The world and human psychology seem to play almost in the same direction as people get excited about any new developments and new products. This leads to further improvements, newer products, and services. As such the cycle continues making buzz words in everyone’s mouths, including the term NFTs.
The clarity of purpose by an individual in the understanding of how the NFTs works gives such a person an advantage in the potential associated with the projects that would be used by the entire world.
What are NFTs?
NFT stands for “non-fungible token.”
At a basic level, an NFT is a digital asset that links ownership to unique physical or digital items, such as works of art, real estate, music, or videos. NFTs can be considered modern-day collectibles. They’re bought and sold online, and represent digital proof of ownership of any given item.
NFTs are securely recorded on a blockchain, the same technology behind cryptocurrencies that ensures the asset is one-of-a-kind. The technology can also make it difficult to alter or counterfeit NFTs.
Are NFTs tradeable?
Graphics and artwork creators have frequently complained of poor returns on their creativity in the past, which actually led many of them to lose their passion for the arts.
The same can be said for other content creators in the music and film industry with so much agitation of piracy on their works.
However, the advent of blockchain technology and cryptocurrency, which are transforming the financial landscape, seems to be rekindling a ray of hope for content creators including the entertainment industries.
Blockchain technology has prompted several artists to ask how their works can be embedded in it and how they can profit from them.
For NFTs to be traded, it would require the use of cryptocurrencies and fiat (in some cases) to trade successfully.
What is minting?
Minting is the process of adding NFTs in the form of artworks, paintings, music, videos, photographs, and all other creative works to a blockchain. The first blockchain to create NFTs was the Ethereum blockchain using the ERC 721 token format.
This led to the proliferation of several NFT development platforms in the market space. The NFTs were minted on platforms that enable the use of Ethereum as the gas fees and as such, due to its compatibility, the NFTs were easily sold on those platforms using ETH as a medium of payment.
The minting platforms are dedicated and channeled towards content creators for them to produce the content on the blockchain.
Currently, there are several platforms for minting NFTs especially due to the challenges resulting from high fees from the Ethereum network. These include but are not limited to the following: Tron, Tezos, Polkadot, Binance Smart Chain, and more recently our very own KleverChain.
Most NFT producers would most likely look for a platform that can enable cross-chain usage for the minting of these NFTs and also the possibility of very reduced fees associated with the production of the mint.
What is the Klever NFT marketplace?
Just as it is possible to buy and sell any commodity in the marketplace, it is also possible to buy and sell NFTs in a marketplace.
The Klever team is known for its passion to give its users the best opportunity to access unique products and has gone ahead to develop the Klever NFT marketplace.
Consequently, the Klever NFT marketplace is a platform designed by Klever developers to trade or exchange creative content or works of art in the form of NFTs which have been minted on a blockchain in exchange for cash or cryptocurrencies as the case may be.
In general, NFTs are viewable by anyone, but it eventually belongs to the buyer who has paid for them.
NFTs can be digital items like images, videos, collectibles, land in virtual worlds, music, text, as well as tweets. Invariably, the NFT marketplace is directed toward a global audience and encourages them to purchase the NFTs.
The year 2021 saw the rise of the NFT market space which caught the attention of almost everyone, starting from curious internet users to large corporations.
Such that the formidable growth of popularity for non-fungible tokens in recent times has been responsible for driving demand for NFT with a total of $2 billion in NFT sales only for the first quarter of 2021.
The year 2022 has seen several projects, especially in the gaming industry, introducing the use of NFTs as in-game merch to upgrade player avatars.
The Klever NFT marketplace and minting platforms are innovative projects to help content creators to make the best out of their creative works as it comes with a lot of flexibility and easy to use interface for almost anyone to take benefit of it from the comfort of their homes. It also comes with relatively low fees for minting and sales respectively.
We look forward to more global usage of the Klever NFT minting and marketplace respectively as we ensure the cutting-edge security and friendly user experience as always characterized by the Klever experience.
