The word NFTs or non-fungible tokens has been on the headlines for a while now. Everyone irrespective of being an investor or not is keenly watching this space and is investing in this space. Artists and digital creators view this as a great opportunity for them to make money in the digital space. Artworks have been sold for millions of dollars. In addition to artworks, even memes and tweets are being sold for millions of dollars just because they are minted to NFTs.
The market may seem crazy but is also claimed to be the future by experts considering its unique features. It is expected to spread its wings into various other industries other than digital artworks and cause some real turmoil in the way things work today. Keep reading to know more about NFTs, NFT marketplaces like Rarible, and how they can be your best shot to enter the cryptosphere.
What Is An NFT?
NFTs are non-fungible crypto-tokens running on the blockchain. These are generally digital assets minted to tokens. They are indivisible, secure, and cannot be traded with other tokens, they can only be sold. (Raible Clone)
What Is An NFT Marketplace?
An NFT marketplace is a platform where various non-fungible tokens can be purchased and sold. It is similar to eBay but for the non-fungible tokens integrated with a crypto wallet for transactions to be held in cryptocurrencies.
What Is A Rarible Clone?
Raible clone is a non-pareil NFT marketplace with exemplary features to enlist numerous digital assets as NFTs and sell them through auction. It is secured with blockchain technology and has an attractive user interface for both artists and investors to be excited about. It is a 100% customizable script similar to Rarible that can be customized in accordance with your business needs and your customer’s expectations.
Now, you probably have a vague knowledge of what these NFTs and NFT marketplaces are. Let me add more detail to it. (Raible Clone)
Stellar Features Of NFTs
- Indivisible Tokens
NFTs cannot be split, they are either bought or sold as one. It is similar to a movie ticket, you cannot share a ticket with two, you either lend it to someone else or you take the seat.
2. Scarceness
NFTs are not available in a huge number, they are rare, this adds up a huge value to them.
3. Uniqueness
Each NFT is unique, they are represented with unique IDs. This uniqueness in them adds value to them.
Workflow Of A Rarible Clone
- A user signs up with the platform at first in order to purchase or sell an NFT.
- The artist mints their digital asset into an NFT, to enlist it in the marketplace. This process is slightly similar to enlisting a product in an ecommerce store.
- The investor or the buyer surfs through the marketplace until they find the work they would love to own.
- Once their eyes have met with such an artwork, they bid a price for it.
- The creator responds with their price for the artwork. If the investor is ok with the price they pay the price and purchase the NFT.
- The transactions are conducted using the e-wallet like MetaMask integrated with the marketplace.
Why You Should Develop An NFT Marketplace Like Raible?
In the real world of arts, the artists are deprived of any kind of royalty. Once the artist has created a masterpiece he/she is expected to hire a curator or an art dealer to find the right auction to exhibit their work for sale. Once the auctions are held, the artworks are sold and the artist gets the money remaining from the commission deducted by the auctioneers and the curators and also loses the ownership of the artwork for eternity. The artists also do not get any royalty if the art is sold again.
But with an NFT marketplace like Raible, the artist is enrolled as the creator of the artwork and it stays there forever. When the art is sold to a collector, the artist gets around sixty percent of the money and is also susceptible to a 10% royalty throughout their lifetime, every time the art is sold by someone. The artist doesn’t lose their ownership and also gets royalty.
Apart from this, we all know that the world of art is luxurious and the commission amounts can be huge leading you to generate a fortune in a short span of time. (Raible Clone)
Final Thoughts
Hope you are aware of the opportunities an NFT marketplace like Rarible can bring to the table. To capitalize on it and take leverage of the market as much as possible.
