The popularity of NFTs has been a big topic for discussion during the last couple of years. While more and more enthusiasts are getting involved in the NFT world, there are plenty of people who still have no idea how exactly can they use the non-fungible tokens. Lack of information is one of the main reasons why so many people think about NFT holders as strange people who buy jpegs paying hundreds and thousands of bucks for no reason except for hype. While in some cases it can true, it’s definitely not a rule. Use your brain and you won’t fall into the trap.
So let’s talk about key things people can do with their NFTs. And hopefully, it will ruin the stereotypes and crazy myths about their uselessness.
After you did your research and checked the most important things to make sure you are investing in a decent project, it’s time to get that NFT. But what can you actually do when you officially become a holder? It certainly depends on the type of NFTs.
For example, collectible NFTs are the most common. Fans of all sorts of arts, memes, and even Tweets often like to hold such NFTs. Of course, they also hope the tokens will grow in value, and the holder will be able to resell them and make a profit. Music and art NFTs can be a particular example of collectible NFTs but they can also be used to praise the favorite artist and raise their status in the universe of art.
Utility NFTs are pretty amazing. We have recently mentioned them when we were discussing what is NFT alpha. Another example is the recent news that French sports authorities plan to use NFT tickets during major athletic competitions such as world championships and Olympics. The experts admitted it’s currently the only system that can absolutely eliminate ticket fraud. So as for the utility tokens, they can be used as a pass to any event, closed community, discussion group, and so on. It’s amazing it can be used both for virtual and in-person events such as conferences and auctions. The number of utilities is unlimited, and we will certainly see thousands of more applications of such tokens.
Another big category is game NFTs. It’s not hard to guess they are used to attain in-game items, kits, objects, and access to private zones and even game worlds. Achieving certain levels and other marketed uses can be extremely important for gamers. Some people are ready to pay thousands to get a new in-game appearance, clothing or receive the opportunity to rename their territory or virtual belongings. Sometimes game NFTs allow you to get the physical merch too.
Now that we named the most common types of non-fungible tokens, let’s briefly describe the most general things you can do once you become the NFT holder.
1. Investiing for short or long-term
Most of the NFT enthusiasts prefer quick flips but the right approach can help you make long-term investments too. It’s usually a high risk and low-liquidity investment but people still do it because NFT gambling is fun and because people might like art, the project concept, respect the developers, etc. Long-term investments require constant monitoring of the market. Holders also have to be ready to lose money if an urgent sale is necessary.
The ownership rights that you receive as a result of NFT purchase, usually allow you to display it wherever you wish! Some people even do blog content based on the plots built around their tokens. The thing you are not allowed to do is to make physical things and place the images of your NFTs on them and sell them. Copyright infringement is definitely not a good move for a cool guy like you.
3. Using the utility
We have mentioned tons of utilities that can belong to your NFTs, and there will be surely much more in the nearest future. Whether it’s gaming or utility NFTs, you can actually take advantage of the primary things, perks, and opportunities provided to their holders.
We hope now you know a bit more about the things you can do after purchasing the NFTs. Learning never ends for all of us, and together we will become the part of the digital revolution.