For the rich, it’s a way to preserve and create wealth. For poor, it's best way to get to the higher socio-economical level and create wealth.
Many passionate art collectors cannot afford to buy or store physical art pieces. NFT provides an efficient way to do so. Who doesn't like to brag about being an authentic owner of something worth showcasing? NFT provides you to get that authenticity certified. The uniqueness is kept intact. NFT is categorised as a one-time investment. After buying, one doesn't need to worry about its maintenance and storage. NFT'S value keeps increasing over time. It is a good Source of income when you get into staking. Staking refers to locking up NFT to a blockchain network for earning profit and rewards.
The average monthly trading volumes of NFT jumped from $64 Million in the first half of 2021 to more than $750 million in the 2nd half. Now the NFT space is a $41 billion industry with thousands of it trod daily. NFT marketplaces allow users to set their royalty terms when minting new NFTS. Every time someone sells or uses your NFT. According to royalty agreements, smart contracts will perform a transaction for you.
Singer-songwriter Iman Europe told Bloomberg how she made $60,000 in two months. All from selling 5 singles and a music video as NFT. She was making $300 a month on the streaming platform. The majority of her earnings came from royalty payments. You don't need to be an artist with an existing fanbase. you can mint NFTs in various kinds of media like visual, video, music, and more. You need to list your content online and set royalty agreements. you can relax and watch your NFT growing along with passive income.
It's forever. Once a transaction gets recorded on the blockchain, it stays there forever. So what happens is we can not store the NFT for a longer period due to the image size. It is too big to store on a blockchain and may get lost. The smart contract of the NFT stays on the blockchain forever. And the image is stored in another way. It is important to get the smart contract for your NFT collection. This way it can stay there forever.
It is irreplaceable. The unique transaction hash of each NFT makes it irreplaceable. The blockchain stores all this data on a block. This collection of blocks forms a blockchain. The information is viewable to the public. It can be easily tracked and verified.
Why Do Rich People Buy NFTs?
For the rich, it’s a way to preserve and create a wealth. There are ways to convert your wealth into crypto & hide it from governments & banks. Though we don’t recommend it, many people are doing that. The rich collectors, historians are getting curious about NFTs due to their potential.
Why Do Poor People Buy NFTs?
It’s a way for poor people to create wealth. If they can write, paint, sing or have any form of art, they can convert it into digital NFTs & create a huge amount of wealth for themselves.
Let it be rich or poor, everyone wants to own NFTs for different reasons as we discussed above.