Non-fungible Tokens were the hot cake earlier this year because of their constant news and being way ahead of time. We heard about some large-scale transactions this year as Jack Dorsey sold his first tweet as an NFT worth $2.9 million. Also, Mike Winkelmann known as Beeple sold his art as an NFT worth $69 million. NFT is becoming popular due to its unique ownership system, rewards, highly secured data, and transactions. The transactions here are direct, which means no third party can sneak into your business. Also, every NFTs are digitally unique thus can’t be replicated. It is highly recommended for creators because of easy ownership. It also lets them sell their work to global audiences and from anywhere.
You must be thinking about what NFT actually is? And how does it work?
Let’s take you there. Non-fungible tokens are a kind of digital asset which lets you convert any of your content like art, collectables, or even real estate into a digital token. These are unique and can’t be replicated with something else. These tokens have only one owner at a time and, selling your NFT can pass the ownership to the person you sold your NFT to. The transaction is extremely secured due to blockchain technology. Every creator gets a certain amount of royalty whenever their art or collectables are resold without any mediator.
Now you must be wondering how do you create NFT’s through EQ8 Network?
On EQ8 Network, anyone can sign-up, build their profile and create content for market research which will be stored in the form of NFTs and claim intellectual property rights on it. As the creator establishes ownership of their content, they can either sell or earn royalties when their content/questions is picked up by any third-party conducting a market research campaign on EQ8 Network and get paid for it!
Are NFTs here to stay?
The short answer is yes. Outrageous evaluations will settle down, but unique digital assets are not going anywhere. From the world of sports to art to even gaming, the applications of NFTs are almost limitless. Over the next few years, we can expect to see it take even more space in the world of digital commerce. For creators, this means a more streamlined way to earn money and for consumers, it means more clear and concrete ownership of content.
Few key takeaways before you decide to buy or create your own NFT:
- Scarcity: Drives NFT value up, if there is only one piece you are one step closer to having a higher value for your work or the art you are buying.
- Ownership: NFTs are verifiable, nobody can fake its authenticity they live on blockchain forever once they are created.
- Community: Find NFTs that have community and they are actually being bought and sold, otherwise you might end up with NFT that has no value because there is no demand for it