If you thought that digital assets and cryptocurrency are something new, you would be surprised by how the latest tech developments change and shape our world. Yes, we are talking about the new thing, the one that started in 2014 with the invention of Quantum, the first non-fungible token. It was only the first step, a point from which everything else started. Just like the blockchain revolution was initiated by cryptocurrencies but is today used in many industries, there are also NFTs in many categories, including art, collectibles, and games.
What are NFTs?
The one thing you need to know about it is that it is one of a kind of digital asset, as every single one is a unique one, meaning that it cannot be replaced. In art, for example, the NFT is linked to a certain art piece and is encrypted by the artist’s signature that grants authenticity. The way this is possible is, of course, via coding, as every NFT has a specially designed sequence of code to support it and the fact that it is non-fungible means that it is not comparable to any other non-fungible token.
Benefits of NFTs
These tokens have a lot of benefits for both buyer and seller, and we will mention some of them to explain better why we think they have a bright future. When it comes to buyers, they can be absolutely sure they own a digital object they have bought because they will get a certificate of ownership whose role is to protect the value of the good. It is crucial because not owning it means that we can easily become victims of the scams since it is very easy to duplicate and copy something today. On the other side, sellers have maybe even more benefits out of NFTs, and many artists agree that with the invention of NFTs, they have much more control over their work than ever.
The great thing is that you can sell something and keep earning from it for a long time after that. It may sound impossible, but NFTs are changing everything we are used to, from the ownership of certain items with a digital footprint to managing them. We can code them to bring profit to the original creator every time someone buys them or, better said, when they change the owner. In that way, the creator will get between 2.5 and 10% of the full price, and the more often the token changes its owner, the more money the creator will earn.
Another benefit for sellers is that they can use their popularity, especially if they are famous persons, create their own NFTs, and sell them for huge amounts of money. They can use social media to build their own community, gather fans from all over the world and sell them their work without third-party involvement of any kind. It represents a unique opportunity for everyone creative enough that their NFT can become globally popular. For many, even though the main hype over NFTs was in 2020, this is still a new thing, meaning that things are yet to change, which represents a great chance to board this NFT train.
Charity organizations need to follow the world trends in order to gather more money, attract more people, and spread their word, and using tokens is something they must get used to, as it is the next big thing. Choosing NFTs for donations is a great idea because their benefits can help people from the organizations put less effort into gaining some profit. These tokens are decentralized, and because of that, it is much simpler to use them than to go with classical auctions. By using smart contracts, we can program NFTs to transfer some amount of money to a good cause every time the transaction is made. The fees are much lower, and each transaction is almost instant, and besides that, everything is transparent. It basically means that by doing this, we can really make a change regarding global issues like poverty or hunger by raising funds and dealing with them directly.
Now, among all other things like artwork NFTs, which gained global fame in the last couple of years, people realized that they could also raise awareness and do something for the animals. Namely, many organizations like Bored Apes and CyberKongz are just some of the most famous of a series of NFT collections that are taking over the world. Their unique way and design offer something different and new to users, and it also represents a great way to bring to public notice the latest issues.
Animals are one of the latest trends in NFTs because it is time to help them since many of them are before extinction, and tokenizing them can be a great idea. The idea is the following – a token is made with an animal that is endangered, and the number of tokens depends on the number of animals of that species in nature. In that way, we have an option to “buy” the animal, own the token of it, and organizations get enough money to help the real animal survive. Many people are thrilled with this idea because they have an option to help animals and get something valuable for the money they have given to organizations.
Why is there an Animal NFT craze?
Reasons are numerous, and it took us a long time to realize that this planet doesn’t belong just to us. Even if you wanted to help endangered animals in the other part of the world, but you simply didn’t know how or if it seemed way too complicated before, now there is an easy way to do so and really make a difference. Furthermore, Animal NFTs are also a great way to spend your time as you can buy food, clothes, and equipment for your pixelized animals. You can find more info on Animal NFTs latest transactions and worths on our homepage Bored Animals NFT. With a detailed plan on how you can actually contribute on a platform that’s open to all crypto-like-minded individuals.