Can anything become an NFT?

The future of creativity is taking on a new dimension in a way that is both unimaginable and profitable, especially for the content creators and all those who buy such items that eventually become marketed in the various marketplaces.

If you grasp the concept of NFT’s and the benefits of creating them then you will realize that NFT’s can become anything in the hands of their creators.

What are NFTs?

NFTs are different from any other digital token due to non-fungibility. Now, what is fungibility? Fungibility basically implies that any item, currency, or product could be exchanged for similar units. For example, if you have a twenty-pound note, you could get two ten-pound notes in exchange for them or just another twenty-pound note. Non-fungible tokens are the exact opposite of fungible tokens. 

Any non-fungible entity does not have any other identical equivalent with which you can exchange it. Take the example of a book written by a renowned author. Even if there could be many other copies of the book, they cannot be exchanged with the author’s original book. 

The question then becomes which is the original one and which is not. NFTs are unique in that they can only exist in a singular form. This is the beauty of them.

Another unique feature of NFTs is that it is deployed on the blockchain which makes it identifiable, traceable, and immutable. The initial development of NFTs was first deployed on the Ethereum blockchain. 

However, several blockchains like Klever, Solana, Cardano, Polygon now support the deployment of NFTs which can also be traded on the Klever marketplace. 

NFT ledgers claim to provide a public certificate of authenticity. Even though an NFT is deployed on the blockchain, the legal rights it conveys can be uncertain. In the long run, this gives the NFT owner the right to claim ownership of their creation.

What constitutes an NFT?

An NFT can be associated with a particular digital or physical asset (such as a file or a physical object) and a license to use the asset for a specified purpose.  Such NFTs can be traded and sold on digital markets such as Opensea, and our own Klever marketplace. This cryptographic transaction process (from the blockchain)  ensures the authentication of each digital file by providing a digital signature that is used to track NFT ownership. 

However, while someone may decide to sell an NFT representing their work (in the form of art, fashion, tweet, graphics)  the buyer will not necessarily receive copyright privileges when ownership of the NFT is changed and so the original owner is allowed to create more NFTs of the same work.

Are NFTs profitable?

The year 2021 saw the rise of the NFT market space which caught the attention of almost everyone starting from curious internet users to large corporations.  Such formidable growth of popularity for non-fungible tokens in recent times has been responsible for driving demand for NFT With a total of $2 billion in NFT sales only for the first quarter of 2021, the NFT market definitely looks promising. 

More recently, items and designs created by fashion designers are now minted as NFT’s as the designers consider their works as unique works of art which can stand the test of time and can be sold on various marketplaces.

The Klever marketplace is indeed one of the best places to trade NFT’s due to its high level of security and speed of transaction on the Klever blockchain which helps us stand out amongst other marketplaces. We would encourage NFT creators to take advantage of the opportunities to engage in a viable marketplace where security is given a high premium for their content.

It is a Klever thing to do.

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Disclaimer: This article is for informational purposes only. The information does not constitute an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Klever.Finance does not provide financial, tax, legal, or accounting advice. There is no responsibility on the part of the company or the author for any loss or damage arising from or related to the use of or reliance on any content, goods or services mentioned in this article.

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