What NFTs are used for

NFTs are digital assets that gained a lot of popularity during the pandemic years becoming worth thousands and thousands of dollars.

Currently, the market has stabilized more and we no longer see both madness as before, even part of this is due to the fall that cryptocurrencies had almost nothing.

These assets can be found in OpenSea which is the main platform where people usually keep their assets.

But what are their uses?

The uses of NFTs vary quite a lot and they do not only work as digital art, which is what is usually believed, here are some of them

• Music: We have heard of several bands and musical groups that are exploring the world of NFTs to release versions of their music albums and some of their songs.
• Certifications and licenses: Every day the way is being paved so that we can have our NFT IDs, digitally carrying them and with real validity.
• Sports: Currently some teams have decided to try selling tickets as NFT, such is the case of the PSG team that has sold tickets for their tour in Japan.
• Properties and real estate: With the advent of the metaverse and digital properties such as land or smaller assets, eliminating intermediaries in the purchase and sale of real estate.

What is the purpose of NFTs?

Unlike cryptocurrencies or bitcoin, NFTs are unique tokens, of which there is only one and there will never be another one like it for anything in the world. They are transferable but we can not split them into decimals, for example, if I have 1 bitcoin, I can sell 0.005 part of it and keep the rest, but the NFT is not like that if I have an NFT of something and I want to sell it I can only sell the whole unit and not just a part of it.

So in a very simple way, NFTs serves as a certificate that validates that a person owns something which guarantees its authenticity and uniqueness.

Why do people buy them?

The main reason why people buy NFTs is because of their value, as this always tends to go up, this is because they are unique so if a person wants it they have no choice but to buy it at the price you set.

Another reason why people buy them is somehow for a sense of belonging since the most popular NFT collections have communities, so having an NFT makes you part of it.

This feature became very popular with the Bored Ape Yacht Club, which was an exclusive club where only people who had their NFT could have access to exclusive content.

This stuck and there are now many collections that offer exclusive products and even shares within the collection.

How can I earn money with NFTs?

The easiest way to earn money is through speculation, you find a collection that you like, you see what they offer you to own the NFT and buy it, what you have left is to wait until the public sale is over and there is a sold out, from this moment is when the offers begin and nothing more is to wait for you to get one that interests you.

This sale can be done directly through a wallet transfer or platforms such as OpenSea.

Another way to earn money is by the benefits that the collection gives you, for example, there are some that for each collection they sell they give you a part you just for owning one of their NFT, or there are other collections that for having their daily NFT they deposit you the project’s currency which always has a value.

In the end, the main way to earn money is by buying an NFT and selling it later at a higher price, although you always have to be careful because this is not necessarily going to happen.

In The Blue manakin, we always recommend that you make a good analysis before investing money and as always that this is one that you can afford to lose without affecting you.