NFTs 101 – Beginners Guide to Non-Fungible Tokens

Marketplaces for Non-Fungible Tokens are achieving great levels of success in recent times. These marketplaces are a go-to source for a lot of people who are looking to get a good profit out of their assets. These assets can be anything from just a GIF to a land/property.

Digital platforms that allow the trading of such virtual goods does not limit the selling of products on the basis of their size or genre. Selling and buying, both are ways of earning profit in just one decision. You might have been sharing memes with your friends and over the internet to make them all laugh, right? While we are at it, why not make some money as well. just by sharing memes? HOW? Yea we get that a lot! Keep reading to know how you can participate in buying, selling, or creating a medium for the trade!

What are Non-Fungible Tokens?

Before we get started on how you can make money, let’s completely understand the roots. Non-Fungible Tokens, in short, it is called NFTs, are digital potentials that do not have anything in common with other virtual tokens, except for the fact that they all support E-formation and are not physical. All these goods have amazing values, be it a GIF, a meme, artwork,  music videos, or just a video game. They are all worth millions. Are you saying there’s no scope for plagiarism? Well, yes, we are. These crypto-tokens are taken care of by smart contracts which helps them stay one of a kind!

How are you so sure that we will receive a profit? Imagine being stuck in a market looking for something that’s hardly ever in stock (but you need it obviously). You finally find it but there’s a little problem. The rest of the world wants it too, and there’s just one product left in stock. That’s right! This is exactly the deal with owning a one-of-one token. The entire marketplace comes to you and they are ready to pay any amount for that piece of profit you have because it’s nowhere else available.

Non-fungible tokens are a new kind of digital currency primed to take the cryptocurrency markets by storm. Redefining the concept of cryptocurrencies, each token is one-of-a-kind and only available during a short time period. Offering an effective and quick way to exchange any type of product, service or loyalty program points without having to be concerned with transaction costs or the double spending problem, these tokens have the potential to change how people look at the crypto markets forever.

We have written a detailed article on what are NFTs, how do they work, just for you. In case you still have any doubts, or you think something’s missing, ping us in the comment section below.

Why are people buying NFTs?

Although NFTs come without a guarantee, people are willing to take the risk. Is it worth it? Well, it has been for Beeple, Grimes, 3LAU, and many more artists who sold their digital masterpieces for more than $50 million! You read it right, these artists are selling their crypto-art pieces for millions of dollars and are all over the news! They took the risk, and we think it was so worth it! Buying these Non-Fungible Tokens has another reason than just being worth it. The flooding fee of bitcoin has diverted the interest of the users towards this mega blockchain making it a hit!

Another reason we find it very interesting to invest in these marketplaces is the recent outburst of COVID-19. The pandemic has created a distrust among the people to buy a physical art form, doubting it won’t have the virus in it. And even if they buy, there are not enough places to display them. A digital art piece on the other hand can go viral in just a few seconds, engaging a lot of traffic and curiosity over it.

There are so many more reasons, but there’s a limit to the words of this article. So, moving on to the next most asked question.

What is an NFT stock?

For many years there was no way to trade and be sure that digital goods are unique and non-fungible. The existence of their own could only be proven if they are registered on a server, for which the owner could be asked to pay money, to trust in the honesty of some counter-party, or to give up any other rights associated with the good.

One of the most exciting developments in blockchain tech is the tokenization of non-fungible assets. Non-fungible tokens (NFTs) open up a range of possibilities with potentially huge markets. NFT’s include things like crypto art, virtual collectibles, physical memorabilia, and video game items. Licensing and copyright for digital media content are just one example of a potentially big industry. The potential market size is estimated in the trillions of the $$$ global entertainment market.

The NFT marketplace has been created for all fans of virtual goods. Whether you need a new outfit for your character or an exclusive weapon, the NFT assets market has it all. NFT marketplace is a creation made by fans, for fans. With it, we want to create a whole new way of managing your collectible items, securing your wallet, and trading goods in a fast and cheap way.

Where do I buy/sell these Non-Fungible Tokens from?

From the auction! Where do I have to go to attend these auctions? Nowhere, you can attend to them from the comfort of your home. There are certain marketplaces developed that contain auctions for the trading of these one-of-one tokens with the transfer of cryptocurrencies. These platforms help the sellers to display their goods and create an auction for them.

The buyers on the other hand can participate and bid as much as they wish to. Developing such marketplaces can always be a bit of a task, but you can always hire a professional for the work, with the best price range that suits you. It might also get overpriced to get them developed in the US and the UK. If you were to ask us, we would recommend getting these platforms created from India (the labor being the cheapest, the quality being the best).

These marketplaces are absolutely customizable to your needs and satisfaction. You can decide the features you want to keep in your website and its functionality. These features are used for the better working of the platform, which includes, filters (recently added, most viewed, lowest price, etc.), search convenience (for quicker access of your website to the clients), auctions, ratings, option for attaching different wallets, storefront and many more. This reminds us of how much it cost. That depends on where you are getting it developed from.

As I mentioned earlier, it can most probably fall under your budget if you get it developed from India, costing you somewhere near $30k, based on the features you select. As of, getting it developed from the US can cost you a good $100k.

Must-have features for your NFT Marketplace

All the features of a traditional marketplace, like your own storefront and wish list — with a few key advantages: bids happen in one place, built-in payment and escrow are standard, and all funds are held in crypto. With no extra commissions, no platform fees, and no lock-in to any single service provider. This growing ecosystem enables you to hold funds in cryptocurrency and sidestep third parties across the entire buying and selling process.

The NFT Marketplace makes it easy to manage your crops, find the best seeds and items, and even auction off any excess inventory you may have. Our new system makes this all possible with our user-friendly dashboard, search filters, and mouseover marketplace.

Storefront – The correct look fascinates traffic in any digital marketplace. We’ve created a distinct storefront that catches the eye with a clean, open layout and an appealing mix of colors, graphics, and images. With quick access to the products featured well on the homepage, shoppers can focus easily on items they like and want to know more about.

Search convenience – Search convenience is a search tool for NFTs. Trademarks have their own token in the NFT ecosystem. However, because they are not supported by other kinds of assets, users still need to manually conduct research and then purchase them. The search convenience will integrate the whole world’s NFT information and provide convenient functions for searching and trading tokens.

Filters – Millions of products are available from NFT marketplaces around the world and you can find it using these filters in-app. There are nearly 4,000 filters available for the NFT marketplaces, and filtering through all of them can be a challenge when you’re looking to add to your collection.

Auction – Accumulate and trade non-fungible crypto-collectibles and get a taste of the future of all things digital: decentralized, scarce, collectible items that live on the blockchain! Choose from a variety of crypto-collectibles to start your collection. Auction is a provably rare assets platform built on Ethereum. By bidding on any item you will receive it in after you’ve won the NFT Auction. This auction is limited to 50 transactions with a starting price of .99 USD in ETH. Please note, that auctions may take several hours to complete, so please be patient!

Vardhaman Infotech is one of the biggest names in enterprise blockchain development company in India. We understand if your store doesn’t have the latest and greatest in digital gear, you’re missing out. From assets that truly stand out to highly refined essentials, every feature on your site should be made with a purpose and should come out as something special.

We realize how important it is to get a budget-friendly E-platform created that would give you a lifetime of profit. And as a leading enterprise blockchain development company in India, we, at Vardhaman Infotech will be more than happy to get you started with fulfilling your dreams, they are just a message away! To get your own NFT marketplace developed and for the best assistance from the tech-savvy workforce of our team, feel free to contact us. We are looking forward to helping you in the best way possible!