NFTs, or Non-Fungible Tokens, are digital assets that have a variety of uses. From CryptoKitties to hockey cards, NFTs have a wide range of potential applications.
Before even getting into the nuts and bolts of what they are and how they work, it helps to understand the broader picture of the emerging crypto universe. NFTs are an important part of a much larger movement called Web 3.0.
In this article, I will cover how NFTs gain value over time, their future, ways you can trade, and why Binance is the best place to trade this cryptocurrency.
How Do NFTs Gain Value?
How do NFTs actually have inherent value without the need for speculation? The first thing is, that we have to define what they are and what they’re not.
They’re not crypto kitties. They’re not Beanie Babies. They’re not Pogs, Pokemon cards, or any other form of game-related collectables. They’re not Rare Pepe or CryptoPunks or any of the other meme-based cryptos that you invest in because of their intrinsic value because it’s a meme.
They’re not… well, anything else that’s already been done. Or rather, they can be everything, but all together at once. They’re a new way to interact with a digital asset.
They give developers a way to ensure that the communities around their products are rewarded for their devotion and their ongoing support. They give the end-user an opportunity to buy something that’s not just going up or down in value, but which will become more relevant as the project progresses and gains more users.
And they add a layer of transparency to cryptocurrency and blockchain tech that hasn’t previously existed.
NFTs do have inherent value without the need for speculation. The things it creates are also collectable and usable while still being tradeable and transferable across other games and platforms with associated value – and all of this is still on the Ethereum blockchain where people can see what’s going on at all times (even if they don’t want to participate in any of it).
How Can One Earn Money From NFTs?
We all know that collecting and trading NFTs is fun and it’s a great way to support your favourite creators. But what if you’re not an artist and you don’t have any of your own creations for others to trade? Is there no way to participate in the ecosystem?
Luckily, there is! There are many types of NFTs available on open marketplaces that can be purchased by anyone. These NFTs might be useful as collectibles, but one of the best things you can do with them is to give them away and earn rewards.
Today I wanna share with you some ways to earn money by trading non-fungible tokens. To earn money, you need to trade, there are always some opportunities to make a profit.
If you are already a trader and familiar with how exchanges work I’m sure you know how to set up an account and make your trading bot run on it.
However, if you never traded before or are new to trading and don’t know how to even set up an account in an exchange, don’t worry cause I’ve got you covered. An exchange is a marketplace for buying and selling cryptocurrencies.
Usually, exchanges charge a fixed fee and some percentage of your transaction as fees for every trade.
The selected exchange should be the one that fits your needs best, whether it has the markets of your desired NFTs or has a low fee structure or something like that.
If you’re not able to find an exchange that’s right for you you can always leave a comment here and I’ll help you find one.
How Do I Sell an NFT and Earn Loads of Money?
That depends on the NFT you’re trying to sell, but in general, it’s usually a standard ethereum transaction. You send the token from one address to another (if you send them to an exchange, then they will sell them for you), and then receive money that is sent to whatever address you specify.
It may be over your head if you don’t already have a good understanding of blockchain and cryptocurrency.
There are also exchanges where you can list your token for sale and let people bid on it. The most popular of these is OpenSea., but there are many others.
How to Know What NFT Will Gain Value?
As a community, we are still grappling with the question of what makes a NFT valuable and how can we tell if it’s gaining value.
This, in part, is because the real value of a token often develops over time as the network that underpins it takes hold.
The relationship between the two can be compared to the relationship between an operating system and its app ecosystem – the OS doesn’t have much value until there are high-quality apps available for it.
Regardless of the project, it is clear that its success depends on the ability to promote it.
For this reason, the first thing to do is to contact the media and tell them about your project, its advantages and its advantages. The more media attention, the greater public interest in your ICO will have.
In order to attract many investors to your project, make sure that it has a good marketing strategy.
Many projects are created by developers who do not pay much attention to this point. Everything begins with a good sale and ends with the conversion of investors into active users of your project after the crowd sale.
What Is the Future of NFTs?
The hype around non-fungible tokens has been building for months. Will the reality match the expectations?
There’s a lot of uncertainty around how NFTs should be used, how they should be designed, and the extent to which they will disrupt the way we think about digital ownership and identity.
We are going to need to have a lot of data and analysis to understand what is the future of NFTs.
To understand the future of NFTs, we need to know what makes tokens valuable. There are three sources of value addition in every token.
The first source of value is utility value. The second source of value is speculative (or investment) value. These two sources of value are inherent – they have to exist in order for the token to be valuable.
The third source of value is assigned by humans. In other words, at times the utility value and speculative value are not enough for a token to be valuable so people assign a higher value to the token.
There can be some tension among these three sources of value for a token. I would argue that it is important for a token to have all three sources of value.
This means that speculative or investment values can’t be too high or too low; utility values can’t be too high or too low, and assigned values can’t be too high or too low either.
Are Binance NFTs Worth It
NFTs in general have potential. Most of the teams using non-fungible tokens have real business models in mind.
And the value of their token will be tied to the business’s growth and not on speculation.
This is why most of the top 20 cryptocurrencies are NFTs. The best example is the Binance coin. BNB was worth 15 cents per token when it sold in ICO, now it’s worth $225.48 USD and more.
So don’t compare it with cryptocurrencies like Bitcoin and Ethereum, they have nothing to do with each other in terms of adoption and use cases.
The biggest difference between NFTs and every other cryptocurrency is that they are used within a game/app/product (for example Fortnite) so their value is tied to the success of these platforms, which means in order to make money from them you need to buy or hold a lot of them for a long period of time. Get Started with Binance NFTs now.