NFTs are making waves across the globe now. While these digital tokens have been around for a couple of years, they came under the limelight after digital artist Beeple sold his NFT for a record $69 million early this year. Since then, the industry has witnessed the launch of many NFT artworks, blue-chip collectibles like The Bored Ape Yacht Club and CyberKongz, and even jaw-dropping NFTs of items like someone’s DNA sequence.
NFTs or non-fungible tokens are one-of-a-kind digital assets that represent digital or physical items using blockchain technology. These are non-interchangeable (or “non-fungible”), meaning, they cannot be traded with one another as with fiat or cryptocurrency. Furthermore, NFTs are non-divisible. Put simply, a single NFT cannot be split into smaller values.
However, what really makes NFTs valuable is that anyone can easily verify the ownership and authenticity of an NFT. This is because NFTs are essentially digital certificates of ownership stored on the blockchain. As a blockchain is a decentralized ledger open to the public, anyone can view all the information about NFTs, including ownership and sales details. Additionally, thanks to blockchain technology, NFTs are “immutable”—no one can edit or destroy them.
NFTs are increasingly being adopted across industries because they can represent pretty much anything. The most common use case of NFTs is to represent art. Thanks to NFTs, artists can now sell their works without depending on galleries and auction houses. NFT art can be big 1:1 pieces, such as the works of artists like Beeple or Fewocious. It can also be collectibles with varying rarities.
Music NFTs, meanwhile, have made it possible for musicians to earn what they deserve. Hence, a slew of artists, including Grimes, Snoop Dogg, and American rock band, Kings of Leon, has dropped their own NFTs. Music-focused NFT marketplaces like OneOf and Audius have also been launched to easily mint music NFTs.
NFTs, of course, are not limited to digital items. From real estate to wine and whiskey, NFTs can also represent a range of real-life items. Besides, these tokens can be tickets for real-life events or virtual events in the metaverse. Some events also distribute NFT attendance badges called POAPs to all attendees as proof of their attendance.
Creating an NFT is easy if one takes professional help from freelancers on Fiverr. However, it’s important to stay atop the latest trends. Generative art NFTs are currently one of the hottest projects in the market. Even hit generative art collectibles like Pudgy Penguins were created using artists from Fiverr.
Similarly, blockchain games, especially play to earn games (P2E) and Pay to play (P2P) games, has become a favorite among gamers. Both P2E and P2P game developers can be found on Fiverr. Furthermore, to make the NFT space more equitable, people can hire talents from across the world on Fiverr, including female creators and people of color.
With new projects dropping every day, the NFT industry is overcrowded and the competition is high. Thus, standing out from the crowd is imperative in making a successful NFT collection.
Here’s what makes a successful collection:
Being a novice in this vast industry can be overwhelming. What can help is researching more about the industry. Learn more about NFTs on the leading NFT news site: NFT Evening.
