Are NFTs Worth the Hype?
NFTs are in vogue, and we couldn’t agree more!
In this article, we’ll be sharing why you must consider investing in NFTs.
If you are an active social media user, you must have come across one of the famous terms called “NFTs or Non-Fungible Tokens”.
Though, knowing and understanding NFTs are two different things. The questions like what exactly are the NFTs, how do they work? And how are people using it for making money?
All these questions can pop up in the mind of the beginner, and if you are a beginner:
No worries, because we’ve got you covered!
Before going into deep details on NFTs, how it is making frenzy investments and intensifying hype, you may need to understand what NFTs are?
What are NFT’s?
Non-fungible tokens (NFT’s) are pieces of crypto tokens on a blockchain. They are being used for different nonfungible items such as music, art, artworks and real estate though they are stimulated. NFTs are not identical to one another like cryptocurrencies and cannot be exchanged and traded.
In 2021 NFTs made a leading sale by hitting $2.5 billion in just the first half of the year.
Do you also want to become one of those making money with NFTs and want to flex about it later?
How People are Making Money with Non-Fungible Tokens
If you are one of those talented artists and composers who want an industry that acts as a source of a huge income, then NFT marketplace development is for you!
With the integration of virtual and augmented reality, NFTs are innovating numerous services in arts and games, yet its importance has increased. It helps stimulate the appearance of new tech solutions. In 2020 the industry achieved the mark of $338,035,012 in the NFT cap.
NFT marketplace development offers you an opportunity to showcase your creative collectables and intellectuals to promote effective digital asset handling. If you are new to this platform and want to use NFT to buy and sell goods, keep reading our detailed guide.
OpenSea is the top name in the crypto NFT market among top companies of non-fungible tokens. Users can find many non-fungible tokens such as sports, trading cards, pieces of art and much more. People from around the world are buying, selling and trading these items with anyone in the world. Following are the three simple ways people make money with Non-fungible tokens (NFT’s).
● Digital Works of Arts
The artworks of an individual are the most valuable Non-fungible tokens to sheer profitability.
Then the history of blockchain technology changed forever when the renowned auction house Christie sold an NFT artwork for $69 million on March 11th, 2020.
Many people have concerns that the link between the selling and the picture of million dollars could be just a way for money laundering, whereas others believe that NFTs have brought a revolution in the world of art.
The digital artist Mike Winkelmann created The First 5000 Days, better recognized as Beeple. Then NFT is a collage of 5000 tokenized images rather than a single piece of art which Beeple created every day throughout the years.
The record breaking price of Beeple’s NFT has not been surpassed yet. The price is likely to go higher if Banksy decides to auction an NFT artwork.
● Licensed Collectibles
Tokenizing collectibles are the most natural application of NFT technology. The brands can now send the collectibles in a digital form as they were selling them before physically. The NFT s have incontestable rarity; therefore, the trading card in digital price can be higher than its physical counterpart price.
Sports cards are the most popular licensed NFT collectible. The first NFT sports cards project allowed people to trade licensed footballer cards, but recently the NBA launched its collection of NFT cards. Other sports organizations follow suit, and collectors will be able to purchase NFT cards for baseball and hockey as well.
NFTs can be used for various things, not only for sports cards. Non-Fungible Tokens can be made out of any physical collectible. Physical trading cards can be readily damaged, while NFTs can be safely preserved on the blockchain and never lose their quality.
● NFT Video Games
NFT video games have a good future in NFT technology. Not a single game uses NFTs to gain popularity globally; however, the power of applying Non-fungible tokens to NFT video games seems tremendous.
Gamers are spending a lot of money on virtual products. Whether it’s World of Warcraft gold, Call of Duty loot boxes, or Counter-Strike skins, all of these markets are already worth billions. If a large video game business decides to offer in-game things as NFTs, it will significantly influence gaming and blockchain ecosystems.
Producers of NFT video games are among the most forward-thinking Non-Fungible Token creators of the future, and NFT in-game products could help drive Non-Fungible Technology forward.
In-game NFTs are far more advanced than simple digital trading cards or even more interactive NFTs like virtual works of art. Non-Fungible Tokens in video games can be pretty complicated, fully interactive, and evolve, for example, by being upgraded or leveling up alongside the player’s character.
Digital assets make the connection between NFTs and metaverse, and they both are given value to those assets. While metaverse allows people to come forward and showcase their arts and property in digital forms; on the other hand, NFTs allow them to put a price on those content with proof of ownership.
