirs is an authorized, limited edition.


  • NFT for Virtual avatars and video game skins

NFT for virtual avatars and video game skins enables Esports fans and gamers to buy and sell virtual in-game items. It is accomplished through the use of an extensive collection of advanced fintech and game tools. There are several alternatives of metagames to choose from, then the next step is to view the streams on your preferred platform. Afterward, accumulate your favourite collectible items from drops. From there, you can create physical assets or NFTs. 


For video game skins NFTs' transactions, there are several reliable payment options for traders to purchase in-game items and NFTs. They also get to withdraw their trading profits as they see fit. Some of the payment methods include Payoneer, PayPal, Visa or Mastercard, UnionPay, Skrill, bank wire, Alipay, and others. From the purchase to the trading system, often using cryptocurrency, everything is done online. Note that they are typically encoded with similar essential software as other cryptos. Like every other NFT, these accredited videos comes with built-in authentication, which acts as proof of ownership. To collectors, those digital bragging rights are almost as valuable as the item itself.



 


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What are NFT Royalties? Here's What You Need to Know

What are NFT Royalties? Here's What You Need to Know

Non-fungible token (NFT) royalties are an important part of the blockchain ecosystem. Many people don’t know what NFTs are or how they work, but that doesn’t change the fact that these tokens are a major force in the industry. In this article, we’ll look at NFTs, non-fungible token royalty systems, and why you should care about them.


How do NFT royalties work?

NFTs are digital assets that are unique and owned by individuals. The tokens can be used as trading cards, digital art, digital collectibles, and more. NFTs can be traded and exchanged on the blockchain, and they can have unique attributes attached to them. These attributes typically relate to ownership. For example, an artist can create a digital painting and then use a royalty to tie the ownership of the painting to a blockchain token. If someone then buys the digital painting, they also gain the right to own the token. This is how NFT royalties work because the token acts as proof of ownership for that specific painting. You can think of it as owning a share of the painting.


Why are NFT royalties important?

NFT royalties are important because they add value to blockchain ecosystems. Artists and creators can use them to tie their work to blockchain tokens. These tokens can then be traded and used in the marketplace. Not only does this add value to the blockchain ecosystem, but it also helps artists and creators get paid for their work. People can buy tokens that represent their ownership in works of art. This means that artists can get paid when their work is sold. It also means that people get to enjoy art and other digital goods while also receiving tokenized proof of ownership.


How will NFT royalty systems operate in the future?

Because NFTs are digital assets, they can be programmed with certain functions. This means that they can have unique attributes and functions that the owner can use and control. For example, artists can program their digital art tokens to self-destruct once they are sold. This would prevent the token from being sold more than once. Other royalty systems could be programmed to allow for partial ownership. This would be great for allowing investors to participate in an artist’s work without having full ownership of the art itself. There are many ways that NFT royalty systems could operate in the future. They could work to improve the efficiency of the art industry, and they could also be used to protect artists’ rights.


Why You Should Care About NFT Royalties

As we’ve seen, NFT royalties are an important part of the blockchain ecosystem. They can help artists and creators get paid for their work, and they can also be used to protect their rights. If you like art and want to support artists, then you should care about NFT royalties. It’s not just artists that can benefit from these types of tokens, though. Collectors can also enjoy owning unique tokens that represent their ownership to pieces of digital art. That’s why everyone should care about NFT royalties. If you like art at all, then you’ll like these tokens.


Final Words: What is the future of NFT Royalties?

The future of NFT royalties is looking bright. This is because the tokens can be used for more than just art. Artists can create digital goods like paintings, music, books, and other creative works and tie them to blockchain tokens. This will allow them to get paid for their work and to protect their rights. NFTs can also be used for more than just ownership. They can also be used for voting and for governance. These are just a few examples of what NFTs can do in the future. There are many other uses for these tokens, and we can’t wait to see what happens next.

