The Benefits Of NFTs
As you venture into the world of NFTs it is essential that you understand the benefits that they provide. This will provide you with the inspiration and motivation to continue with your NFT projects so that you can make a profit with them.
NFTs operate in a Decentralized Market
Creating and selling your own NFTs means that there is no requirement for a middleman. If you think about the art world, creators need to secure the services of galleries or agents to showcase and sell their work. This is not the case with NFTs.
When you create an NFT on a marketplace you will be able to interact directly with potential buyers. If people are interested in your NFTs you will be able to directly answer any questions that they may have. If a buyer is ready to purchase your NFTs then they can do this easily using the secure decentralized network.
Another advantage of the decentralized market is that NFT creators can build in royalties. A lot of NFTs will change hands from the original owner to a new owner and the creator can set a percentage commission that they will receive on the sale price.
Proving Ownership and Authenticity is easy with NFTs
It is easy to prove ownership of an NFT. This is due to their association with blockchain technology. You cannot have an NFT with multiple owners because they are indivisible. Both creators and owners of NFTs can rely on the technology to prove ownership.
All NFTs are unique on a blockchain network. This makes it easy for authenticity of a token to be established. Even of the NFT creator decides to create a limited edition of the same item, each one will have unique characteristics which prove their authenticity.
You cannot change NFT Records
Once an NFT is created it immediately becomes immutable. This means that all of the data pertaining to the NFT cannot be changed. You cannot remove or delete an NFT from a blockchain network. After an NFT is created on a blockchain then it will stay there for good.
Trading NFTs is Simple
You can easily trade an NFT on the same blockchain network. This means that free trade of NFTs is available which is another great advantage. NFT creators and owners can list them for sale on NFT marketplaces. Usually, an auction takes place and the NFT goes to the highest bidder. There can also be a fixed price set with an NFT trade.
NFT Owners can retain Copyright
This is a really significant benefit for NFT creators. If you create an NFT you are able to retain full copyright in it. It does not matter who currently owns the NFT, as the creator the copyright will belong to you. Copyright retention allows NFT creators to claim royalties when a token changes ownership.
The New NFT Economic Opportunity
With other methods of showcasing and selling items, the creator has to forego some of their profits to the platform or person that is doing the selling for them. This is not the case with NFTs and a lot of creators see this as an excellent way to maximize their profits.
There is now a new digital economy with NFTs. Creators can sell their work directly to collectors and other buyers and not have to share their revenue with anyone else.