Non Fungible tokens have caused quite a stir in the world of video gaming and art, and are starting to become more popular in the mainstream media. With more of an understanding being given to non fungible tokens and cryptocurrency, the company Non Fungible Films is rising up to get noticed, by sharing their vision for a world where creation and creators are not limited in what they can do and what they can own.
NFT’s are experiencing massive growth, and some of that growth has spilled over into Non Fungible Films and their vision for a shared universe and a multi metaverse where creators can interact with their stories as was indented, as well as tell old stories with new characters and give life to old characters by showing them in new stories and new adventures.
They want to ensure that every creator has a voice and everyone has the ability to tell their own unique story as well, and they are working every possible angle to ensure that their corner of the metaverse is about telling stories and encouraging people to create and own their works both within the Non Fungible Films framework and outside of it.
If you are researching the idea of NFTs, you’re in the right place. We will be talking about the purpose of non fungible tokens here in a moment. Once you understand everything in this comprehensive guide, you might be able to make the next move and buy them (and even sell them).
You’ll learn what people are doing with these NFTs and non fungible films and what the future may hold for them. They have just made their presence on the blockchain. Already, they are selling in ridiculous amounts.
If you are interested in NFTs and want to learn more about them, keep reading. Now, let’s dive right in.
What is an NFT?
In plain English, an NFT (or non fungible token) is digital artwork and collectibles. Most of them are one of a kind and are verified by the creators or curators that mint them. These will be traded on the blockchain.
These can be sold for a price depending on which blockchain network they're selling it on. Most popular is the Ethereum and Solana blockchains. For example, if an NFT is being sold for 100 ETH, it’s 100 multiplied by the current price (before the fees are subtracted).
What is the purpose of NFTs?
At this point, the chief purpose of NFTs is owning them. You are perhaps the only person in the world that owns something that’s 1/1 of a certain token. There are no duplicates and each NFT collection will have one of each created.
You can hold onto these for the long-term and perhaps sell them if the price of your crypto of choice goes up. Or you can sell them after a short amount of time for a small profit (assuming the price goes up). This is known as flipping.
Buying NFTs
If you are interested in buying NFTs, pay attention to this section. The first thing you want to do is find a marketplace where you plan on buying them. It’s important to decide which blockchain you want to buy them from.
Once it’s decided, get a wallet and add the cryptocurrency you plan on spending (Ethereum, Solana, etc.). Make sure you sign up for an account on the marketplace you’ve chosen. Then connect your wallet and you’ll be ready to buy.
From there, you can search the marketplace for the NFTs you like. Keep in mind that the floor price for one collection will be different from the other. It’s also a good idea to find an NFT that is within your price range (so don’t spend on more than you can afford to lose).
You can buy the NFT outright at a fixed price or you can bid on it if it’s in a certain price range. You can bid on an NFT and be able to get it if it’s high enough. Remember, you could also be outbid by other buyers, so be sure that you have enough in your wallet before you bid higher.
If you lose out on the bid, you will still keep your cryptocurrency in your wallet. It would be a lot easier to buy it outright if you choose not to get into a bidding war and be too little, too late to buy it.
Selling NFTs
If you own an NFT, you can turn around and sell it for a profit when you are ready. You will need to post it in the marketplace. You can set it to a fixed bid or have it set to a price range so it can go to the highest bidder.
Once it is sold, you will receive a payment for the price you sold it for. Keep in mind that a small percentage will be taken out due to fees. The concept is the same when you purchase the NFT (you pay the price plus the fee).
When the NFT is listed, you can consider the idea of promoting it where appropriate. This includes social media, where you can be able to post your NFT that you have listed on the market. Twitter is a good place to promote it since a lot of the NFT community are doing this.
Final Thoughts
Now that you know the purpose of NFTs, you can consider buying and selling them. You can also hang onto them for the long-term and see if it increases in value. However, the NFT game may change over time and it may not have to do with increased value or money.
Some NFT holders can be awarded special perks and privileges depending on who sells them. For example, ticketed NFTs can give you access to special events and other cool things that are exclusive to those who own certain tokens in a collection.
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