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Understanding the concept of Metaverse
The scarcity of an NFT is determined by its availability
- If there are only an X number of NFTs available ever, then that means after all of them are sold out, it’s over. This is what’s known as absolute scarcity.
- However, even inside the pool of available NFTs in a collection, there’s another type of scarcity: relative scarcitywhich can be an essential factor in determining if an NFT can be a viable long-term asset or not. In a group of NFTs, there’s only a finite number of illustrations with similar characteristics. If it’s a mummy NFT project, there could be a limited number of NFTs that have a specific trait or characteristic.
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NFTs are scarce
The non-fungible nature of NFTs makes them valuable because they tend to be released in limited quantities:
- Though one could see an NFT collection with 10,000 different models being minted and sold, they cannot be re-released once they are gone.
- Traditional sto...
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NFTs create decentralized economies
NFTs are viable and have been promoting the creation of decentralized business.
- Thanks to virtual lands and the Metaverse, we’ve seen decentralized real estate become a million-dollar business almost overnight.
- Soon, decentralized service providers will use NFTs as...
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NFTs are more appealing than stocks
People enjoy collecting NFTs because they enjoy purchasing art. Numbers, charts, and stock graphs hardly compare to mystifying digital illustrations, awe-inspiring videos, and gaming rewards.
NFT art collection is similar to a real-life art collection at an auction house.
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NFTs decentralize gaming
NFTs are already changing the gaming paradigm by seizing power from the big companies and handing it to the players.
Decentralized gaming works by developing games built on decentralized technology.
The play-to-earn model helps games make in-game rewards by playing th...
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NFT art can make you rich
NFTs make ownership easier to manage, thanks to the blockchain. Since minted NFTs are part of the blockchain, they cut off intermediaries and empower content creators.
Now, you’re able to create your stuff and sell it to those interested in them directly. A musician can...
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NFTs can be access keys
NFTs are being used as access keys to many events, such as Coachella’s lifetime passes. Soon, NFTs will be understood as more than pixelated illustrations or GIFs: they’ll become entry passes for events, clubs, and memberships.
This hints at the diverse ways NFTs can be use...
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NFTs are excellent goods for trading
They are viable as long-term assets because they can be easily traded without restriction.
Their record of authenticity and proof of ownership provides owners with a sense of security around their assets.
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NFTs are becoming mainstream
- Not everybody knows how NFTs work, but you’d be hard-pressed to find someone in 2022 who hasn’t once heard about the term.
- NFT was the most searched word on online browsers in 2021.
- Today, many big companies, brands, and business conglomerates are investing i...
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