We, the people, are constantly curious about genuine and trustworthy goods and services.
To satisfy our hunger for this curiosity, NFTs (Non-fungible tokens) that run on blockchain was introduced. Since they’re based on blockchain, they are completely secure, and anyone can view the owner's information and the entire history of any NFT.
There might be a few questions in your mind, like where can I sell NFTs? Are they only for celebrities and millionaires? Can I use it for my start-up or small business?
NFT is for all. To facilitate the trading of NFTs, NFT marketplaces were introduced. Any individual or business can opt for NFT marketplace development services - I mean small businesses and start-ups too.
What’s an NFT?
A non-fungible token or an NFT is a digital asset that represents virtual and physical things. NFTs represent artworks, photos, music, videos, collectibles, agreements, tickets, certificates, health records, and more. Each NFT is unique and cannot be substituted or switched with a fake since they are created on a blockchain that can always be traced back to the original owner or creator.
In early 2018, the total NFT sales topped $40 million. With worldwide adoption, the sales continued to grow through the end of 2020, when NFTs exploded onto the mainstream, exceeding $338 million. And in 2021, the NFT market cap surpassed $40 billion, with many big players entering the market.
Two of the biggest reasons for the growing adoption of NFTs are,
People like to collect things, especially scarce things
NFTs are scarce (creates demand)
3 Crucial Attributes of NFTs
Digital permanence: They last as long as the blockchain they're built on continues to exist.
Cannot be counterfeited: Anyone can confirm authenticity by checking the blockchain.
Provable ownership: This can be transferred if the NFT is programmed for resale.
Also Check : NFT's for Hoteliers
Why Should I Use NFT To Develop My Small Business?
If you are planning to start an NFT-based business, approaching the best NFT token development company is the best choice.
If you own a hotel, you can sell your own NFT to promote your holiday parties and special occasions. You can avoid shady ticket brokers using this method.
If you are a certified public accountant, you can sell your NFTs and be available for the buyer and an hour for your accountancy business.
You can also make your customers connect their crypto-wallet to your business website, building their trust.
Tags
Blockchain, NFT Marketplace development, NFTDevelopment, NFTprojects, NFTcommunity, NFT investors.
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