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Do you know what WAGMI or NGMI means? If you are new to the NFT sector, chances are that you may have encountered certain words or terminologies used regularly in social media. While it can be confusing to understand these words, it is also necessary to learn them to navigate through the NFT space.



This article will introduce you to a basic NFT dictionary that will help you understand the NFT market better and make your presence more meaningful in the industry. Whether you are an NFT buyer or seller, it is important to know these words.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://adminblog.upyo.io/wp-content/uploads/2022/12/317998405_1512687459232697_4797904382247007660_n-1024x538.jpg" alt="nft dictionary" class="wp-image-2999" srcset="https://adminblog.upyo.io/wp-content/uploads/2022/12/317998405_1512687459232697_4797904382247007660_n-1024x538.jpg 1024w, https://adminblog.upyo.io/wp-content/uploads/2022/12/317998405_1512687459232697_4797904382247007660_n-300x158.jpg 300w, https://adminblog.upyo.io/wp-content/uploads/2022/12/317998405_1512687459232697_4797904382247007660_n-768x403.jpg 768w, https://adminblog.upyo.io/wp-content/uploads/2022/12/317998405_1512687459232697_4797904382247007660_n.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2>What&#8217;s The Meaning Of NFT Slang?</h2>



NFT Slang or NFT terms are the common words or phrases that are frequently used in the NFT sector. Knowing these words helps you navigate the NFT space easily. For instance, consider a scenario where you do not know what NFT or <a href="https://upyo.com/en/post/expensive-bored-ape">BAYC means</a>. This can be inconvenient, as you will have no idea what is going on in this domain.



Moreover, the NFT industry is growing rapidly, and one must keep up with the changes and whatever additions the market is undergoing to stay relevant. In short, knowing NFT terminology is important if you are serious about the NFT industry.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://adminblog.upyo.io/wp-content/uploads/2022/10/310436477_649512320137734_9195726767137462902_n-1024x538.jpg" alt="nft wording" class="wp-image-1886" srcset="https://adminblog.upyo.io/wp-content/uploads/2022/10/310436477_649512320137734_9195726767137462902_n-1024x538.jpg 1024w, https://adminblog.upyo.io/wp-content/uploads/2022/10/310436477_649512320137734_9195726767137462902_n-300x158.jpg 300w, https://adminblog.upyo.io/wp-content/uploads/2022/10/310436477_649512320137734_9195726767137462902_n-768x403.jpg 768w, https://adminblog.upyo.io/wp-content/uploads/2022/10/310436477_649512320137734_9195726767137462902_n.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3>NFT Glossary&nbsp;</h3>



Here are some of the basic and essential non-fungible token terminologies that help you understand what&#8217;s going on in the sector:



1:1 Art: It is a distinct piece of artwork that comes in just a single edition. The cost of such artwork is usually expensive due to its uniqueness and rarity.&nbsp;



Airdrop: This is a process of transferring non-fungible tokens or cryptocurrencies for free of cost to various addresses to entice early adopters of the initiative and reward them appropriately.



ADA: It is a native currency of the Cardano blockchain network.



AB: Refers to a non-fungible token platform, Art Blocks, which deals with generative non-fungible token art.



AMA: Stands for &#8216;Ask me anything&#8217; and is majorly used by non-fungible token artists when introducing their ventures. This is viewed as an event, and generally, an NFT with numerous AMA events on Discord is regarded as an excellent non-fungible token.



AFAIK: It stands for &#8216;As far as I know.&#8217;



Alpha: The word is used when someone gets exclusive hands-on information that is not available in public.



Ape in: Refers to the act of people rushing to purchase new non-fungible tokens or coins without conducting proper research. This is often seen as irresponsible conduct.



Asset: It refers to tokens or digital collectibles.&nbsp;



ATL/ATH: It simply refers to &#8216;All Time Low&#8217; and&#8217; All Time High,&#8217; representing failure or celebrating success.



BTC: It is the short form for Bitcoin.



Bot: It is nothing but automated software or algorithms that automatically publish projects and also answer questions sometimes.&nbsp;



Bitcoin: It is one of the most popular cryptocurrencies.



BTD: It stands for &#8216;Buy the dips&#8217; and is used when the value of a non-fungible token is low but on the rise. This word is used as a reassurance.



BSC: It is the short form for Binance Smart Chain.



Bullish: This word is mainly used when investors anticipate an increase or appreciation in the token&#8217;s value (in the near future).