Oct 19, 2022
By NFT-List
Top Tier Athletes And Their Involvement In NFT World

Top Tier Athletes And Their Involvement In NFT World

Many parents support the idea of their offspring becoming athletes and sports stars. When asking a child about their career aspirations, becoming a sports star would top the list. Though reaching the pinnacle is difficult, it is one of the best careers in the world. The attraction to sports is the players' financial gain and adulation. Anyone who reaches the top of any sport will become financially free. Furthermore, players from the most popular sports are celebrities on par with actors and famous businesspeople.

The vast sums involved in sports are due to the massive interest and demand from the general public. People love sports and are willing to pay enormous money to watch sporting events. Due to the fascination, businesses not involved with sports pay massive advertising fees to become associated with the sport. There are many sports, from golf, martial arts, cycling, and racket sports to track and field events. It is an endless list.

However, some sports have better earning potential than others. Sports such as soccer, football, basketball, golf, and tennis are some lucrative sporting activities. Anyone who reaches the pinnacle in these activities will easily earn millions of dollars. There are few sports stars whose fortunes run into billions. Earnings are not limited to the salary received from the clubs. Top sports stars can accumulate wealth through endorsements, sponsorship deals, and payments from their clubs. The massive earnings are due to the player's skill set combined with their popularity. A famous, well-loved star will command the highest salaries.

Investment Options For Sport Stars

Like all wealthy people, sports stars invest their income; they use their finance to buy more wealth. It makes zero sense for money to sit idle in bank accounts. Investments take all kinds of forms. From starting their own business, investing in other companies to involvement in financial markets are some of the popular forms of investments. Cryptocurrencies and their associated technologies have become mainstream in the last few years. The portfolio of many wealthy people, including sports stars, usually has some investment in this arena.

Investing In NFTs

Non Fungible Tokens (NFTs) are one way to invest in cryptocurrency technologies. This field has attracted many sports stars. Some famous sports stars who hold NFTs include Stephen Curry, Serena Williams, Shaquille O'Neal, and Neymar Jr. These are just a few of the hundreds of sports stars who have become involved with NFTs.

NFTs, with their cartoon art representation, appear fun and appeal to the younger generation. Given that the sports star demographic is of the lower age bracket, it makes perfect sense for these people to invest in NFTs. Owning NFTs can help market sports stars and their brands. Becoming associated with a popular NFT collection will increase the media coverage received. For example, if an athlete buys a blue-chip NFT such as the Board Ape Yacht Club, the news will be seen on all major outlets and social media channels. This is a win-win situation for both the project and the athlete.

The more an athlete is featured in the popular media, the more it enhances their prominence. It allows them to demand more outstanding salaries and endorsements. The involvement of top-tier athletes will help drive up the price of the NFT, a good situation for the NFT project. Additionally, NFTs are an investment opportunity. Though buying NFTs is highly speculative, there is an excellent chance that blue-chip projects will see a price rise. Top-tier NFT projects such as BAYC and Azuki continue to see a price increase.

NFTs can help well-known athletes connect with their fans. The trend is for athletes to buy NFTs from significant projects to date. There will be a more significant number of athletes who will release their own NFT collections. It offers the athlete a way to bond with fans in new and innovative ways.

Holders gain the opportunity to meet the star or receive merchandise. This helps to solidify the relationship; it will lead the fans to become even more interested in the athlete's brand and helps to foster a community of fans in ways never seen before. There is also a financial benefit for the fans. Owning the NFTs of a sports star, the fan can sell these assets. Previously the relationship has been a one-way street; the athlete benefited from fans without much reciprocity.

If the perceived value of the star is on the rise, the price of the NFT will increase. It offers the opportunity for the holder to sell their NFTs for a profit.  NFTs open up all manner of possibilities in the world of sports. Sporting clubs can sell NFTs, which will offer their fans the opportunity to gain merchandise, special ticket allocation, or vote on club governance. NFTs are relatively novel, but there is no doubt that this is a field that opens up opportunities never seen before in the world of sports.

