Non-Fungible Tokens, or NFTs, just like cryptocurrency, rose up to unimaginable popularity in just a year. In the year 2021, the sales volume went up to 24 billion us dollars, marking the onset of the NFT craze. Did you know the sales volume of NFTs is 4.6 billion dollars in just January 2022? Yes, NFTs are spreading like wildfire now. If you are an artist struggling to monetize your creations, then the Non-Fungible Token development service is the right thing you should approach to get everything you deserve. Here is a short note on what is Non-fungible token development and how it will benefit aspiring artists and content creators.
Non-Fungible Token development
Non-Fungible-tokens or NFTs are unique, intangible tokens minted on the blockchain in ERC 721 or ERC 1155 token minting standards. At the same time, cryptocurrencies are also minted on the blockchain but on ERC 20 standards that are fungible. Fungible is that 1 bitcoin can be exchanged for an equal value of Ethereum currency. This is just like exchanging dollars with Euros.
NFTs cannot be exchanged like this as they depict unique attributes. Any digital asset like photos, digital art, fashion design, music, video, etc., can be made as NFTs. If you are an artist making digital content that is original and unique, you can mint that file or wrap that asset as NFTs. since NFTs are unique assets, they hold a unique value in the blockchain. Did you know that Beeple, a digital artist, sold his creation Everyday-first 5000 day for 69 billion dollars? Yes, NFTs that are unique will value more.
Upshot
NFTs are not just for digital artists. Many content creators and influencers in social media have begun to take up NFTs. That is, you can sell your content as NFTs to others. They will be the owner of your content while you stay as the original creator and copyright holder of that content. Interesting right? It is now to take up Non-Fungible token development services to monetize your content as soon as possible. Get in touch with expert developers who can help you with that now.