Burn/burning: This term refers to the destruction of the non-fungible token.&nbsp;



Copy Cat: It refers to a knock-off project that copies another NFT project (probably a popular one).



DAO: This stands for Decentralised Autonomous Organisation with no central entity to manage it. Instead, it is an organization of companies or projects that runs based on rules coded in smart contracts. Usually, these rules cannot be modified unless the <a href="https://upyo.com/en/post/dao-nfts">DAO members vote for them</a>.



DeFi: It simply stands for &#8220;decentralized finance&#8221; and is different from traditional finance. To elaborate further, DeFi does not have a bank that governs your money; instead, it only has complete control over it.&nbsp;



dApp: It means &#8220;decentralized application,&#8221; a software application that does not run a centralized server but partially on a distributed network/blockchain.



Degen: It is a short form of &#8220;degenerate&#8221; and refers to NFT investors who invest in any non-fungible token without proper research.



Delist: It refers to the cancellation process of the NFT listing for sale from an open market.



Drop: It is used to announce a new NFT launch. Or in other words, it is used to say that a new digital collectible is going to be out soon.



Diamond Hands: This term is used for people who do not hold or sell their holdings under market pressure or high volatility.



DEX: It is a short form of Decentralized exchange where there are no third parties involved or central entity to govern transactions. Instead, it is a purely peer-to-peer transaction.



Ded: It is a short form for &#8216;Dead,&#8217; which simply means the non-fungible token is dead.



Discord: This is social media platform or, in other words, a group-chatting site for non-fungible token ventures and communities.&nbsp;



DYOR: It stands for &#8216;Do Your Own Research,&#8217; which simply suggests conducting research before investing or buying a non-fungible token and ensuring the token is worth the investment.



ETH: It stands for Ether, the native currency of the Ethereum blockchain.



ERC-721: It is a token standard that is used in the creation of unique non-fungible tokens, which is different from ERC-20.



Exchange: It refers to the platform where non-fungible tokens and cryptocurrencies are bought and sold with credit cards.



Fiat: It is nothing but government-issued currencies (Euro, USD, etc.) that are not pegged to the price of commodities, such as gold or silver.



Floor sweeping: It is the term usually used for a group of people or an individual who continuously purchases non-fungible tokens that are listed lowest price.



Floor/Floor price: It is the lowest price of a non-fungible token and is fixed when a venture mints its tokens for the first time. Floor price or value is considered to analyze if a specific non-fungible token is gaining or losing value.



Flipping: This term is used when you purchase non-fungible tokens in order to sell them when their value gets increased. It is associated with reselling with the aim of making a profit.



FOMO: This general term stands for &#8216;Fear of missing out.&#8217; It refers to investment psychology, where people invest in numerous ventures even if they are new and do not have many details due to the irrational fear of missing out on good ventures.



Gas: It refers to the fees (in native currency) that must be paid by the user to the network in order to perform transactions on it.



GWEI: This is the measurement of gas fees and stands for nanoether (0.000000001 ETH).



GMI: It stands for &#8216;Gonna make it&#8221; to give an idea about the future of any investments and whether they are giving high returns or not.



HODL: Stands for &#8216;Hold on for dear life&#8217; and suggests holding an asset for a very long time, irrespective of its price.



IRL: It stands for &#8216;In real life&#8217; and refers to the real world.



IPFS: It is a P2P (peer-to-peer network) that is used for sharing and storing data on a distributed file system and stands for &#8216;Interplanetary File System.&#8217;



KOL: It is the shortened form of &#8216;Key opinion leader&#8217; (social media influencer).



LL: It stands for &#8216;Larva Labs,&#8217; which is popular for the CryptoPunks NFT collection.



Mint: Minting is the word that is used to refer to the NFT creation process on the blockchain.



Metaverse: It refers to the new version of the internet, Web 3.0.



Mods: It is used to refer to the moderators of the Discord or Twitter channel.



Moon: This word is used for the high valuation or high price of a non-fungible token or coin. For instance, whenever the value of an NFT goes up, we can say that the asset is &#8216;going to the moon&#8217; or &#8216;mooning.&#8217;



Multisig: Stands for &#8216;multi-signature wallet,&#8217; and as the name suggests, this wallet requires multiple signatures to facilitate a transaction.



Moonboy: It is used for someone who is fanatical about a non-fungible token venture.



NFA: This is similar to DYOR and stands for &#8216;Not financial advice.&#8217;



Noob: It is used for someone who is new to the non-fungible token sector and does not know much about the NFT market.