 

Apr 9, 2022
Kate
The Importance Of The Founder In NFT Projects

The Importance Of The Founder In NFT Projects

People who've followed NFTs for some time are aware of these essential considerations when buying NFTs.  Many new members of the NFT community overlook this critical aspect.

Many newbies buy NFTs without much consideration. The usual pattern is for people to hear about NFTs, find the NFT community on Social Media platforms such as Twitter, and become part of the Discord servers of various projects.

A busy server and quality artwork ensure the newbie becomes involved in the community. It leads to the person minting the NFT on launch.

Following the mint, it's common to see the price of the NFT fall in value. After a few months, the founders neglect the project, and the holders find themselves with an NFT with little value.

Since this neglect has been the standard pattern seen throughout 2021, most NFTs on the secondary market are worth less than the price paid on launch.

There have been numerous cash grabs. The founders make six figures from the NFT project, but the investors have a losing asset.

The success stories in the NFT space have received praise. For example, the Bored Ape Yacht Club (BAYC) is admired throughout the NFT community, and any NFT stories in the mainstream media feature the BAYC regularly.

For every successful project, there are far more failures.


Mistakes Made By More Experienced NFT Buyers.

After spending time in the NFT community, people become aware of the requirements of a good project. They commonly look for the following characteristics:

Doxxed Team. The team mustn't be anonymous. Anonymous groups are more prone to carry out rug pulls (where the founders close the project after launch). Investors have no idea of the identity of the founders. As a result, the groups can quickly abandon the project and scam the investors.

Great Community. There must be a sizable community behind the NFT project. People look at Social Media and Discord profiles to gauge the size of the community. Without a community, there is no one to buy the NFTs.

Good Artwork. Essential to ensure the artwork is high quality and in line with the current trends. For example, there is a great deal of admiration for the artwork by Doodles and Invisible Friends NFT projects.

Utilities. Projects need more than artwork to become a success. The only exception is if the NFTs are from an established artist such as Beeple, Banksy, or another artist with a big following in the traditional art world.

Projects without a well-established artist need to provide utilities in the form of Play To Earn games, events, staking possibilities, and more.

People seeking these factors in projects are better positioned than newbies. But many projects satisfying these conditions still fail to succeed, especially in this current climate where the NFT space is experiencing a bear market.


The Importance Of The Founder

The most critical factor in a project is the founder. Many investors entertain projects because the founder is well known. They could be a celebrity or an industry leader.

Unfortunately, many of these projects flounder in the long term. Shortly after mint, there is a pump in price. But a few months after the launch, the value has become less than the mint price.

The founders are not highly active in the project; they make no effort to immerse themselves in the community.

It leads people to conclude (probably correctly) the founders are not interested in the project. The community loses faith, sells their NFTs, and projects end up in the backwaters of the secondary market.

A successful project is one where the founder engages with the community. They should be active before and after the launch. Making themselves involved in the conversations on Discord and Ask Me Anything (AMA) or Twitter Space shows a genuine interest in the project.

An example of a successful project is VeeFriends by Gary Vee. The founder is always available. He is constantly talking about his projects on Social Media and does not go missing in action.

 

Wrapping Up

The most important consideration for any NFT collection is the founder, motives, and project vision.

Unfortunately, the NFT world has seen many cash grabs. The devs and the founders fail to take much interest following the launch.

The reality is that unless the NFT collection is by a genuine, highly established artist, the project starts after the launch.

The easy part is the stage up to the launch; it's the segment where the founders are raising capital to realize a vision. Making their promises become a reality involves hard work.

To date, in the NFT space, many founders are fond of the idea of raising capital. But dislike the effort to complete the project and make the utilities and the roadmap a reality.

Many experienced investors in the NFT community understand the situation and no longer mint NFTs easily. This is a contrasting situation to 2021, where people readily bought NFTs.

Perhaps this explains the current bear trend in the NFT world; sales volumes are significantly lower than the record-breaking numbers a few months ago.

For the investor, the best approach is to take a great deal of interest in the founder. Presenting evidence of interest by the founder ensures confidence in the community.

