FAQ’s about NFT
1. What is a non-fungible token?✔️
Non-Fungible Tokens are unique tokens that can be assigned to both tangible and intangible assets. These NFTs are different from each other, which makes them unique and scarce. They are indivisible too.
2. Difference between fungible token and non-fungible token?✔️
The Fungible Tokens are not different from each other and they can be separated but the Non Fungible tokens are unique and indivisible. The token standard they follow will also differ where the NFT follows ERC-721 or another similar standard, whereas the fungible follows ERC-20.
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3. What is an NFT Marketplace?✔️
NFT Marketplace is where the NFTs are minted and they are showcased or listed for the people who intend to buy their own NFT for them. These NFT marketplaces have their own wallet integration to provide easy transaction services to the user.
4. What are the Benefits of an NFT Marketplace?✔️
The NFT marketplaces have various benefits since there are numerous benefits, the major benefits will be listed below,
- Decentralized nature will help the marketplace to safeguard the anonymity of the user
- Immutable servers will take the responsibility of asset security
- The NFT marketplaces provide instant liquidity to the users.
5. How to Build an NFT Marketplace?✔️
The NFT marketplace development is not just about building a User interface with few links for redirection, they include various component integration. They should be built with blockchain networks and add-ons like Dashboards and admin panels will also need to be integrated. A high technical stack will be required for building an NFT marketplace.
6. How Much Does It Cost to Build an NFT Marketplace?✔️
The cost to build the NFT marketplace is completely based on the type of NFT marketplace you wish to build, there are various tiers and different types in building an NFT marketplace. For instance, a basic NFT marketplace will cost around the same or equivalent to the market rate. But upgrading them with the features, the add-on will increase the cost based on the feature and the developers.
7. What is Multi-Chain NFT?✔️
Multi-chain NFT is all about building NFTs on different blockchain platforms, the NFT minting has been done mostly on one or two major blockchain platforms, to change this biased situation NFT marketplace on Multichain will be a revolutionary beginning.
8. What is Fractional NFT?✔️
The Fractional NFTs are the divided or split version of the NFTs. We know that NFTs can’t be easily divided or separable, keeping this in mind the NFTs are wrapped into a smart contract and that particular smart contract will be tokenized into ERC-20 in this way the NFT can be fractionalized to form fractional NFT.
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9. How Does Fractional NFT Work?✔️
The Fractional NFT is a great way to own NFTs at minimal NFTs, the Fractional NFTs are separable and more importantly, they have the ability to reintegrate themselves with the exclusive feature called the Buy-out option.
10. Why NFT in Games?✔️
Non Fungible Tokens in the gaming world is a revolutionary concept where the efficiency of the market is increased vigorously. The NFTs in-game enable the user to sell and mint the in-game assets as the NFT in NFT marketplaces. They even led the way to create one universe and NFT evolves the gaming industry to the next stage where even for playing NFT based games gamers will be paid.
11. What is Physical NFT?✔️
The Physical NFTs are the assets that are developed based on the assets available in the real world, they can be anything from the real-estate asset to any kind of o object in the real world, digital version of the asset will be assigned with a token which represents the physical asset.
12. Can I Sell Physical items as NFT?✔️
Yes, you can, the physical items that are converted as the asset will generate the digital replica and add the unique id in them. By doing this the physical assets can be sold in the NFT marketplace like the digital assets.
13. Why NFT Marketing?✔️
The NFT space is getting more and more populated day by day, many new instances and many new ideologies are being created in a daily routine. The NFT marketing will be an essential part of the NFT business career. To keep your asset as the cynosure of the NFT marketplace.
14. How to Market My NFT Project?✔️
The NFT marketing agencies are one good solution to market your NFTs since they have the experience and professionals to do the job. But if you want to go for penniless marketing, then you should need to do various marketing strategies such as influencer marketing, social media marketing, and similar others to keep your product in the limelight.