NGMI: This is opposite to GMI and stands for &#8216;Not gonna make it&#8217; and is used for those people who make bad trading decisions.



OG: This slang refers to &#8216;original&#8217; and stands for &#8216;Original gangster.&#8217; One may use this word for someone who is the original or originator.



Paper hands: It is just the opposite of diamond hands and is used by people who sell their non-fungible tokens very fast without holding them for long periods of time.



PFP: It means &#8216;Profile picture&#8217; or &#8216;Picture for proof.&#8217;



P2E: It simply refers to &#8216;Play to earn&#8217; games.



Rug/rug pull: Refers to the act when a team abandons its non-fungible token venture and runs away with the funds.



Smart contract: It refers to a self-executing software program consisting of transaction details and other relevant information between buyer and seller.&nbsp;



Shilling: This term is used when a person advertises or promotes a non-fungible token venture on social media as part of a marketing strategy.



WAGMI: This is <a href="https://upyo.com/en/post/ngmi-wagmi">again similar to GMI</a> and stands for &#8216;We all gonna make it,&#8217; hinting at possible future returns on investment.



These are some of the basic terminologies in the NFT sector that can help you in the crypto space. However, apart from these, there are phrases too.



<h2>Conclusion</h2>



Seeing so many words or terminologies floating in that NFT space can be daunting for a newbie. Although it sometimes sounds confusing, using NFT slang in non-fungible token-based communities can improve your knowledge about NFTs. This article consists of basic words that are prevalent in the crypto community. You can start understanding the words from this post and gain more knowledge as you spend more time in the NFT sector.

The Ultimate NFT Slang Guide For Beginners

Do you want to own non-fungible tokens but do not have enough money to actually purchase them? Are you one of those who feels that NFTs are expensive and you can never buy them? Well, we have good news for you! Go for NFT renting!



Yes, NFT renting is a concept that benefits people who want to experience how non-fungible token works. So, what exactly does renting non-fungible tokens mean? How can one borrow it? This article will shed light on these fundamental questions and help you understand this concept better.



<h2>What’s NFT Renting? </h2>



NFT renting basically refers to the procedure of renting a non-fungible token for a specific period using a <a href="https://upyo.com/en/post/nft-smart-contract">smart contract</a>. Usually, NFT owners rent their non-fungible tokens to interested parties who do not possess digital assets. There are non-fungible token markets that facilitate this transaction.



<h3>How does it work?</h3>



Typically, this renting process begins at a good rental platform or marketplace with a blockchain network supporting this process. The NFT holders list their non-fungible tokens on these sites so interested people can go through them. The non-fungible tokens will have basic details, such as the intended cost of the token per day and the duration that the owners want their NFT to be listed on the site.



Numerous blockchain networks support NFT renting, such as N3RP, Vera, UnitBox DAO, reNFT, Trava NFT, and much more.&nbsp;



Once the non-fungible token holder and the borrower agree on the cost, rent duration, and other aspects, they can embed these terms into a smart contract and initiate the transaction. The renter usually pays for the non-fungible token to the smart contract, and once the rent duration is completed, the smart contract returns the non-fungible token to the original holder.&nbsp;



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/Smart-Contract-1024x538.png" alt="rent nft" class="wp-image-1249" srcset="https://adminblog.upyo.io/wp-content/uploads/2022/09/Smart-Contract-1024x538.png 1024w, https://adminblog.upyo.io/wp-content/uploads/2022/09/Smart-Contract-300x158.png 300w, https://adminblog.upyo.io/wp-content/uploads/2022/09/Smart-Contract-768x403.png 768w, https://adminblog.upyo.io/wp-content/uploads/2022/09/Smart-Contract.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



There are two types of renting: collateral renting and collateral-less renting:



<ul>
<li>Collateral non-fungible token renting:</li>
</ul>



In this type of renting, the borrower offers collateral to the NFT holder to utilize their non-fungible token for a certain period. Furthermore, the borrower is supposed to pledge something that possesses a higher price than the borrowed non-fungible token to protect the owner’s interest.



Apart from this, the borrower must again pay a certain fee as rent for using the non-fungible token. Once the rent contract expires, the non-fungible token is given back to the original owner, and the pledged collateral is sent to the borrower. In case the borrower does not return the non-fungible token, the owner gets the collateral.&nbsp;



<ul>
<li>Collateral-less non-fungible token renting:</li>
</ul>



This type of renting is similar to collateral non-fungible token renting. However, as the name implies, no collateral is locked in this type of renting, and the borrower, instead of getting an original NFT, gets a wrapped NFT with the same characteristics as the real NFT. Experts opine that this renting minimizes the financial risk for the borrower and the lender. 



