Is there a point to NFTs?

NFTs are the next big thing in crypto, everyone wants one that they can cherish for years to come.

Non-fungible tokens (NFTs) are the new digital assets that have become very popular among crypto holders, as it brings value to an art form.

NFTs can be anything from graffiti art, GIFs, videos and sports highlights, collectibles, virtual avatars, and video game skins, designer sneakers, music, audio, others.

NFTs are unique digital assets that can’t be faked or produced unlimitedly. It is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded. 

Though NFTs have been traded since 2015, they gained some traction with the launch of crypto kitties, but became very popular after CryptoPunks, Bored Ape broke all records of trading and were sold in auctions for millions of dollars. 

One of the most expensive NFTs by Beeple was sold by Christie’s for $69 million at an auction in March 2021. Beeple’s monumental new artwork combining 5000 images was created over 13 years into the first purely-digital NFT artwork.

There are many NFTs where you can gain and use them in playing games online. These NFTs are virtual life characters that enhance the games and have an immersive effect on the players as if they are themselves involved in the games.

The more you play, the stronger your character becomes, and at some point in time, you can also trade your character with other users in return for their characters or crypto. 

These virtual characters are NFTs, as they are only one and no other can be the same in the NFTs-based games.

One such NFTs-based game is Devikins, a role-playing game, abbreviated as RPG), in which players assume the roles of characters in a fictional setting.

Players can collect, breed, grow, and battle with their Devikins NFTs. A Devikins NFT is addressed as a Devikin, a cute being originally from the Void, the main world of the Devikins game. 

How is NFT different from cryptocurrency?

NFT is built using some kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that’s where the similarity ends.

As physical money and cryptocurrencies are fungible, that means they can be traded and have the same value. For example, if a user has 100 KLV and another has 100 KLV, the value is the same, but if a user has 100 NFTs and another user has another 100 NFTs, the value cannot be the same, as all NFTs have different values.

As each NFT has a digital signature that makes it impossible to be exchanged for or equal to one another NFT. One Devikins character is not equal to another Devikins, even though both Devikins characters have similar qualities.

NFTs are digital items, just like physical collector’s items. So if a collector buys an oil painting online from an artist, he will get the digital file of the oil painting, not the physical one. However, the artist did have to ensure that it was the only painting or copies that were sold in the auction.

If the artist intends to make 100 copies of the same painting, he/she has to reveal it and on that basis, the value of the art is sold as NFTs.

What makes NFT unique?

Any NFT is a unique non-interchangeable unit of data stored on a digital ledger that has no physical or tangible form. It can be sold like physical property so that only the buyer has the original copy of the asset.

NFTs are inherently different from cryptocurrencies, even though both are limited in supply. NFTS is easily transferable, though the owner sometimes retains the right to the ownership and every time it changes hands, the owner gets the pie of the non-fungible assets.

Let me explain this to you with an example

Imagine you have created an NFT and you have sold it to a buyer, but while selling you have mentioned that you will take 20% royalty on the NFT. So every time the owner of the NFT sells it to another buyer, you will get 20% in the form of royalty. 

If you set a one-time payment for your NFT, then you will lose all ownership of the NFT asset. So the creators need to decide on the terms and conditions before selling NFT assets.

Klever launches its own NFT marketplace

Klever has launched its new NFT marketplace, which has been integrated into Klever Exchange, where users get the power to buy, mint, store, and sell the most exciting digital ownership innovations on the market.

Currently, you can trade all Devikins characters, and very soon, Klever is adding NFTs based on the Ethereum blockchain. 

How to Buy NFTs

If you’re keen to start your own NFT collection, you’ll need to acquire some key items:

First, you’ll need to get an account on Klever Exchange that allows you to store NFTs and cryptocurrencies. You’ll likely need to purchase some cryptocurrency, like KLV, USDT depending on what currencies your NFT provider accepts. Once you deposit your crypto on Klever Exchange, go to NFTs and check over 7000 Devikins NFTs for sale.

Decide on the NFT you want to buy, and click on Buy Now. Once you purchase the NFT, you can see it in your wallet.

Today, you can connect to Tron Wallet, but very soon, you can connect with Klever Wallet, MetaMask, and Wallet Connect to buy NFTs.

Always keep in mind the charges exchanges charge for buying NFTs. You need to do your research before performing this activity.

With creators globally adopting digital routes to monetize their art, NFTs are the next big thing that will transform the existing arts and collectibles business. It will also allow people who have no knowledge about arts and collectibles but believe the value it brings to own it.

Like many creators who were earlier scouting for a platform to sell their work, NFTs have provided them with a global platform. 

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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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