In this article, we will look at NFT from a broad perspective and understand why it is exploding. First and foremost, consider one of the many excellent benefits of the digital/computer world.
Consider the following scenario: a person wants to make four chairs for his dinner table. Of course, it will take time to make his first chair, but it will almost certainly make his second table in less time. The third will most likely be shorter. Being very experienced or producing multiple products does not imply that he will be able to make the chair all at once. And that will never happen because things don’t work like that in real life.
In the digital world, we can make a copy in seconds. This is one of the most crucial aspects of the digital world. We used to copy items all the time in the digital world to get, share, and use. That is extremely practical and useful. Consider a digital platform where you cannot make a copy of anything. Today, we refer to this platform as NFT. The most important feature of NFT is that products with NFT cannot be copy, which makes products unique. In this article, I will not discuss how it can be unique. NFT is built on blockchain technology, which you can learn more about in this article.
What happened as a result of NFT?
We previously stated that the critical point in NFT is that the products are one-of-a-kind. So, is it because the products are unique that it is so popular? Obviously, no. The primary reason is that the market made by the distinctive feature. The fact that digital products can be traded with NFT is what has piqued people’s interest. This market has some really great features. You can learn more about NFT with this article.
Consider the following scenario. Assume you are an artist who is working on a painting. In comparison to the market, you sold this painting for an average price. However, three years later, your painting had made a significant impact and have valued at 20 times the price you paid for it. After that, your painting began to sell for exorbitant prices. In this case, you will pleased that your product is so well received, but as the creator of the painting, you will be disappointed that you have made the smallest profit.
You can set a percentage for each product you create for the NFT market so that you are not disappointed when you reveal such a valuable product. This means you’ll be able to make a certain amount of money from each sale of this product. Even though this rate typically ranges between 5% and 10%, it is undeniable that it provides a very good solution to a problem in general.
Being in this market is up to you, but being aware of this big market is now mandatory.
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