With the popularization of cryptocurrencies, NFT has also become an important store of value, offering enrichment possibilities for all social classes. And more and more art will be in this market, and the first NFTs will start to appear.
What is NFT?
First, it is necessary to understand the origin of the abbreviation NFT, which is derived from the English “non-fungible token”, which means “non-fungible token”. This symbol represents a numerical code that becomes a unit of value. It can represent a benefit, heritage, or even an artistic symbol.
NFTs have gained an important space in the financial world, as they have been driven by the growth and popularization of cryptocurrencies, which stand for digital assets.
The most famous cryptocurrency is certainly Bitcoin, but it has no association with non-fungible tokens. The world of non-fungible tokens has a much stronger connection with 2nd and 3rd generation cryptocurrencies, connecting respectively to Ethereum and Binance Smart Chain, which are the two main providers right now.
How do NFTs work?
Thanks to the fact that they have a unique code, the non-fong token is authenticated in its owner’s digital wallet. Its existence can be confirmed by the network layer in which it is created. One of the main factors that attribute so much value to a non-fungible token is the fact that it suffers from scarcity, following the same premise as gold and artwork.
These tokens can be obtained through the digital ecosystem of the Ethereum network or the Binance Smart Chain network. They can be bought through cryptocurrencies, and their price is determined by their scarcity and social value attribution.
This means that this item can acquire high values according to the meaning it has socially, being able to match even classic works of art.
What is NFT used for?
The functionality of non-fungible tokens is very broad, and it can be used as a store of value, artistic expression, entertainment, and even as an element in online games. There are people who earn their tokens in order to collect digital art, and others who earn them in order to enjoy games.
Does NFT give money?
Despite the many functions attributed to tokens, the main goal of most people is to grow financially through the opportunities available in the NFT world. Today, non-fungible tokens have become a golden opportunity for many families, creating many new millionaires, as it is an innovative sector of the digital market.
There are more and more investors interested in tokens, and the two most profitable areas in this ecosystem are related to Art Tokens and also the ‘play to win’ game tokens.
Play-To-Earn Games
Play-To-Earn games are very hot right now because they have revolutionized the gaming world. Before, we used to pay to play, and thanks to codes we can earn a lot of money playing. This market has gained traction after the success of Axie Infinite, which has similar gameplay to the classic Pokémon game. Today Axie remains one of the most established Play-To-Earn games, along with Mbox.
For those looking to get rich faster, it will be necessary to invest a larger amount in games. But despite this fact, even investors with low purchasing power can find the possibility of getting rich in this digital world.
The first cinema NFT in Portugal
NOS Cinemas will exclusively launch its first NFT movie In Portugal, with the premiere of Curral de Moinas – Os Banqueiros do Povo. The first 300 viewers will have the privilege of receiving an exclusive, movie-approved souvenir.