An NFT (Non-fungible token) is a unique piece of data that is stored and lives forever on the blockchain. The creator of an NFT can transfer its ownership to anyone.
Any form of artwork can be digitalised and secured as an NFT. Since the ownership of an NFT can be changed, there are multiple marketplaces that allow users to trade NFTs.
At NAMAtech we help talented artists, individuals, and businesses take advantage of this new technology to grow.
NFT stands for ‘non-fungible token’. ‘Non-fungible’ is an economic term used to describe things like a song file, a painting, or your computer. These things are not interchangeable, since they have unique properties.
Fungible items, on the other hand, can be exchanged because their value defines them. For example, dollar bills and physical coins are fungible, because a one dollar bill is exchangeable for another one dollar bill.
An NFT is a piece of data stored on a blockchain. An NFT can be associated with a particular digital or physical asset (such as a file or a physical object). The ownership of an NFT can be traded on digital markets.
The very first project to adopt NFTs was Color Coins back in 2012, but NFTs started going mainstream in 2017 thanks to the huge success of the CryptoKitties, an online game that allows players to adopt, raise and trade virtual cats!
Sell NFTs: The simplest way to make money with NFTs is to create and sell them on a marketplace.
Never-ending passive income: Unlike traditional markets, NFT creators can earn a percentage of every re-sale which makes an NFT a never-ending source of passive income!
Investment & trade: Since NFTs are unique items, they usually grow in value over time. Many people see NFTs as an investment opportunity with a guaranteed return on investment.
Access tokens: On the other hand, businesses are offering special offers to some NFT holders which makes NFTs the access tokens to a private club!
The global art market was valued at $50 billion in 2020, dropping by roughly $14 billion over the previous year, due to the impact of the coronavirus (COVID-19) pandemic.
CryptoPunks
CryptoPunks launched as a fixed set of 10,000 items in mid-2017 and became one of the inspirations for the ERC-721 standard. They have been featured in places like The New York Times, Christie’s of London, Art|Basel Miami, and The PBS NewsHour.
Total Sales: £1.3 billion in 4 years
Bored Ape Yacht Club
A collection of 10,000 unique Bored Ape NFTs— unique digital collectables living on the Ethereum blockchain. Your Bored Ape doubles as your Yacht Club membership card and grants access to members-only benefits.
Total Sales: £556,000,000 in 9 month
Azuki
Azuki starts with a collection of 10,000 avatars that give you membership access to The Garden: a corner of the internet where artists, builders, and web3 enthusiasts meet to create a decentralized future.
Total Sales: £6,400,000 in 12 days
There is no doubt that NFTs are the future of online ownership. Sooner or later, companies will join the Web 3.0 revolution.
As of Jan 2022, the following brands are using NFTs:
BBC
Nike
Adidas Original
NBA
NFL
Gucci
Ray-Ban
Here at NAMAtech, we have a team of talented crypto-enthusiasts eager to help talented artists, individuals and businesses in every step of the journey to take advantage of this new technology and grow their work.
NFT market-cap (sum of all sales) is forecast to be more than $35 billion for 2022 and to over $80 billion for 2025.
There are multiple blockchains that support NFTs. Depending on the nature of your artworks and your audience, you should choose the one that works best for you
NFT ownership is associated with a crypto wallet which makes the wallet holder the owner of all NFTs and funds. Depending on the blockchain that you choose, you need to create a wallet for yourself and KEEP IT SAFE.
If you are an artist, chances are you already have the artwork, and they just need some adjustments. But if you are not an artist, you can still have computer-generated artworks as NFT, like CyberPunks or BAYC.
The process of making an NFT out of a file is called “minting”. All artworks should be minted before being added to any NFT platform. In this process, NFT creators typically add some metadata to each NFT to represent the uniqueness of that piece.
The main reason an investor buys an NFT is their trust in the creator. Having a website or a page on your website for your NFT project will increase the popularity of your NFT project.
There are multiple NFT marketplaces around the internet. Depending on your NFT project goal and the blockchain you choose, you need to choose the right marketplace for your NFTs. Currently, the most famous NFT marketplace is OpenSea.
It is time to let the people know that they can invest in your NFT project. The most active social platforms for NFTs are Twitter and Discord. With a good marketing strategy, you can sell all your artworks in a matter of days or, in some cases, hours!
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As with all other startups, not all NFT projects are going to be successful. But the good news is that the key aspect of a successful NFT project is how it is executed and, after launch, how it is marketed.
Here at NAMAtech, we have a team of talented crypto-enthusiasts eager to help talented artists, individuals and businesses in every step of their journey.
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© 2022 NAMAtech. All Rights Reserved.