Once the rent duration is completed, the wrapped non-fungible token is burned, and since the holder does not lend the NFT, it remains with the owner itself.&nbsp;



<h2>Why rent NFTs?</h2>



Renting NFTs is gaining momentum and confidence from NFT holders and investors across the globe. There are numerous reasons why an NFT owner rents an NFT, of which one of the significant reasons is that renting increases the value proposition of a non-fungible token. NFT renting is beneficial for both lender and borrower.



Non-fungible token renting opens up a new revenue stream for non-fungible token holders so that they earn passive income. It is known that non-fungible tokens offer some utilities, and it usually has a specific price. But it is also possible that sometimes, the owner may not want to utilize it, and in such cases, the NFT can be lent to others, and they can earn a side income. Know more about <a href="https://upyo.com/en/post/make-money-with-nft">making money from NFT</a>.



Furthermore, it is also a good opportunity for renters or borrowers as renting an NFT gives them a chance to experience the non-fungible tokens without having to purchase them. They can, in fact, use their utility for a specific time duration and reap its benefits.&nbsp;



Here are some common reasons borrowers rent an NFT:



<h3>Flexibility to use:</h3>



Sometimes, one may need to use a non-fungible token for a short duration, and in such cases, it is best to rent an NFT instead of buying one. 



<h3>Expensive costs:</h3>



Some of the non-fungible tokens are expensive and hard to buy. However, people who cannot purchase such costly NFTs can get an experience of these tokens by renting without spending too much money.



<h3>Uncertainty about value:</h3>



NFT investors sometimes fear that the value of a specific non-fungible token may go down after they purchase it. Thus, in such cases, one may simply rent the non-fungible tokens for a short period.



<h3>A trial before purchase:</h3>



Renting NFTs offers a chance to try out the non-fungible tokens before actually purchasing them. This can be beneficial for everyone who wants to be sure before the purchase.



<h3>Insufficient space:</h3>



When a non-fungible token is purchased, it may need huge storage space. However, renting will not require such a thing. 



<h2>How to make money from renting NFTs?</h2>



Renting non-fungible tokens helps its owner get passive income, and this trend is popular and receptive in the gaming community (play-to-earn games or move-to-earn). In fact, the GameFi industry is one of the leading sectors for non-fungible token renting.&nbsp;



Usually, the non-fungible tokens that are in demand and P2E NFT games are good choices for renting purposes. The normal non-fungible tokens that are in huge demand can be rented using one of the renting methods mentioned above.&nbsp;



Also, there are numerous <a href="https://upyo.com/en/post/nft-games">P2E games</a> where players must pay exorbitant fees or purchase high-priced non-fungible tokens to play the game and earn crypto through it. Thus, some of the game sites permit non-fungible token owners to rent some of their already-owned assets to new players. This helps the game to increase its active user base to a great extent. Moreover, this also helps NFT holders to earn rental fees and boost their earnings.



However, there are some other instances where the player has enough non-fungible tokens to start a game. However, they lack extra non-fungible tokens that can enhance their earnings. And these NFTs are exorbitant; thus, they can borrow non-fungible tokens again in such situations.



Apart from games, another site where rentals make sense is virtual plots. This is because buying Metaverse lands or virtual plots is pretty expensive. Additionally, renting out virtual or digital art is another option to make money. Digital artists can lend their artworks to people or art galleries and earn some rental fees through it.



<h2>Top NFT renting Platforms </h2>



Numerous renting sites are popular for NFT renting. Here are some platforms that you can count on:



<h3>IQ Protocol</h3>



This site favors collateral-less renting and issues wrapped NFTs to the borrower. The smart contracts will have an expiration date or rent duration, which determines the period up to which the borrower can retain the wrapped non-fungible tokens. However, the original non-fungible token will remain with the owner.



