NFTs have taken the world by storm the past year, disrupting both the investing and art world. With anyone able to prove that they have legally created content entitled to sell an NFT, from videographers to entrepreneurs, artists have been taking advantage of the exciting new marketplace for digital art.
Despite their utility, though, the somewhat complex nature of NFTs have been misunderstood by many. NFT stands for non-fungible token, and their fungibility by definition means that NFTs are classified as one-offs. Unlike other cryptocurrencies, NFTs cannot be replaced. Although one Bitcoin can replace one Bitcoin, nothing will replace an original Picasso, nor an NFT. In this sense, NFT’s desirability and market value stem from their exclusivity.
Although NFTs have been rapidly adopted as a new form of investment over the last year or so, their value isn’t merely associated with just being collectable. The new asset class also has the potential to be not only a valuable investment but also a lucrative income when traded. Whatsmore, NFTs also provide a way for independent creators to earn an income. Since NFTs exist on the blockchain and are decentralized, they cut out any middlemen including prospective buyers and sellers.
NFTs inherently allow creators to spend less money on commissions and a faster transferring of ownership. Removing barriers between creators and their fans puts the power back in the hands of creators and less on the platforms that they are used to using to sell their work.
Creators can be anyone from a musician, blogger, digital artist, TikTok dancer, or Youtuber and they all share one thing in common; providing their works as a resource to their community that derives value. Many creators are able to have full-time careers doing so, whether it’s through direct sales, donations, brand sponsorships, or subscription fees.
Another reason NFTs are popular with the creator economy is their ability to track their digital art. Because they are based on the blockchain, they can be uniquely identified on the network. And once the digital original is uploaded onto the blockchain, the ownership can be traced to the original artist or uploader. Although the blockchain isn’t tracking the art, it’s tracking the unique token attached to the art.
One company in particular that has founded a community for creators in the NFT space is Loot NFT. The company has recently launched its fully immersive NFT experience, complete with its own battle-bidding area, marketplace, and fantasy Lootverse.
Loot NFT Battle Arena allows creators access by invitation only. Platform curators – 4IRNFT, Aya Curators, NFT Curation Partners, and NFT Technologies, handpick the creators and help them to list their work on the marketplace. Here members can buy and resell NFTs in auctions and collecting them unlocks rewards and creators showcase their creations in the auction arena, where they can receive proceeds from the auctions.
Loot NFT’s sprawling ecosystem is designed to engage players on multiple levels, with each component crafted to operate seamlessly across shared transaction ledgers. Every creation offered as an NFT in Lootverse is unique and can be either solely digital or digital and physical. Each creation belongs to a set with a particular theme; some of past themes include “Blazing and Minting”, “Periodic Table of Elements” and “Time Warp”.
Loot NFT allows both independent and minority creators with a platform to sell their work. As well as prioritizing the financial benefits of trading NFTs, the company is dedicated to celebrating art for its intrinsic creative value, and celebrates creativity in all forms. By utilizing Loot NFT’s platform, creators around the world are able to have access to a marketplace to sell their creations as well as reap the financial rewards that come with trading and staking.