NFT Auctions: Things That Often Go Underappreciated
This is in continuation to the 1st article in this series.
So, if you haven’t already read it, I request you to please do that.
You know what NFTs are if you can tell whether the image below is an NFT or not.
But if not, go check this out;
What Is It That Is Attracting People’s Attention To NFTs?
NFTs provide a buyer with a certificate of ownership for a digital object while also protecting its value in future transactions. According to a Coindesk survey, artists can sell their works digitally to a global audience. Alongside, allowing them to receive royalties in addition to a bigger proportion of the money. Gamers can also earn from in-game products by becoming their owners.
Consider the case where you own an NFT. And the NFT’s smart contract states that if you are the first owner of the digitalized token, you will receive an exclusive gift hamper in addition to ownership. Alternatively, if your NFT sells for a certain price, you will be given an hour to spend with the creator himself. What a fantastic idea this is…
In addition, the buyer receives the basic rights and ownership of the digital asset. It raises their worth, and they may be able to resell it as an antique piece for a profit. One of the most obvious advantages of purchasing NFT is that it allows you to financially support artists you admire. Furthermore, several experts believe that in the future, NFTs may be used as loan collateral.
Also, the most essential aspect of NFTs that is sometimes overlooked is their social impact.
What Is The Social Impact Of NFTs?
Although it is still early to say, most things that have societal value and can be represented digitally can be converted to NFTs. Imagine the passion people have for Marvel and DC comics, and now they can own a piece of it.
Another crucial aspect is that you may easily socialize your interests while making money. For example, suppose you have an NFT with an image of Step Curry on it. It demonstrates that you are interested in basketball. As a result, other members of the community will be aware of your interests and preferences.
Above all, there is a sentimental value attached to them. You will get it better when you look at this example;
“@richerd” is a Twitter user who owns an NFT called “Punk #6046,” an account validated by Twitter ownership. He uses that Punk as his identity in the digital space. He refuses to trade it under any circumstances since he thinks it is his identity. Despite being offered millions of dollars on several occasions, he refuses to sell it at any price.
His decision of refusing to sell his Punk even after getting these mind-bending offers has been appreciated in the NFT community. Various platforms have identified him and his work and found it to be inspiring.
One of the NFT collectible platforms named “Nuclear Nerds Hall of Heroes” has honored his work. They have named a Nuclear Nerd(NFT) after him and pasted it on the digital Hall of Heroes.
This shows what sentimental impact these arts carry. Additionally, all this gives rise to so many practical use-cases with NFTs.
Also, there’s much more than this that’s going in NFT space, look at a few below;
To monetize its development in blockchain technologies, the India-based IT firm will launch its own NFT marketplace.
MG Motor India is the first automaker in the country to introduce a range of NFTs, which will go on sale on December 28.
“NBA Top Shot Recorded $1 Million Pack Drop” February 26th, 2021
NBA Top Shot, a digital collectibles platform that allows users to trade virtual basketball cards (based on video highlights of NBA games), has earned $1.05 million from the sale of 10,631 packs of basketball videos.
“On the 23rd of March 2021, a tweet in NFT was sold for $2.9 million.”
For $2.9 million, Twitter CEO Jack Dorsey sold the first-ever published tweet in the form of NFT. On March 21, 2006, the first tweet was sent out.
Where can you buy & sell NFTs?
Popular MFT Market Places are:
OPENSEA
RARIBLR
SUPERRARE
FUNDATION
AUTOMICMARKET
NBA TOPSHOP