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="875" height="492" src="https://adminblog.upyo.io/wp-content/uploads/2023/03/1_lg2FpztbRn786zjEeJArSg.png" alt="Iq Protocol for NFT Rentong" class="wp-image-4897" srcset="https://adminblog.upyo.io/wp-content/uploads/2023/03/1_lg2FpztbRn786zjEeJArSg.png 875w, https://adminblog.upyo.io/wp-content/uploads/2023/03/1_lg2FpztbRn786zjEeJArSg-300x169.png 300w, https://adminblog.upyo.io/wp-content/uploads/2023/03/1_lg2FpztbRn786zjEeJArSg-768x432.png 768w" sizes="(max-width: 875px) 100vw, 875px" /></figure>



<h3>reNFT</h3>



This site primarily facilitates renting non-fungible tokens and supports collateral-based renting. Usually, non-fungible token owners will list (upload) their NFTs on this site and establish a price for them. Anyone who is interested in borrowing the non-fungible tokens will thus have to submit a collateral equivalent to that price. Additionally, the owner will also fix the rental duration and rental fees.



The collateral will be returned to the borrower once the borrowed non-fungible token has been returned. However, if the borrower fails to do so, the owner may keep the collateral without returning it.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="576" src="https://adminblog.upyo.io/wp-content/uploads/2023/03/reNFT-1024x576.jpg" alt="reNFT for renting NFT" class="wp-image-4898" srcset="https://adminblog.upyo.io/wp-content/uploads/2023/03/reNFT-1024x576.jpg 1024w, https://adminblog.upyo.io/wp-content/uploads/2023/03/reNFT-300x169.jpg 300w, https://adminblog.upyo.io/wp-content/uploads/2023/03/reNFT-768x432.jpg 768w, https://adminblog.upyo.io/wp-content/uploads/2023/03/reNFT.jpg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3>UnitBox DAO</h3>



This is again a collateral-less renting platform that is based on DAO. A platform is a perfect place for people who are interested in P2E game NFT rentals, as it is a part of the GameFi sector. Borrowers may not pledge any collaterals to use non-fungible tokens on this site. 



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="576" src="https://adminblog.upyo.io/wp-content/uploads/2023/03/UnitBox-DAO-1024x576.jpg" alt="UnitBox DA for nft renting " class="wp-image-4899" srcset="https://adminblog.upyo.io/wp-content/uploads/2023/03/UnitBox-DAO-1024x576.jpg 1024w, https://adminblog.upyo.io/wp-content/uploads/2023/03/UnitBox-DAO-300x169.jpg 300w, https://adminblog.upyo.io/wp-content/uploads/2023/03/UnitBox-DAO-768x432.jpg 768w, https://adminblog.upyo.io/wp-content/uploads/2023/03/UnitBox-DAO.jpg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Apart from these sites, there are other platforms that support NFT renting, such as Vera, Defy, Trava Protocol, and so on. One must thoroughly research the non-fungible tokens and the rental platforms before renting.



<h2>Conclusion</h2>



NFT renting is a relatively new concept and is still in its nascent stage. However, it is sure to evolve with time. In fact, there are some good NFT rental marketplaces where people rent NFTs to earn passive revenue. Renting NFTs will empower NFT holders and give a first-hand experience for those who cannot own non-fungible tokens

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Are NFTs dead?&nbsp;



Certainly, you are not the only one who thought this when the mighty NFT market started its downward trend. After enjoying glorious fame, the fall of non-fungible tokens left everyone shocked and panicky. Everybody anticipating the next significant drop in NFTs turned speechless at the losses they suffered.



As tragic as the decline of NFTs or cryptos monetarily is, it is also heartbreaking news, for it diminishes the promise of an alternative digital market that NFTs held.&nbsp;



But what really went wrong with non-fungible tokens? Is there a way that the market can bounce back?



This article will analyze the cause(s) of the NFT market collapse and discuss the future of NFTs.



However, before dwelling on the reasons, let&#8217;s quickly have a glance at what non-fungible tokens are.



<h2>NFT: What is it?</h2>



Non-fungible tokens, or NFTs, are unique tokens or virtual entities. They can be the virtual representation of physical objects, such as art, properties, monuments, and others. The non-fungible tokens offer ownership to people over the products with the assistance of blockchain. The earliest mention of non-fungible tokens dates back to 2012.&nbsp;Know more about <a href="https://upyo.com/en/post/nft-for-dummies">NFT for dummies</a>.



However, it was only in 2017 that NFTs rose to prominence and gained worldwide popularity. Coming to the technical explanation of non-fungible tokens, one can say that it is a non-interchangeable units of data stored on a blockchain. This data cannot be destroyed, tampered with, or replicated.&nbsp;



A blockchain can validate non-fungible tokens and provide them with extrinsic value. Some of the popular types of non-fungible tokens include digital artwork, collectibles, domain names, event tickets, and ownership records for physical assets.&nbsp;



<h3>Did the NFT Market Collapse? What does it mean?</h3>



Yes, the NFT market started to plummet in February 2022 and declined steeply by the end of the year. This came as a shock since the market showed tremendous growth, and some of the non-fungible tokens were sold for millions of dollars. Unfortunately, the market tanked, giving rise to numerous questions and doubts among the people.



