Elisium NFT Collection
What Are NFT’s?
NFT’s are non-fungible tokens for digital assets stored on the Blockchain. They are usually photos, images, music, videos, or audio assets. Artists mint their original art as NFT’s on the Ethereum blockchain, which are available for purchase with cryptocurrency (ETH).
Bidding and transactions take place on NFT marketplaces like OpenSea, Rarible. You can find my latest #NFTdrops and NFT Collections available for viewing and purchase here on OpenSea.io marketplace.
Many people purchase NFT’s as an investment, they can be resold on the blockchain. Some creators will continue to incur a royalty if the artwork changes hands. This is usually a percentage of the sale price of between 2.5% and 30% depending on the NFT Trading platform.
THIS WEEK’S NFT IN SPOTLIGHT
Investing in NFTs
The non fungible tokens or NFT market is booming with investors, companies and celebrities investing in NFT tokens as their value steadily trends upwards. NFT’s grew from $100 million in 2020 to $21 billion in 2021.
NFTs are nonfungible, so each token is unique and cannot be replicated. Because of this NFTs are represented as tokens on the blockchain, representing digital ownership. NFTs are powered by smart contracts. Smart contracts are the function that manages the transferability of NFTs.
This record of ownership cannot be changed since its existence is time-stamped on the blockchain. If you purchase an NFT early, that asset is limited and only available through you being the owner. This scarcity is what allows the value of the NFT to grow over time.
Similar to cryptocurrency, NFTs are held in crypto wallets. You can hold, receive and buy NFTs with your crypto wallet.
Investors can think about NFTs as a commodity-like asset similar to silver, gold and art. They follow the traditional principle of investing, buy low and sell high, which also applies to NFTs. Market participants can buy in NFTs early and turn around and sell them for a profit.