What is NFT?

2021 might as well be called the year that NFTs “exploded” and more and more people are getting into them. Not only that, projects such as CryptoPunks showed us that there is mad potential in NFTs and even Gary Vaynerchuck is promoting the idea that NFTs are the “next big thing” in the digital world.

Let’s start with the basic question first and answer: “What is an NFT?” NFT or a "non-fungible token" is a type of digital code that can contain art, drawings, GIFs, digital items, video games, music, or any other digital asset. The term "non-fungible" means that it is 100% individual and when a person holds a part or share of a token, it means it belongs to him and does not get replicated.

What’s behind NFTs and how do they work?

If you are familiar with crypto and particularly Ethereum, we should note that most of NFTs are a part of the ETH blockchain.

Ethereum is a cryptocurrency that has a supporting blockchain of NFTs. In this case, you can buy your own NFT with ETH such as:

  • Digital artworks
  • Unique sneaker lines, clothing, etc.
  • In-game items
  • Rare digital collectibles
  • Domain names
  • Tickets that give you entry to events and more

These types of NFTs can have only one owner at a time. This ownership can be managed through a unique ID and metadata and one else can replicate it.

Here are some special properties that non-fungible tokens have:

  1. Each token is directly linked to one ETH address
  2. They can not be directly interchanged with other tokens
  3. A token has only one owner and this info is verifiable easily
  4. Can be bought and sold easily on the ETH market

For people who are into creating NFTs, also it is pretty interesting and easy to prove that you are the sole creator of it.

You can determine the scarcity and you can also earn royalties when an NFT made by you is sold. Selling on the NFT market is well-optimized or you can sell peer-to-peer, also.

Will ownership of an NFT domain revolutionize the .com era?

There are already NFT domains that are selling for over $90 000 or 230 ETH.

There are hundreds of thousands of domains listed that can be sold for more than 0.01 ETH, which is something.

It means that the revolution of NFT and domains is linking heavy and it would only get more intriguing in the next few years.

Why NFT domains are so pivotal?

Simply put, domains are the starting ground on which we are all building our digital business.

This is the portal from which our customers are reaching out to us, drive traffic, purchase and we are making a profit, respectively.

Even as the years go by, domains are more important now in 2021 than in any other year in history.

It is more difficult to register a simple but yet effective domain with your brand and main keyword in it, so you can create your next big business. Competition is pretty stiff and driving decent traffic is even harder. It takes paid advertising, SEO, and social media.

Imagine you are starting this new wave of NFTs and registering your domains. If you are persistent enough in this niche, you can create a fortune and successful business model that will stand the test of time.

That’s why NFTs are important and domains combined with the technology can be the “next big thing” as some specialists and entrepreneurs love to say. These people are already reaping some sweet fruits off of this. Remember that.

Purchasing an NFT domain

As NFT investments are skyrocketing in 2021, it is extremely crucial to have gateways for online transactions. When you own an NFT related keyword that is memorable and can be brandable too, you can create your success story in this world of digital currency.

Of course, calculating risk must be taken only. NFTs are still new to most people and speculations and black-hat techniques may be used by some people, so be careful before entering this new venture.

NFT domains can be the future but only when they are regulated promptly and people can be sure 100% of their safety online in transactions, ownership, and building successful business models.