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NFTS: The Basics, The Future, and the Revolutionary MintAsset Marketplace

What is an NFT and what does it do?

Non-fungible tokens (NFTs) are unique tokens that are created on the Ethereum blockchain. They are managed by what are known as smart contracts. These smart contracts have a unique code which consists of information relating to the NFT. As per the ERC-721 protocol, an NFT is made unique because in its metadata it has an ID that points to a digital resource.

Here is the exciting part. NFTs are a gateway to a truly free and globally connected digital economy – one that prizes creativity and helps us step into the future. Since they run on blockchain which symbolizes decentralization, they are free of any government/third party intervention.

An image of a digital project called Everydays by Beeple.
This NFT, a project of Beeple sold for $69 million.

In a world that is increasingly infringing on our private space and governments are hovering over each action we take, NFT tech brings us hope and freedom. And when we already have the technological benefits of blockchain like unique identities, decentralization, and security – it is no surprise that some of these digital “tokens” are becoming worth millions of dollars.

What Items Can be NFTs?

They can be anything from gaming assets to memes to music to even tweets! What makes each of them unique is their collectability. The craze with NFTs is such that the trading volume has gone up to almost $500 million . Now, if that is not going to turn our heads, what else will? The desire for people to buy or collect NFTs is increasing.

Some people say that this is a mere trend nearing its crash soon.Even Beeple , who sold his artwork for $69.3 million calls out the NFT bubble . However, we don’t agree.

Why do people want to collect NFTs? Let’s have a look at this GIF. This is a prime work by a talented artist featured on our marketplace.

Product Product New

Wouldn’t you want to own something like this? Perhaps you might not, but there are collectors out there who will.

Why Do People Collect NFTs?

The natural desire (and in some cases necessity) of collecting is something that we have been experiencing since the inception of modern civilization. Our forefathers used to collect food, water, and preserve precious stones. We create and collect digital art. How much of a difference do you think there is?

Sotheby’s , the world’s most influential fine art brokers recently sold The Fungible Collection , a “novel collection of digital art redefining our understanding of value” for a whopping £12 million.

Celebrities like Grimes and Logan Paul are working on to create their own NFTs. So, the more we look around, we find that the interest in this space is growing. This is because of an increasing interest in people to buy and collect what they consider to be influential pieces of art.

Now the question is for both artists and collectors that how do NFTs actually derive their value? Well, let’s have a look.

How Do NFTs Derive their Value?

Many people argue that physical assets, especially collectibles like art, are highly valued because there is only one original piece. People can perhaps copy it, but then that remains exactly that – a copy. Understandably, it is this uniqueness that makes them valuable. However, a digital art/collectible lacks any of the features of a physical one.

A dollar bill representing value
While some NFTs have a price fixed by the creator, some are auctioned. Photo by NeONBRAND on Unsplash

Any digital art can be easily duplicated and sold as original. However, blockchain technology changes this very fact. Because it is a decentralized database, it thwarts any attempt of an asset to be replicated.

    NFTs make possible that which physical collectibles can never do.
  • • Accessibility: Most NFT marketplaces, like ours, are running online 24/7. You do not need to worry about the perfect time to get to a physical marketplace to collect your favorite art. Just log in to your marketplace, place the order and what you seek is yours!
  • • Platform: Since these marketplaces are huge, it is easy for artists and creators alike to post their work and get the visibility they deserve.
  • • Security: No one can seal an artwork that technically belongs to you. Because the ownership details are available for everyone to see on the blockchain, digital art theft is nearly impossible.

The biggest benefit that artists can reap from NFTs is the fact that they can add clauses that stipulate that they will get some share of profit every time their art is re-sold. This means that they have an opportunity to earn money throughout the course of life of their artwork.

Let’s say that we have sold you over the idea of NFTs. And the next thing you want to do is to have a look or maybe even make a purchase. How do you do that?

The MintAsset NFT Marketplace

NFT Marketplace is a platform where artists can sell their artworks. We like to call it justice for the artists because they get exactly what they deserve for the effort they put in to creating their work. These platforms use the power of stock market and turn it around in artists’ favor.

Mint Asset is the revolution that all of us have needed for so long. It is the marketplace to trade digital collectibles from domain names to digital art, card games and so forth. It aims to bring together artists and collectors alike and help them make the right selling and purchase decisions.

The MintAsset Token

Our token, which is a BEP20 token, has been created on the Binance Smart Chain and it aims to revolutionize the crypto market. The token offers its holders a diversified digital and international financial service ecosystem totally developed on the NFT technology deployed on the basis of digital bidding system of assets.
Our ecosystem enables our users to make daily life transactions on the marketplace and beyond. It aims to evolve along strategic financial and commercial alliances, giving a universal utility to the coin. As a decentralized cryptocurrency and a medium of exchange, MintAsset promises added value to its users not offered in other coins.

What Makes MintAsset Special

Mint Asset has the functionality of a voucher for the payment of products and service and the digital assets registered on our NFT marketplace. The token will provide rights, benefits, discounts and rewards for specific access and services to the MintAsset ecosystem. Five reasons why you’ll love MintAsset:

  • • Our token has been preapproved on Gate.io , Gemini , and Upbit
  • • Mint Asset is not registered as a securities token offering (STO) on any country.
  • • Preferential fees when using the ecosystem platform's services, with discounts up to 100% on some services.
  • • Method of payment to external entities and cross border payments.
  • • Access to receive custodial services for both fiat and cryptocurrencies.
  • • Direct access to purchase digitized assets through an exchange platform.
  • • Special events promoted by Mint Asset International LLC and its strategic partners.
  • • Loyalty points as rewards for Mint Asset holders use of its platform products and services and through Mint Asset's marketplace partners and strategic alliances.
  • • Receive exclusive promotional offers.
  • • Access to earn money through affiliates campaigns on some platforms.
  • • Global money transfers rewards and low costs.

What does the future look like for NFTs?

Many journalists and tech enthusiasts predicted the NFT crash this year, however, folks at NonFungible have audaciously written, “…no NFT market crash to report yet!” And rightly so.

Though the average price was at a high of $4,000 in mid-February 2021, it has since plateaued at $1,500.

Graph of average price of NFTs from Oct 2020 to Apr 2021
Weekly Average Price of NFT (Oct 2020 - Apr 2021) Source: NonFungible (hyperlink to the link above)

While many people are still arguing that NFTs are a passing trend. But some of us are still confident that they are here to stay. This is because of their applicability to so many items.

Nikhil Sharma writes on Gartner that because of their uniqueness, they are particularly useful in the “fashion tech world”. He goes on to explain that the ever-increasing problem of counterfeit merchandise will be solved by the distinctiveness of the NFTs. This is particularly useful for luxury brands, he commented. Because of the ownership details being easily accessible, the reselling of these items becomes way easier. Although the adoption is slow, it is nevertheless expected to rise.

Kamil Sattar, a Founder-CEO of an e-commerce mentoring company, writes on Forbes that the NFT tech will “help streamline digital sales and enable lifetime product data tracking”. This, he continues, is something that has so far not been possible.

One might say that the initial craze around NFTs is already represented in Gartner’s famous concept of The Hype Cycle , which highlights that after the initial attention it usually gets, it quickly starts to fade away as people don’t get the expected results from it. However, as more and more people accept it’s use and productivity, it slowly starts to see a rise in adoption.

Graph that represents a hype cycle - a phenomenon by Gartner that predicts a tech innovation's adoption in the future
The Hype Cycle by Gartner

As artists we believe that this is a new opportunity for us to display our work and earn a deserving amount for it. Some of us would end up making millions off of it.