Let’s Start From Where We Left!

 

Well, we are here again together in this blog of non-fungible tokens. In the last blog, we talked about this era of digitalization and how it changed our way of living. As we have already discussed, nowadays, people are crazy about these digital tokens. The artists who are direct sellers and the people who mint it, everyone is on top of the funnel and making profits. But not every NFT is going to succeed in the future. According to the data, about 95% of NFT projects will fail because of a lack of fundamentals. It’s a basic rule; when something is mass-produced, only a few of them helps people and get everyone’s attention. 

We can not understand the meaning of NFTs without understanding Cryptocurrencies. Yes, you read it right! We will give you a brief introduction to crypto and how it is oxygen for the NFT market. So let’s get into this!

Understanding Cryptocurrency

This is the simplest definition of cryptocurrency for beginners.

“As we know that NFTs are digital assets that exist in the virtual world or digitally, you need to have digital currencies to buy these tokens. And those digital currencies are called CRYPTOCURRENCY.”

Cryptocurrencies are entirely on the digital payment system and based on blockchain technology. Therefore, they are not relied on by banks to verify transactions. Instead, it’s a 100% peer-to-peer transaction system that enables users to send and receive crypto coins anywhere. Like you store and collect dollar bills in your physical leather wallet, cryptocurrencies can be stored in digital wallets. 

Steps to Get a Cryptocurrency

Getting your favorite crypto coin is as simple as opening your first Instagram account in this decade. You don’t need to read full articles or 1-hour YouTube video to get through it. Here’s how you can buy your first crypto easily, 

  1. Download a crypto-trading app like Binance, Robinhood, Coinbase, etc.
  2. Set up your profile and fill in your data (email, number, name, etc.).
  3. Connect your ID proofs, and most important, bank details to deposit and withdrawal your money.
  4. Deposit in the wallet and start buying cryptocurrencies. Once you start trading and see if you are making a profit over time, sell those coins. And withdraw directly from your bank account. 

Last step… Wait, there are no more ways! As simple as that, you are now a CRYPTO TRADER!! 

Both cryptocurrencies and NFT meet on blockchain technology. You can’t buy NFTs with physical bills like dollars. You need to buy crypto with money and then connect your crypto wallet to NFT market platforms to buy or mint. That’s how the whole system works. 

What Else Could Be Called an NFT?

This question is one of the most important things to understand before buying your NFTs. The artists who are willing to create their artworks into NFTs need to realize that they have to create something the customers want to collect and then flex in front of their friends and family. Anything that could exist in the digital space or the internet can be called an NFT. Digital assets like video clips, JPEG and PNG images, memes, gifs, art pieces, this blog, or anything people would love to buy and collect are NFTs. As you change these into tokens or NFTs, you can buy, sell, or trade them using cryptocurrencies.

It’s not like you can create anything which is making a profit in the short term but ruining your image as an artist. If you want to succeed in the long term in this digital and NFT space, you have to think of something big. Most importantly, keep in mind if you are an artist and starting your NFT journey, “ You are not creating for yourself; you are creating for them.” Once you become selfless about your projects, you will start seeing changes in your artists and the responses you get from them. Just start creating something valuable and meaningful which will bring some value to the people who are buying or trading them.

But What About the NFT’s Future for Artists?

Hundreds of thousands of artists and creators worldwide are coming into this space and making their mark. Not only painters but artists like music producers or writers can also be benefitted from the NFT marketplace. We are just beginning for NFTs, and people have already made millions of dollars from this digital token. But this doesn’t mean that this is going to end that soon. Back in the 2000’s people also thought that the Internet and social media thing was just temporary and won’t last forever. But now, the people maid their business on these places. So, it’s just a phase that won’t last forever but won’t fade away, at least for the next 50 years. 

In the next part of this NFT guide series, we will talk about the future of NFTs for artists and is investing in NFTs is good for the long term or not. In the end, we hope that you liked it and got something from this blog.