Here are some statistics from various surveys that show how the market has declined:



<ul>
<li>An 88% drop in the trading volume on non-fungible token platforms</li>



<li>An 80% drop in the value of the non-fungible tokens</li>



<li>Fall in the &#8220;Bored Ape Yacht Club&#8221; market cap by $2 billion</li>



<li>A steep decline in the non-fungible token sales by $1.6 billion globally in the third quarter of 2022</li>



<li>According to Chainalysis, the average price of non-fungible token sales dwindled rapidly, by 92% since the beginning of May 2022 (the price fell from $3,894 to $293)&nbsp;</li>



<li>The year-over-year sales of Axie Infinity and Gods Unchained were down by 93%.&nbsp;</li>
</ul>



Some of the <a href="https://upyo.com/en/post/popular-nfts">popular non-fungible tokens</a> that have gone down in value are:



<ul>
<li>&#8220;The Currency,&#8221; a collection of NFTs by celebrated artist Damien Hirst, fell 12.6% to $4,666.60</li>



<li>&#8220;Bored Ape Kennel Club &#8220;fell 8.3% to $4,672.60</li>



<li>“Moonbird” NFTs fell 4.7% to $8,397.50</li>
</ul>



This type of market collapse simply means huge losses to collectors, investors, and the organizations involved with it.&nbsp;



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="695" src="https://adminblog.upyo.io/wp-content/uploads/2023/02/Moonbird-NFT-1024x695.jpeg" alt="" class="wp-image-4296" srcset="https://adminblog.upyo.io/wp-content/uploads/2023/02/Moonbird-NFT-1024x695.jpeg 1024w, https://adminblog.upyo.io/wp-content/uploads/2023/02/Moonbird-NFT-300x204.jpeg 300w, https://adminblog.upyo.io/wp-content/uploads/2023/02/Moonbird-NFT-768x521.jpeg 768w, https://adminblog.upyo.io/wp-content/uploads/2023/02/Moonbird-NFT-1536x1042.jpeg 1536w, https://adminblog.upyo.io/wp-content/uploads/2023/02/Moonbird-NFT-2048x1390.jpeg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2>What led to the collapse of the NFT market?</h2>



While the crypto market decline or crypto &#8220;winter&#8221; is one of the major reasons attributed to the NFT market crash, this is not the single reason that led to the decline. Numerous crypto and NFT experts have observed that a bunch of reasons led to NFT losses. Let us see what some of the reasons are:



<ul>
<li>Cybersecurity issues</li>
</ul>



One of the foremost reasons that have always plagued non-fungible tokens is distrust of non-fungible tokens&#8217; safety. Although NFTs have been considered secure, some instances created doubts regarding their security. One such case occurred in 2022, where non-fungible tokens worth $100 million were stolen.&nbsp;



Elliptic, a blockchain analysis company, chronicled this report and stated that such crimes are bound to increase in the face of the cryptocurrency crash.&nbsp;



Furthermore, a study revealed that the value of stolen non-fungible tokens based on these scams increased from $3.2 million to $15.4 million between 1st and 2nd quarters of 2022. Thus, these kinds of theft reports will naturally affect the trust of an investor or collector.&nbsp;



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://adminblog.upyo.io/wp-content/uploads/2023/02/NFT-Scam-1024x538.png" alt="" class="wp-image-4297" srcset="https://adminblog.upyo.io/wp-content/uploads/2023/02/NFT-Scam-1024x538.png 1024w, https://adminblog.upyo.io/wp-content/uploads/2023/02/NFT-Scam-300x158.png 300w, https://adminblog.upyo.io/wp-content/uploads/2023/02/NFT-Scam-768x403.png 768w, https://adminblog.upyo.io/wp-content/uploads/2023/02/NFT-Scam.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<ul>
<li>Crypto Volatility</li>
</ul>



The fall of cryptocurrency is one of the significant reasons for the decreased investor confidence and interest. As discussed above, crypto and non-fungible tokens have a strong correlation with each other, and in a way, the non-fungible token market depends on crypto. Thus, one can say that the valuation of non-fungible tokens is affected by crypto.