NFTs and cryptocurrencies use the same blockchain technology, but they are not a currency type. Each NFT is attached to a particular item, and that could be video game content, painting, music or anything that can be used to that specific token. This is an ideal way for digital assets, and NFTs provides a great opportunity for creators and artists to monetize their work.
Many marketplaces allow you to make money by selling and buying NFTs, and the phenomenon is taking many industries by storm. NFTs are more likely to become the optimum currency for the metaverse, and together they allow people to show proof for all kinds of things in the metaverse through their ownership. Let’s suppose if there is something like a property deed that exists only in the virtual world, the NFTs will act as that specific deed.
People can enjoy the inside the metaverse because NFTs can be the perfect access points for them in specific events. This idea is attractive because potential and applications seem endless.
DS Legends Pte Ltd
We help you launch a future-ready Metaverse by supporting the technical and development needs of your project. With our expertise in Blockchain, Augmented Reality and Virtual Reality, we design and develop Metaverse components like 3D virtual spaces, Metaverse NFT marketplaces, Metaverse Applications and Decentralized platforms.
Decentralized Platforms
Specific to your project’s requirement, we build Decentralized Platforms for Gaming, Socializing, Trading. Our services cater to your requirements of UI/UX design, frontend and backend development, smart contracts, oracle implementation and everything else.
Metaverse Applications
To provide users a premium interface to experience your Metaverse, we build user-friendly applications featuring blockchain-specific attributes like automation, privacy, transparency, and user sovereignty.
3D Spaces
We provide scalable 3D space design and development services to Metaverse projects, expanding their use-cases across new concepts. Our services comprise 3D visualization, 3D modeling, and Interoperability components.
Integration Services
We provide integration services to help improve the features and functionalities of your Metaverse, enhancing it to deliver a rich user experience. Our service portfolio includes system integration consultancy and integration services for APIs, Data, Ecosystem tools and Service-oriented Architecture.
Gaming Metaverse
Helping you un-tap the future of the gaming world, we build and launch a gaming metaverse with engaging playability by incorporating impressive 3D virtual environments, ‘play-to-earn’ gaming with NFTs minting and trading, live game streaming, value exchange with cryptos and a lot more.
Social media Metaverse
Aligned with the new-age economics of virtual socialization, we help you launch a social media metaverse that offers better connectivity, natural and vivid virtual experiences, and next-level 3D environments for virtual social engagement, imparting more realism into how users connect, socialize and share.
Metaverse Marketplaces
If you envision launching a Metaverse marketplace similar to Decentraland or Axie Infinity, we can help you with the technical and development part. From conceptualization to analysis to full-stack development, we provide end-to-end development services.
Non-fungible Tokens
We help revolutionize your Metaverse with NFTs by unlocking NFT trading opportunities. Our NFT tokenization help your users gain total ownership of their assets within the metaverse, and harness NFT trading benefits like value appreciation, resale and royalty.
Metaspace Marketing
We understand the need for novelty in the metaspace marketing approach. Be it about creating awareness, or explaining the concepts or pitching the platform as a solution, we help position your Metaverse as a future-ready virtual platform for new experiences.
Other Services of DSL
● Web Development
Whether you have a firm, brand or an entrepreneur trying to make recognition on the digital platforms, you always need web development, android or iOS development. DSL provides all these services you need in one place! They have dedicated developers and masterminds of coding for every essential service to provide great design to a smooth interface.
● Dapps Development
The decentralized application helps you to have liberation from central authority monitoring. Get your autonomy and make your best business decisions with their core service of Dapps development.
Whether you are new in this field or just need to increase your level, DSL has exceptional developers who will decentralize applications according to your needs and keep you updated on your blockchain needs!
● Digital Payment Token Exchange Development
The third most crucial service of DSL is Digital Payment Token Exchange Development. There is an emerging trend of this service on platforms such as the Monetary Authority of Singapore that regulated the tokens and helped build the state’s stature as a crypto hub.
DSL offers you this service with blockchain experts who are well-versed in developing blockchain platforms and crypto. Give them your ideas, and their team converts them into reality!
● Security Audit of BSC Smart Contracts
Blockchain named Binance Smart Chain supports smart contracts for the native BNB token. It is compatible with Ethereum Virtual Machine, which developers can use for taking Ethereum smart contracts.
Security specialists of DSL have already audited dozens of these contracts on the Binance Chain. Provide the specialist with your complete and correct info, and they will perform and check all the logic flaws and possible issues.
