The internet is one of many examples of exponential growth of tech innovation despite being complex initially. A glance at its past reminds us how smoothly technology can transform from science fiction to a mainstream concept. We, at blocsport.one, have that similar belief in non-fungible tokens (NFTs).
NFT is emerging technology development in the crypto space. It refers to digital files/token representation of unique tangible and intangible assets like arts, sports collectables, videos, audios, and others powered by blockchain technology. Recently, people have started investing millions of dollars in NFTs and continue doing so. A recent example of that is Jack Dorsey’s tweet selling in millions.
So, what is the reason behind all this hype? And why and how should you invest in the burgeoning market of NFT? Let’s explore.
Understanding NFTs (Non-Fungible Tokens )
Essentially, an NFT is a digital token representation of a unique tangible or intangible but scarce asset. It can be in the form of tokens, collectibles, or contracts. Further, blockchain and smart contract technology ensure the ownership, traceability, and security of that NFT token/collectible. Advanced security and authentication mechanisms of these technologies provide immutable proof and validation of that NFT asset. Therefore, an NFT does not become vulnerable to fraud, duplication, or theft.
Why Invest in NFTs/Crypto Collectibles
Each asset representation as NFT that comes into existence is unique, scarce, and original. Thus, owners can think of them as specific digital assets that nobody else owns, but they only do. For instance, people might still have an image or a piece of art. But, they will have no possession over the original form of that asset. Here, NFTs emerge as an investment opportunity, considering the resale value of that asset.
It is similar to purchasing a physical piece of fine art. However, having possession over it only does not promise any returns. Instead, generating significant returns requires auctioning that piece of art to the highest bidder. For instance, purchasing a unique NFT and then selling it for more in the aftermarket can provide huge returns.
This idea of selling scare assets as tokens with blockchain-powered features makes them more enticing for investors.
Where and How to Buy NFTs
You would have heard about celebs and sports personalities selling NFTs. And, now you also want to invest in them and grow your collection. There are marketplaces available that let users shop or bid on NFT deals, like blocsport.one and nftdeals.io. They let them browse deals on assets like digital art, cars, contracts, and other collectibles, including clubs and players, and bid, buy or contract them.
How to Create and Sell NFTs
Users can also start investing and selling their unique collection of assets like digital art, sports collectibles, and more as an NFT token or a contract on these NFT Portals. They can also enable royalties with their NFTs. Royalty payment for reselling them on the secondary market depends upon their current sale price.
blocsport.one for Sports Clubs, Players, and NFT collectors
blocsport.one is a leading name in blockchain and biometrics implementations. It offers NFT solutions to clubs, players, and sports fans, like the NFT collectables portal, player scouting portal, crypto wallet, and more. Using the platform,
- Clubs can invest in emerging talented players with smart transfers and scouting apps
- Players can utilize blockchain technology and biometrics to list their sports profiles as amateurs or professional players
- Collectors can browse and invest in a range of sports collectables, contracts, and more
We must separate the artistic movement from NFTs and consider it a growing technology and a reliable investment alternative. NFTs are not new technologies. They have primarily come into existence to make unique cryptographic representations of assets. They are here to stay and augment the financial services sector as we know it.
More about how to buy and invest in NFT (Non-Fungible Tokens) below:
Medium blog: here
Discord channel: here
Facebook link: here
Main blocsport.one site: here
Invest in NFT with us!