NFTs (Non-Fungible Tokens) are the newest form of art and will change the fate of collectible markets forever. For those who do not know what an NFT is, we will give a brief explanation. An NFT is basically a digital art that is tokenized over a combination of metadata in a blockchain such as WAX (Worldwide Asset eXchange). Similar to other crypto tokens or coins, you can buy, sell and trade NFTs.
1. A booming market
According to Times Magazine, NFT sales peaked at $200 million in April. Although there are many controversies that such an explosion in the NFT market cannot be sustainable as the market is a bubble made by speculations, the NFT market is booming right now. So, it is highly profitable for both NFT creators and traders in this brand-new market.
2. You can never lose an NFT
NFTs are tokenized over a combination of metadata, as we mentioned earlier. However, the media is not directly stored on the blockchain. WAX uses IPFS (InterPlanetary Files System) so that your ownership of an NFT can be safely stored until you sell it. In this sense, they are way cooler than any physical copy collectible that might be lost at any time.
3. Easier to trade or use differently
There are many emerging games and alike on WAX that use NFTs to let the players mine tha game’s currency then swap to WAXPs. When you have an NFT you can use the “properties” of the NFT in the game and mine accordingly. These properties can also add value to your NFT. If you are not interested in playing or “mining” on these games, and focus solely on trading, then you can always find a buyer and a seller in the atomic hub where all WAX community trades their NFTs. Moreover, as WAX is far more energy efficient than other platforms, all of your transactions cost less financially and more eco-friendly.