Furthermore, this crash has given rise to other sets of problems, such as layoffs in the metaverse and blockchain companies. In other words, volatility and value decline affected some big organizations, such as Blockchain.com, which announced huge layoffs. This is because of the decline in crypto and non-fungible token prices.



<ul>
<li>Inflated Market</li>
</ul>



According to Ethan McMahon, an economist, the overvaluation or inflated non-fungible token market is also a partial reason for the decline in non-fungible token transaction volume. If one observes the market trend of the past two years, it can be easily deduced that NFTs had a very hyped-up promotion.&nbsp;



For instance, the famous digital artist Beeple sold his NFT creation for a whopping $69 million at an auction. Furthermore, numerous non-fungible token collections were sold for millions of dollars, like Bored Ape Yacht Club (this collection&#8217;s NFTs were bought for $2 million per piece).&nbsp; Discover the <a href="https://upyo.com/en/post/most-expensive-nfts">most expensive NFTs of all time</a>.



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="1024" height="606" src="https://adminblog.upyo.io/wp-content/uploads/2022/12/Beeples-artwork.jpg" alt="Beeple nft artist" class="wp-image-2941" srcset="https://adminblog.upyo.io/wp-content/uploads/2022/12/Beeples-artwork.jpg 1024w, https://adminblog.upyo.io/wp-content/uploads/2022/12/Beeples-artwork-300x178.jpg 300w, https://adminblog.upyo.io/wp-content/uploads/2022/12/Beeples-artwork-768x455.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Apart from these, some celebrities endorsed non-fungible tokens. Elon Musk, Justin Bieber, Madonna, and Tom Brady are some of them who promoted NFTs massively. Naturally, this kind of publicity propelled the value of non-fungible tokens to great heights at an unfeasible rate.



As a result, NFT, similar to other markets, experienced impulse purchases, unregulated hype, and superabundance. All of these led the highly speculative and quick-moving non-fungible token market to a quick burnout. One may think that this market decline is making up for earlier overvaluation that non-fungible tokens enjoyed.



<ul>
<li>Economic Cycle</li>
</ul>



Numerous NFT experts feel that the crash in the non-fungible token market is similar to other market declines. The world is fully aware of recessions, hikes in oil prices, and other sectors. Every market goes through ups and downs in cycles, and the non-fungible token sector is no exception. So, this dip in the NFT market may improve in the future.



While all these are some of the contributing factors to the collapse of the NFT market, one cannot deny market factors, regulatory concerns, and the association between the crypto market and NFTs played a huge role that led to this crash. Since non-fungible tokens are bought with cryptocurrencies by most collectors, any fluctuation in the crypto market deeply impacts the NFT market.&nbsp;



Additionally, the global economy and monetary policy are not in great condition prompting investors to pull away from riskier assets, such as NFTs. Therefore, this prevailing negative sentiment is also one of the factors that led to the market crash.&nbsp;



So, will NFTs remain susceptible to the cryptocurrency market? That is yet to be determined, but let us see what the impact of this collapse was.



<h2>Impact of NFT market collapse&nbsp;</h2>



The decline in the NFT market has impacted various sectors and stakeholders involved with it. Before the crash, non-fungible tokens were raging globally, with sportspersons, celebrities, artists, and big retailers endorsing this technology.&nbsp;



The NFT industry is, however, working to restore customer trust due to cryptocurrency&#8217;s decline and FTX&#8217;s failure. The market collapse has severely affected investors&#8217; conviction in non-fungible tokens, which may take some time to rebuild confidence.&nbsp;



Apart from investors and collectors, the NFT crash has dented the prospects of NFT creators. Blockchain technology and Non-fungible tokens paved the way for artists to showcase their talent or creation on a wide platform. The artists got substantial monetary benefits and recognition on a digital platform that has been reduced. Overall, one can say that confidence and money took a great hit with the NFT market collapse.&nbsp;



However, the fall taught many people to be cautious about investments and to have a basic understanding of market volatility.&nbsp;



<h2>The Future of NFTs in 2023</h2>



Although non-fungible tokens suffered a setback, recent reports state that the market is recovering. While it is too early to predict whether it will return to its earlier glory, experts opine that the setback is a hiccup. Numerous experts are asking people to have patience as the market recovers.&nbsp;



The latest report from the DappRadar website states that the non-fungible token market and its trading volume are picking up. Here are some statistics from DappRadar that give a positive picture of the NFT market:



<ul>
<li>The trading volume of non-fungible tokens from January to February 2023 increased by 38% touching $946 million, the highest trading volume since June 20, 2022.</li>



<li>The trading volume on the Ethereum blockchain from January to February 2023 increased by 37.29% to $659 million.&nbsp;</li>



<li>NFT sales increased by 42%, reaching 9.2 million units.</li>



<li>The number of Ethereum NFTs sold from January to February 2023 increased by 7.37%, touching just over 2 million.</li>
</ul>



<h4>Conclusion</h4>



Overall, the NFT market crash is an opportunity to regulate the market and make it more secure. Although the crash was a disaster, one cannot say that this is the end of NFTs. The market is returning to normalcy, and the upward trend offers positive hope to collectors, investors, and other stakeholders involved.

