BENEFITS OF NFT
Non-fungible tokens (NFTs) are the latest craze in the crypto world.
So, what exactly are NFTs? NFTs are one-of-a-kind digital assets that are irreplaceable. In contrast to a currency, which is fungible and easy to swap for other currencies, NFTs are not. NFTs are unique, collectible, and cool. A perfect example is the Rug Radio Genesis NFTs.
In this blog post, we'll look into NFTs and the perks.
> What's all the fuss about NFTs?
> The benefits of NFTs for a creator or artist
> Control and ownership of works
> Easy Market Entry
> Transparency
> Recurring Royalties
> Access to a global market
> Artist or community support.
> Access to privileges
> Royalty Shares
> An Investment
> Access to a community
> Conclusion
What's all the fuss about NFTs?
A Non-fungible Token (NFT) is a blockchain-stored file that allows you to prove the ownership of an asset.
The NFT isn't always the artwork but can serve as a digital certificate of authenticity. Each NFT has an identification code that makes it unique from other NFTs and prevents replication. A good example is the Rug Radio Genesis NFTs, a collection of 20,000 unique NFTs.
NFTs have the potential to transform the way buyers and sellers engage across segments of the art market.
The benefits of NFTs for a creator or artist
The NFT space is full of opportunities for creators. Twitter creator Jack Dorsey digitized and sold his first tweet, "just setting up my twittr," for over $3 million. What do you stand to gain from NFT as a creator?
> Control and ownership of works
You have ultimate ownership of your digital assets as a creator. The NFT market is based on uniqueness and authenticity, which ensures proper ownership of your work.
NFTs protect your digital artwork by ensuring ownership validation so that it is not copied and verified. Your contribution will earn you a lifetime credit.
> Easy Market Entry
Digital media decreases the barrier. Curators, critics, and art galleries can’t determine the approval and worth of your work, unlike the traditional art industry. NFT breaks convention by allowing you to present and sell your art to collectors.
> Transparency
You can track of each transaction with this fantastic feature of blockchain technology and NFTs, from the very first collector to the very last.
You have access to the NFT certification, price, and the number of times your work is traded on the blockchain ledger. You can do business with confidence knowing that you can rely on the data given by the digital ledger, also known as the blockchain.
> Recurring Royalties
NFT royalties are payments made to the original NFT creators in exchange for the use of their NFTs. The beauty of NFTs is that they allow you, as an artist, to control and earn royalties when your art is sold from one collector to another. Every sale means more money in the artist's wallet, regardless of how much their work is valued, and you can often make 5-20%. The percentage varies depending on the NFT marketplace.
> Access to a global market
With the NFT space online, you have more opportunities to exhibit your work to collectors all around the world. By removing the barriers of distance, NFTs open up a far larger market than what is possible with only your local area. In the digital age, everyone has the same access to artwork and collectibles, regardless of where they are in the world.
Genesis NFT by Rug Radio available on Opensea
The benefit of being an NFT collector
The entire NFT market was worth $42 million three years ago but is anticipated to reach USD 122.43 billion by 2028.
Someone purchases these NFTs, but who are they? What advantages will they receive from acquiring your artwork? Who trades NFTs? Collectors are typically art lovers, and investors, who collect, buy or trade NFTs. When you buy an NFT, you purchase a unique copy of an artwork, a product, and rights, among other things.
NFTs are distinguishable using digital wallets, signed by the creators and provide proof of legitimacy.
For the most part, the pros of NFTs always outweigh the cons.
> Artist or community support.
One of the most obvious advantages of purchasing art is that it allows you to support artists you admire. This is especially useful if an artwork speaks to you or if you observe a dedicated artist. A percentage of sales earned for a good cause and donated to a charity or community. Collecting their NFTs is a means to show support for the NFT artist or the cause.
> Access to privileges
NFTs can include unlockable content such as high-quality files, secret messages, or just about any exclusive item from the creator. Purchasing NFTs grants you future access to events, raffles, and additional free stuff. Additionally, you receive some basic usage rights, like the ability to upload the photo to the internet or use it as your profile picture.
> Royalty Shares
In rare cases, the creator may be willing to pay you a percentage of the royalties from the NFT sale. You gain a part of the profit whenever the NFTs make a secondary sale.
> An Investment
Some NFTs can increase significantly in value over time, and selling NFTs is a realistic way to make some extra money. People even make a full-time living as NFT collectors. The NFT market might see the price swings like cryptocurrencies in recent years. Finding a valuable NFT is possible with the correct NFT investing research.
> Access to a community
An NFT can serve as a pass or club membership to gain access to a community, some on discord and a metaverse where users may connect. "The Bathroom" of the Bored Ape Yacht is a well-known club.
Conclusion
The perks of non-fungible tokens (NFTs) for artists, creators, and collectors show the reasons for their acceptance.
There is no assurance of making quick money from NFTs if you do not research and produce high-quality work.
Although NFTs are intangible, the benefits for collectors and global society are real.
