6 Interesting NFT Facts that Might Surprise You

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People who have invested in NFTs and those who are learning about this new technology must know that the world of NFTs is changing at a dizzying speed. 

In fact, NFTs saw a great explosion in popularity in 2021 and motivated several people to invest in them. But what are NFTs exactly? In short, NFTs are unique digital assets that could exist in any form. From a single image to a video, and an event ticket to a sports collectible, it could be anything.

Artists, developers, and other creators can earn a lot by creating and trading NFTs into a relevant marketplace. After all the tremendous growth and popularity of NFTs, there are still several issues and elements that people still don’t know.

So, today, we are going to reveal some interesting NFT facts that might surprise you a bit, and maybe you learn things that you were too afraid to ask.

NFT is NOT a Random JPEG Image

NFTs can store lots of information inside them just like a cloud storage provider. 

Now the images that are stored inside NFT are only the visual representation of your information, which even contain metadata just like the properties of several major collections. So, theoretically, you can easily store any file as an NFT which includes music, meme, Gifs, videos, images, etc.

NFT Collections are Limited

There are many popular NFTs that exist right now which mainly include CryptoPunks, Bored Ape Yacht Club, as well as Cool Cats. All of these are released as collections. So rather than some individual pieces of art that release periodically, the entire collection was released all at once which contains 1,000 to 10,000 individual NFTs.  

Now, most of these NFT collections were designed to release 10,000 individual artworks. But when a collector gets more popular with time, the demand for their limited asset usually increases the price. 

Since there were only 10,000 CryptoPunks, and thousands of NFT investors want one, the collection got increased in demand and earned tremendous popularity. 

Social Signaling with a Profile Image

You must be wondering what most people do with these NFT collections. Well, these are commonly used as profile pictures. Yes. That’s true. Today, most of the people on Twitter and different social media platforms like Facebook and Instagram, prefer to use NFT as their profile picture – which looks very cool.

But when you do this, you are signaling other people that you own a particular kind of NFT. 

In fact, many people tend to do this as a form of social signaling. Like if they own any particular NFT, like CryptoPunk or a Bored Ape, which are very amazing and valuable, then using them as a profile picture will be a form of bragging. 

But many people choose an NFT which usually reflects their values, preferences, and personality. So, in either case, using different NFTs on social media channels is getting extremely popular and currently driving a lot of adoption, especially in youth.

Not Every NFT is on Ethereum

We have all heard that NFTs exist on almost every blockchain. As I mentioned before that their formats can differ but the main principle will always be the same, so it will be a token that is unique and will usually have some great visual representation. 

Now the major NFT chain that exists outside of the Ethereum network is Tezos. Another thriving marketplace is Hicetnunc, Solana, Magic Eden and Solanart, and Harmony ONE (best for gaming). 

So, if you thought that every NFT is on Ether, then it’s recommended to check other marketplaces as well, maybe you like them too based on your NFT collection.

NFTs Help Artists to Reach New Audiences

That’s something very obvious but very amazing for creators and NFT artists.

With NFTs, they can easily reach a bunch of new people every day, who might be interested in their collection. 

NFTs are currently making new waves in the art market and trying to dominate the trends to offer more benefits to potential investors and buyers. Especially artists who are working on incredible pieces of art and transforming them into NFTs are earning lucrative amounts on each sale.

NFT marketplaces like OpenSeaNifty Gateway, and SuperRare are connecting artists with investors which is probably a new thing that attracts too many people. 

With more than 1.4 million unique visitors and up to $1.2 billion in sales amount in July 2021, the market is bursting with plenty of amazing opportunities and potential. So, if you are a new or struggling artist, then I would recommend you to become a part of these NFT marketplaces so you can increase the chances of connecting with more people.

OpenSea Platform Allows Free Minting

You must have heard about OpenSea, right? But I am sure you haven’t heard that this amazing platform doesn’t impose any kind of fee to mint NFTs. 

Yes, the platform is different than others. To differentiate itself, it only charges a payment on its final sale price, which is 2.5% and quite affordable for everyone.

OpenSea platform has already experienced enormous success in the last years, but now in 2022, its gaining incredible recognition due to its benefits and features. The business model has become more viable and offers excellent opportunities to all young creators to get started. It is a great encouragement for all business owners and someone new in the industry.

For more enthusiast NFT creators, they can also create their own NFT marketplace based on their needs. There are tons of options. They can either choose sports, arts, music, photography, development, or any type of marketplace they want.

Ending Thoughts

I am sure the above facts might surprise you a bit as these elements are not known by many people today. If you enjoyed reading them and want to explore further and also try your hands on NFT development, then NFT Unfold is the best place that can help you with everything. You can create, develop, and market your NFTs on the platform as the experts execute the best strategies to offer unlimited success and growth.