Looking to hire an NFT content writer or NFT copywriter for your white paper, piece of art, digital concept, media or more?
Need more convincing? Keep reading.
What is an NFT?
An NFT is a block of data stored on a digital ledger, called a blockchain, which can be sold and purchased. NFT stands for the non-fungible token – a digital token that’s a type of cryptocurrency, much like Bitcoin or Ethereum. The NFT can be affiliated with a particular digital or physical asset that is a file or a physical object and a license to use the asset for a detailed purpose. NFTs (and the associated license to use, copy or display the underlying asset) can be traded and sold on digital markets. Unlike a standard digital coin in the Bitcoin blockchain, an NFT is unique and can’t be traded like-for-like (henceforth, non-fungible). NFTs can also take the form of a unique piece of digital art, games, virtual world, video or a music file that holds value.
How do NFTs work?
NFTs individual tokens with extra information (in the form of art, games, virtual world, video, music and more) stored in them, which are part of the Ethereum blockchain. Because they hold value, they can be purchased and traded just like other types of art – and, like with physical art, the value is largely set by the market and by demand.
In much the same way as art prints of an original are made, used, bought, and sold, copies of an NFT are still valid parts of the blockchain – but they will not hold the same value as the original. You can reach out to an NFT content writer to help you create a precise description of your work.
Where can I buy NFT tokens?
NFTs can be purchased on a variety of platforms, depending on the varieties you want to trade or purchase. You’ll need a wallet specific to the platform you’re buying on; you will need to fill that wallet with crypto currency.
Because of the high demand for many types of NFT, they are often released as ‘drops’ (like in events, when batches of tickets are released at different times). Meaning a rush of eager buyers when the drop starts, so you’ll need to be registered and have your wallet topped up ahead of time.
List of sites that sell NFTs:
- Nifty Gateway
- NFT ShowRoom
WHO USES NFTs?.
For artists, getting into the NFT space adds another space and format to create and share art – and offers their admirers another way to support their work. With pieces ranging from small, quick-to-make GIFs (a meme animation, Nyan Cat sold in an Internet marketplace for just under $600,000) to more energetic works, artists can offer the populace a range of ways to buy art and make money in the process. In February 2021, the musician Grimes sold around $6 million worth of tokens representing digital art on Nifty Gateway. Also, the band kings of Leon sold a newly released album, When You See Yourself, in the form of an NFTs to become the to do so, generating a reported amount of $2 million in sales.
NFTs have seen a lot of interest from game developers. NFTs can provide a record of ownership for in-game items, fuel in-game economies, and bring a host of benefits to the players. To date, any digital assets bought inside a game still belonged to the game company – with gamers just buying them temporarily to use when playing the game. But NFTs means that the ownership of assets has shifted to the actual buyer. And NFTs are an attractive revenue stream for brands, as shown by all the brands jumping on the bandwagon of late. Taco Bell sold taco-themed GIFs and images on one marketplace, and the haul of 25 sold out in just 30 minutes. Seriously. Each NFT held a $500 gift card, which the original owner could spend, which may explain their popularity initially. But these TacoCards are now selling on the secondary market, with the most expensive card selling for $3,500. And that doesn’t include the gift card.
Why are NFTs Heavily Debated and Talked About
You may have heard there is some controversy around NFTs, in place of their impact on the climate through a lot of revenue generated in the NFT market. NFTs use a monstrous amount of energy in their creation. So much so that many protesters are worried about the real impact the craze could have on the environment.
Cryptos are built on a ‘proof-of-work system (a complex series of puzzles) to keep the financial records of its users secure, and this system uses an incredible amount of energy. Ethereum alone uses about the same amount of energy as the entire country of Libya.
Art Station was so worried about the impact on the climate that it recently backtracked on its decision to sell NFTs after a massive backlash. And Sega was recently at the center of a Twitter storm after it announced its intention to start creating NFTs (after all, Sonic was all about the environment).
Many voices in the art and design community are also angry that NFTs are changing hands for such astronomical sums of money. Given that, NFTs were created as a way of giving control back to the artists by asserting digital ownership, the idea that they are becoming increasingly elitist is causing tension. As we’ll discuss in a moment, the buy-in fees are prohibitive for many, and the cost to buy one means many believe the marketplace is becoming a playground for the super-rich. Some artists believe they are at a disadvantage in the very sphere they were meant to have control over.
Can I make an NFT?
Anyone can create Memes, Music, Audio, and Artwork, and more, convert it into an NFT on the Blockchain (in a process called ‘minting’), and put it up for sale on a marketplace of their choice. You can reach out to an NFT content writer to help you create a precise description of your work.
You can even attach a commission to the file, which will pay you every time someone buys the piece – including resales. Much like when Purchasing NFTs you need to have a wallet set up, and it needs to be stuffed full of cryptocurrency. And this requirement for money upfront is where the complexities prevail.
The fee for selling and buying beside buried fees can be prohibitively huge, with sites charging a ‘gas’ fee for every sale (the price for the energy it takes to complete the transaction). You also need to note conversion fees and variations in price depending on the time of day. Meaning that the price can often add up to a lot more than the price you get for selling the NFT. Although, the fees attached differ across different sites.
There is numerous revenue to be generated from NFTs, if only you can make it happen because NFTs are here to stay and are becoming a new playing card for the super-rich. NFTs give new meaning to digital art, and the prices seen at sale indicate it is part of Art’s future and collectibles in general.
Looking to hire an NFT content writer or NFT copywriter for your white paper, piece of art, digital concept, media, or more?