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Why minting NFTs is a good idea?
NFTs are the digital tokens in the crypto market that have large value. These tokens are the digital representation of unique assets. The assets can be unique art, sculpture, music, etc. The hype in NFTs and its audience interest tends to wild innovation of NFTs like tweets, prototypes, patents, accessories, footprints. NFTs have influence among a wide audience across the globe and supports businesses as a marketing medium to introduce their new ideas and concepts.
The Introduction of NFT standards by Ethereum attracted many blockchain networks for the adoption and invention of new NFT standards. The minting process is increased with the evolution of NFTs. Many companies have started to take part in NFT trends to gain market visibility to their business. Minting your NFT brings financial benefits by directly getting sold in auctions and the marketplace, or by reaching a new crypto audience and creating a new secondary market for your buisness.
Business benefits of NFT minting platform
Gains Better Market visibility
Developing an NFT minting platform offers better market visibility in the crypto crowd for its unique market
Stable revenue stream
Minting unique NFTs generates a stable, genuine revenue stream through new product inventory or secondary market creation
Business owners use these NFTs as a marketing tool for launching their new products and prototypes. This attracts a business crowd to mint their unique NFT in your minting platform.
Developing a NFT platform supports your business with real revenue in the crypto market.
Your NFT minting platform gives better audience traffic to your business due to NFTs intrinsic value, uniqueness and scarcity.
English AuctionsAn English Auction, also referred to as an open cry ascending auction, starts by an auctioneer announcing the suggested opening bid or reserve price for the item on sale. The buyers with interest in the item start placing bids on the item on sale, with the auctioneer accepting higher bids as they come.
The buyer with the highest bid at any time is considered the one with a standing bid, which can only be displaced by a higher bid from the floor. If there are no higher bids than the standing bid, the auctioneer announces the winner, and the item is sold to the person with the standing bid at a price equal to their bid. If the reserve price is not met or no buyer places an economically fair bid, the seller can take the item off the market.
One of the unique features of an English auction is that the bidders are aware of the prices and the numbers of other bidders.
Dutch AuctionsA Dutch auction is a market structure in which the price of something offered is determined after taking in all bids to arrive at the highest price at which the total offering can be sold. In this type of auction, investors place a bid for the amount they are willing to buy in terms of quantity and price.
A Dutch auction also refers to a type of auction in which the price of an item is lowered until it gets a bid. The first bid made is the winning bid and results in a sale, assuming that the price is above the reserve price. This is in contrast to typical auction markets, where the price starts low and then rise as bidders compete among one another to be the successful buyer.
What Are Non-Fungible Tokens (NFTs)?
Before we get into the nitty-gritty of NFTs, you need to understand the blockchain. Since its conceptual introduction in 2008 by Satoshi Nakamoto, the blockchain has perplexed the world. This decentralized ledger uses cryptography to permanently string together blocks of data.
Blockchain is the technology that powers Bitcoin, Ethereum, and every other cryptocurrency in the world. It leveraged this decentralized public ledger to solve a theoretical riddle for digital currencies, the “double-spend” problem.
Cryptocurrencies are what’s known as fungible tokens. Much like with two separate dollar bills, there’s no difference between one Bitcoin and another. They’re completely identical in every way. Cryptocurrencies aren’t the only thing that blockchains are capable of, though.
Non-fungible tokens exist at the opposite end of the spectrum. Like cryptocurrencies, they’re cryptographic tokens registered on a specific blockchain. However, they’re each entirely unique (and therefore, not mutually interchangeable) — like serialized collectibles of the digital world.
There are multiple types of NFTs out there. Digital art can be registered on a blockchain, for example, as a way to certify authenticity and ownership. The result would be digital art NFTs that represent ownership of original, authentic artworks.
Understanding Blockchain Domains
Now that you have a better grasp of what non-fungible tokens are, we need to talk about blockchain domains. However, before we do that, you should know how domain names work.
How Domain Names Work
Computers connected to the internet have an IP address. These unique addresses allow individual devices to be identified on networks. However, they’re long and hard to remember. For example, Google.com’s IP address is 22.214.171.124. Not particularly memorable, is it?
Domain names provide an easier alternative. Instead of typing “126.96.36.199” in your browser’s address bar, you simply type “Google.com” and hit enter. Your browser automatically figures out that the website “Google.com” is hosted at the aforementioned IP address.
For that to happen, domain names need to be registered in the Domain Name System. DNS servers are spread all over the world, and help browsers resolve domain names to IP addresses. Internet service providers then connect users to the appropriate IP address.
The DNS network is administered by the Internet Corporation for Assigned Names and Numbers (ICANN). They oversee the development and architecture of the overall system at the top level. Up until recently, ICANN and DNS were the only methods to obtain a working domain name.
Blockchain Domain Non-Fungible Tokens
Enter blockchain domain non-fungible tokens (NFTs). They combine the easy trading of NFTs with customizable domain names built on blockchain. In the past few months, they’ve also seen a sudden rise in consumer and investor interest — for several reasons.
Companies such as Unstoppable Domains and protocols like Namecoin allow users to purchase blockchain domains, and even entire domain namespaces. The latter allows users to rent or sell individual domain NFTs down the road. For example, the owner of “.crypto” domains on a specific blockchain protocol can rent or sell individual “name.crypto” domains. This can pose a unique opportunity for early investors. Some, like Mark Cuban, are already looking towards this new, booming market.
Cuban has already launched several lines of collectibles, figurines, and digital art powered by NFTs. Still, he believes that these novelties are mere proofs-of-concept. “The real growth comes when corporate [intellectual property] goes [to NFTs],” tweeted Cuban in late February 2021.