There have been many raging questions about Non-Fungible Tokens, also known as NFTs. The physical art collection is a valuable practice that encourages the buying, selling, and transferring of art pieces. Since art takes many forms these modern days, digital art creation is a leading venture with relatively few use cases. NFT Marketplace is the answer to the digital art collection. Still, the most popular questions about NFTs aim to understand why people place so much value on “digital art.”
Our world thrives on a lot of digital processes nowadays. With a simple smartphone, anyone can create digital content that can be sold as an NFT. Since we have a blooming creative industry, NFTs offer designers and creators a proper use case for their digital arts. Owning a smartphone seems to be the least requirement for being a creator of digital art. The most common perception is that anything digital can be sold as an NFT.
Questions about the value of NFTs
Recently, Jack Dorsey, former Twitter CEO, sold his first tweet as an NFT for $2.9 million. Certainly, Dorsey couldn’t have imagined that his first tweet would carry so much value sometime in the future.
The sale of Dorsey’s tweet increased the confusion around NFTs rather than helping more people understand the concept behind NFTs.
The question about the value of NFTs is subjective, and some of the common speculations are centered around questions such as:
- Are NFTs valuable because they are the new buzz in the technology space?
- How are the values of NFTs calculated?
- If NFTs are hosted on blockchain technology, do they operate similarly to Bitcoins?
- Apart from digital art storage, what are the other important uses of NFTs?
Different uses of NFTs
For Artists and creators – NFTs are a brilliant avenue to selling their work and getting the highest value possible. The NFT market is an open market, but even after selling, artists still have the chance to get paid percentages whenever their artwork is resold.
For Buyers – NFTs are an easy means of collecting digital art. Interestingly, NFTs are safely hosted on blockchain technology, so the chances of losing them to thefts are almost non-existent. You can resell NFTs to make more profit.
Since it’s the biggest NFT market after the US, people often ask how to buy NFTs in Canada because of the new regulations, will they have to pay taxes and other legal details since it’s the biggest NFT market after the US. First, you need to purchase cryptocurrency. The crypto you need to purchase depends on the NFT marketplace you choose. Sign up for the crypto exchange and verify your account to buy crypto and NFTs. Once you have confirmed your account and funded it with Canadian dollars, you can purchase NFTs. If you are about to start your NFT adventure, buy Ethereum. It is the most popular cryptocurrency to buy NFTs in 2023.
NFTs are the future of art collection. NFTs hold a lot of prospects for the future. It would be best if you didn’t miss out on it. This is the best time to begin collecting digital arts.