The whole world is talking about NFT: what it is and how to make money from it

24.05.2022 11:22
The whole world is talking about NFT: what it is and how to make money from it

YEREVAN, May 24. /ARKA/. The end of 2020 saw the crypto markets boom and mature, with different sectors flourishing as Bitcoin,  the world's first and most-popular cryptocurrency, was reaching new all-time highs and altcoins (all cryptocurrencies other than Bitcoin) were growing at a rapid pace.

When the first quarter of 2021 saw a gradual cooling of the market, many people thought it would be safe to expect another period of growth. However, it was during that span of time that much of the planet discovered something that would probably dramatically change the future of the art world – NFT or non-fungible token.

Some people try to describe NFT, others claim it is a visualized blockchain, and still others only see it as a digital picture. There are those who claim that it is just a new global financial pyramid.

In fact, NFT is a digital blockchain-based certificate confirming the uniqueness of a digital file. And herein lies the most interesting part: NFTs, like real objects and cryptocurrencies, can be sold and bought.

There are special marketplaces for that, and Bybit, one of the fastest growing exchanges in the world, has launched Bybit NFT Marketplace, one-stop destination for listing and trading NFTs. The company said their goal is to streamline digital ownership.

Bybit's NFT Marketplace is creating one of the best collections of digital art. The platform provides a reliable, stable and user-friendly interface. Many artists and creators exhibit their works on the marketplace not only to earn money, but also to digitize their copyright using blockchain technology. Very often entire collections of works are released on marketplaces.

On April 22 the Bybit Marketplace added another collection with Bybit ✖️ XANA's exclusive ULTRAMAN NFT Mystery Boxes. Mystery boxes are random sets with NFTs of varying value and rarity that the user purchases blindly.

The value of all Mystery Boxes is exactly the same, which makes their purchase even more attractive, because the set may contain particularly valuable NFTs that will increase the value of the user's assets many times over.

Bybit users on the platform will not be required to link their personal wallet addresses to the platform. Instead, they can buy, sell or trade NFTs on the Ethereum ERC-721 standard through their Bybit spot accounts. In this way, users with any level of knowledge and skill gain access to digital assets.

In early 2022, the audience's interest in NFT projects tended to decrease. Some became skeptical about the very concept of NFT. However, judging by numerous examples, we can conclude that periods of decline alternate with periods of rapid growth, and one should not give up on NFT.

On the contrary, an active interest in NFT from game, film and series producers, art exhibitions shows that the full potential of the technology has not been revealed and most likely is not even seen on the horizon. To that end, we'd like to quote Bybit co-founder and CEO Ben Zhou.

"While some may be skeptical of the investment value of NFTs, it remains a fact that NFTs not only make it possible for everyone to participate in and appreciate digital ownership, but also enable artists and creators to exercise control over the ownership of their work. We are excited to provide a premier NFT platform for Bybit users, so they can be part of the creation of a new marketplace and new world called the metaverse”," he said.

NFT definitely has a future. And very soon we may wake up in a world that will be hard to imagine without NFT objects. So why put this moment off, if you can touch the future today with Bybit NFT? -0-

Tags: Новости Армении АМИ Новости-Армения

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