You might’ve heard of Cryptocurrency, Bitcoin, Ethereum, etc. While Cryptocurrency is becoming more and more popular, its value is on the rise. With this wildly growing interest in digital currency, another form of digital assets has started to gain traction— NFTs.
What are NFTs?
NFT stands for non-fungible token. Well, what does that mean? To further explain, an NFT is an authentic and unique digital asset that proves ownership of a digital piece of art or other media. For example, a video or music can be an NFT as well. The item associated with the NFT is stored on the internet.
How Do NFTs Work?
If you’re an artist or creator, creating NFTs allows you to sell your one-of-a-kind digital art or other digital media with a digitized certificate of authenticity. NFTs can be uploaded and sold through various sites, but a digital wallet with digital currency is required. Once you set up your wallet and purchase Ethereum (your digital currency), you’ll be able to use it to pay for NFTs.
The seller or artist can set up royalty fees for any given piece of digital media. This is a great option for artists or sellers to take advantage of, allowing for flexibility in the initial set price. When a buyer or collector buys an NFT, the transaction is recorded in the blockchain.
Creating More Value For Your NFTs
There are various marketplaces that we can create NFTs on. By working with our team of designers, we can animate your existing artwork, or create limited edition and special edition variations of your original artworks to turn one earpiece into many sellable assets.
NFTs and The Environment
Cryptocurrencies are typically bad for the environment, due to the processing power related to mining the currency, however Ethereum is supposed to switch their paradigm from “proof of work” to “proof of stake,” drastically reducing the energy usage and environmental impact for the cryptocurrency. Other cryptocurrencies, like Cardano (ADA) already use this more environmentally friendly method for their blockchain. In time, we hope to see other cryptocurrencies following suit.
Get help with your NFTs Today!
If you are interested in selling NFTs, designing NFTs, or need help setting up your store, we’re here to help. We can design NFTs, show you how to upload them, and set a price. If you’re interested in NFTs and need our help, don’t hesitate to give us a call.