The involvement of a famous name does not guarantee long-term success.

 

Mar 31, 2022
Bill
Common NFT Scams: Identified

Common NFT Scams: Identified

Scams exist in many areas of life, defined as fraudulently obtaining money or goods from unsuspecting victims. 

The Internet is hugely beneficial for society and helps improve many people's lives. But it has led to criminals using it to defraud people—from phishing and fake shopping websites to dating scams. 

Cryptocurrencies use the Internet and are not exempt from scams. The anonymous nature of cryptocurrencies has made things easier for fraudsters. 

NFTs are an extension of cryptocurrencies and are an arena with frauds targeting newbies and the uninformed. Since this is a relatively new technology, most people have likely been victims of one form of scam or another.

What are some of the common NFT scams?

Rug Pulls

After a project launch, the founders exit the project with investors' funds. The founders close the assets associated with the project, such as the Discord server and Twitter account, and leave the scene. With the founders no longer involved and little trace of the project, the price of the NFTs decreases until it becomes worthless. The investors possess nothing more than NFT JPG images on the blockchain. 

The NFT space has been rife with these scams throughout 2021. As people become aware, these deceptions are becoming less common.

Anonymous founders carry out rug pulls; people have no idea of the real identity. Given the anonymity and lack of traceability with crypto wallets, it's a straightforward scam to perpetuate.

Cash Grabs 

This is rife in the NFT space. The founders of the project promise various developments for the project. 

After the launch, they fail to implement these promises. Over time, the value of the NFTs decreases, and the investors are left holding the bag. 

Nearly every NFT investor has been a victim of such activities. Such schemes are also known as a slow rug; the founders leave the project slowly. 

These schemes are difficult to classify as a fraud; the founders are in a position to kick their promises into the long grass. And many often come up with all manner of excuses why developments fail to progress. 

Pump And Dump 

This is where an individual or a group of people team up to buy large quantities of the cheapest NFTs in the collection (buying the floor price). 

They drive up the collection price, also known as "sweeping the floor" or "wash trading." After a significant price increase, the NFTs are sold for a profit, and the culprits exit the market. The value of the NFTs decreases, people are left with NFTs worth less than the price paid. 

The project founders are known to engage in such practices to drive up the price of their collection.

Project Impersonation

Fraudsters try to mimic real projects by creating websites and social media profiles with a similar appearance to the actual project. 

They aim to lure unsuspecting victims to a website and mint fake NFTs. The victim connects their wallet to mint an NFT, which turns out to be an empty file. 

Victims are targeted through direct messages or posting links in the comment section of Social Media platforms.

The problem has become rampant: fraudsters routinely hijack the real Discord server of a project, disabling the power of admins and moderators and placing links to direct members to a fake minting website. 

Customer Support Scams

This is a problem commonly seen on Discord and Telegram. Scammers contact through direct messages offering to help people mint NFTs or provide bonus airdrops.

As a customer service representative, the scammer tries to obtain wallet details such as passwords and the seed phrase. Using the information, fraudsters drain the funds from the wallet.

The problem is that NFT projects warn members not to engage in direct message conversations. Official members of staff have ceased contact with members directly through direct messages. 

Experienced people will not fall victim to such scams; newbies are the intended targets. 

Intellectual Property Theft And Fake Collections

There are projects known to take the artwork from talented artists and use it for their collection. Without agreements in place, this is a form of theft.

Projects using artwork from an artist without permission are a theme in the NFT community. 

On discovery, the reputation falls, and the value of the NFTs decline in price; it becomes a loss-making investment.

Some individuals take artwork from upcoming projects, load it to marketplaces such as Open Sea and aim to impersonate the actual project.

Buyers of these NFTs become victims of a scam.

Conclusion

Scams are common because the NFT market is new, with many new people entering the space. It allows fraudsters to exploit inexperience and vulnerabilities.

The best approach for a newbie is spending time in the NFT community, networking with others on platforms such as Discord, and becoming fully aware of the technology before major investment sprees.

Mar 24, 2022
Kate