NFT Marketplace Platform Development:

Kickstart Your NFT Venture in 2023

Did you know? Non-fungible tokens popularly known as NFTs are one of the popular use cases of Blockchain technology. The craze of NFTs is surging at full throttle and has stirred up a revolution in the realm of digital collectibles. Recent reports reveal that digital assets have been sold for millions of dollars making them a lucrative revenue source for investors, entrepreneurs, composers, artists, gamers, and influencers. Furthermore, a report by Verified Market Research, a leading consulting and global research firm, indicates that the market worth of nonfungible tokens is estimated to rise to 231 billion USD by 2030. If you are also planning to cash in on the NFT revolution, read on to this informative piece to grab your share of the pie.

What are Non-fungible Tokens (NFTs)?

As the name suggests, NFTs are Blockchain-based cryptographic assets having unique identification codes and metadata. In other words, a non-fungible token (NFT) is a form of digital ledger that represents real-world objects such as images, artworks, music, videos, in-game items, real estate, etc. Since these are digital assets, they can’t be traded or exchanged with other items, even if their values are equivalent. The important thing to note here is that nonfungible tokens are immutable in nature, which simply means, it is impossible to edit, modify, or delete digital assets. Though users may duplicate an artwork, the ownership of the digital asset remains secure since it is in the hands of the original creator. This enables both buyers and sellers to maintain a complete ownership record.