NFTs meaning, and why are they so important?

NFTs: What does this mean?

How do NFTs work?

Imagine the CEO of Meta, Mark Zuckerberg, decides to sell the company. He lists it as an NFT, and everyone in the world starts bidding on it. The highest bidder gets the company, of course.

Who are NFTs meant for?

Benefits for Digital Creators

In our last piece, we talked about how the future of content creation has changed and how content creators are yearning to move away from the chokehold that Web 2.0 social media platforms have on them to a more promising one, Web 3.0.

Benefits for Buyers

Millions of fans across different niches always want to feel connected and have a personal touch with their icons. NFTs have given them a great avenue to do that.

Benefits as a Collector

Of course, we can’t leave out the fact that there are people who are always on the lookout for how to monetize things, especially when new ventures hit the block.

Types of NFT Assets

There are a wide variety of things that can be sold as NFTs. However, these things have been classified into groups for easier understanding. They are:

  • Domain Names
  • Digital Content
  • Investments and Collaterals
  • Physical Items

Okay, but why does everyone want an NFT (Uniqueness)

NFTs are unique for three main reasons:

Royalties

A number of NFTs offer royalties to creators on their assets. As the assets pass on from one person to another, the creator is rewarded with a percentage of each sale made.

Where can I sell my stuff as an NFT (Marketplaces)

  • Theta Drop
  • Axie Marketplace
  • Mintable
  • Larva Labs/CrptoPunks
  • Nifty Gateway
  • Rarible
  • NBA Top Shot Marketplace
  • Foundation
  • SuperRare

About Koraplay

Koraplay is a decentralized social media and entertainment platform. Users can create and share exciting content and get cryptocurrency rewards according to their activities on the platform.

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