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NFTs are called the primary trend of blockchain in 2022. It is almost irritating how much news about NFTs you get daily! However, nobody can clearly explain what those wonder-thingies really are.
If you read till the end, you will know: what NFT is and how to use it, where it is used right now, and how to explain to your mom that this is serious and you can make money off it.
What is NFT?
NFT is the digital document about the right of ownership that is stored in blockchain.
You can attach NFT to any digital product - photo, video, audio, etc. Token will list all the information about that object. A token is first and foremost your exclusive right to the object. Of course, anyone can own the copy, but only one original file exists.
You can do all sorts of things with the token - own, trade, buy, sell. Anything really.
It is worth noting that those are stored in the open and decentralized blockchain. Simply put - the info about the product, its owner and transaction history will always be in public access.
To summarize the abovementioned, the NFT technology allows you to tokenize ANY PRODUCT - digital or physical.
Things you can tokenize:
- Digital art
- Music, films
- Tickets to events
- Games, character’s appearances, weapons
- Anything your soul desires!
Right click and save - EASY!
“Lol, why would they buy that pic for millions, when I can just go and save it))”
If anyone said that a couple of years ago, it wouldn’t have been funny, because this was an ongoing problem. It makes artists’ lives hundred times harder because you could just save the image for yourself and the copy would not be any different from the original.
Now, thanks to NFT, it is different.
You will be endlessly happy if your picture will be used by others! Let them do whatever they want - you get only the profit, no drawbacks. Why so? When you create NFTs, you secure the right to own the original. When the copies start spreading all over, the original’s price and recognizability rise. That’s just how business works.
However, if you still do not get how it works, here is an example for you.
“The Birth of Venus” - even your pet would say they know it if they could talk.
You can buy a copy and hang it above your computer table, spending evenings admiring the beauty while sipping tea. You can print it on the T-shirt and give it to your significant other. You can put it on your Telegram profile pic so that others could think you know a thing or two about art. The value of the original will only rise as a result, because all you can see everywhere is a copy. Consequently, people will know about the original. This works exactly the same as with Gucci or Nike copies - the original only wins.
Now imagine that all that is happening to the painting that you created in Photoshop or Paint and then made it into an NFT.
When we come to a large Louvre gallery, we are 100% sure that the original is in front of us. Blockchain is Louvre and your painting potentially “The Birth of Venus”. Blockchain secures the value of the painting.
Now, it is no secret that the crypto and NFT market is going through some rough times. The bear market also influences digital objects and that can be seen with the sales plummeting. We can also add not the best state of the market that is filled with rubbish art, scam, and terrible conditions for artists to the equation. Thinking it is too bad? I am here to tell you the opposite.
Leading analysts are claiming that due to the fall in sales the NFT market can be cleansed. What does it mean? The industry will get rid of the “passengers” that just make NFTs just to make a killing and ride the hype wave with the others. Also, the notorious “hamsters” will also fade away.
The lesser “junk projects”, the more potential the market has.
Because NFTs can be created by anyone, the ecosystem has been damaged. Talented artists earn pennies because of high competition and devaluation of work. If we take into consideration the fees that one needs to pay the platforms to list and create NFTs - a lot of people immediately lose any leftover desire and opportunity to take part in all the fun.
New projects - new opportunities
All the problems that artists face in the NFT ecosystem will no longer be relevant soon enough. A lot of people already heard about the Artozo NFT platform launched on the Solana blockchain. This is not just a new marketplace, where you can buy NFTs.
The main this that brought Artozo so much attention is the referral system. If simply put - you invite a friend to Artozo and get a % of all their transactions and activity. Moreover, the friends invited by that friend of yours also automatically become your referrals. This continues on to Line 10 - friends of friends of friends…
NFT trading and all the rewards on Artozo are made in their native cryptocurrency - ARTZ, which you can already see in the Solana blockchain. At the moment the token’s price is $0,005, but after the DEX listing, it will go up twofold - $0,01. Based on the forecasts, the token will be rising at least 20% each month slowly, but surely.
Project’s Beta starts in August - token’s listing and full opening of the marketplace. Also, the free registration for artists will be open, which will allow them to list their collections on Artozo.
However, that will require passing the verification from the team - this feature will help get rid of the garbage on the market and give the chance the truly talented artists to sell their works for higher prices.
Another feature of the platform (yep, there are a lot) - is the unique art rating system. There will be 10 NFT art levels overall - the higher the level, the higher the price. Platform users will vote for works they like and help them rise in price. For that people will get activity points that could be further converted into ARTZ.
One thing I forgot - Artozo is a paradise for artists. NFT minting will cost you 2$ and the platform’s features will help boost your arts levels and prices.
Trust me, that is not all.
We recommend you to go to Artozo’s website and read more about the project.
We believe that Artozo will help change the rules of the game and be part of the bright future of the industry.
Why NFTs are not as affected by downturns as crypto?
One of the main reasons for NFT’s better resistance to drastic falls is partnerships with large brands. They help look into the future and be certain that the long sleep of the market won’t affect sales volumes greatly. Worldwide brands became a part of the NFT space that helped projects get the hyped they needed to not go down.
In general, there are tons of NFT projects and we do not advise you to enter any until you make sure you have done your due diligence. It is important to conduct your own investigations and see good signs in good projects getting attention and see the inflow of users. Good luck!
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.