NFT Market Collapse: Reasons, Effects, and Future

Are non-fungible tokens going to usher in a new era of authenticity in the healthcare sector? Launched in 2014, NFTs are catching headlines for various reasons today. One of the unique attributes of this attention grabbing tokens is ownership. In other words, NFTs guarantee ownership of assets without any hitches. Thus, its application in sectors like <a href="https://upyo.com/en/post/real-estate-nft">NFT real estate</a> and ticketing is favored by the respective businesses. 



Apart from real estate, events, art, and sports, there are other industries that are mulling over non-fungible tokens of which, the healthcare sector is one that can benefit enormously. 



So, how does NFT pan out in the healthcare sector? NFT features such as uniqueness, indivisibility, ownership, etc., can help the healthcare industry and people (or patients) to a large extent if utilized well.&nbsp;



This article will explore the role of non-fungible tokens in healthcare, their benefits, and their future.



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="800" height="599" src="https://adminblog.upyo.io/wp-content/uploads/2023/02/NFT-and-medical-sector.jpg" alt="medical sector and NFT" class="wp-image-4229" srcset="https://adminblog.upyo.io/wp-content/uploads/2023/02/NFT-and-medical-sector.jpg 800w, https://adminblog.upyo.io/wp-content/uploads/2023/02/NFT-and-medical-sector-300x225.jpg 300w, https://adminblog.upyo.io/wp-content/uploads/2023/02/NFT-and-medical-sector-768x575.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /></figure>



<h2>Role of NFT in healthcare</h2>



Non-fungible tokens have invaded almost every sector today, from art, music, and real estate to sports, banking, and much more. Its ability to tokenize unique items has been its selling point, and numerous industries have reaped its benefits. However, there are some sectors that haven’t explored non-fungible tokens, such as healthcare.



With the exception of a few startups, it is clear that non-fungible tokens have not been widely used in the healthcare industry. However, as discussed above, one cannot ignore the potential benefits of tokenization that non-fungible tokens bring to healthcare.&nbsp;



Before we get into the potential benefits and use cases of non-fungible tokens, have a glimpse at some medical data issues.



<h3>Medical data issues</h3>



The medical industry is huge; it produces over $1.2 billion worth of medical documents every year in the US alone. But, around 80% of these records are unstructured and susceptible to theft or misuse. One of the major issues here is that patients remain in the dark regarding their medical data. In other words, patients have no idea where their medical data goes after it is submitted.



Moreover, there’s a huge market for medical data market, which is ruled by some kingpins. Patients not only don’t get any incentives for their healthcare data but also remain ignorant regarding who accesses it.



With artificial intelligence and big data becoming more crucial in drug research, there’s a dangerous trend that is plaguing sensitive medical information. To elaborate further, information such as genetic markups or hospital records are expensive entities that are sold to some firms or businesses. In other words, this information is sold, exchanged, and purchased without the patient’s consent.



Furthermore, as per Kostick-Quenet’s research, there’s another industry that maps anonymous medical data obtained from diagnostic centers or hospitals to user information from social media channels. They create elaborate profiles based on their mappings and sell them to external third parties.



Thus, one can infer that this is a huge nexus that runs without the knowledge of the general public 9or patients). Non-fungible tokens can be used to counter all such fraud developments by giving digital ownership to the involved parties. 



Let us see how NFTs can be beneficial to healthcare in detail in the following section



<h2>How do NFTs add value to the medical sector?</h2>



Non-fungible tokens can add immense value to healthcare by securing health records and standardizing access to private medical data. It can be used in various divisions of the medical industry, such as Logistics, manufacturing, and supply chain related to drugs. For instance, non-fungible tokens can be used to counter unauthentic pharmaceutical products.&nbsp;



Furthermore, incorporating a blockchain into the medical sector benefits all the stakeholders involved in it. For example, anyone can trace medical equipment or drugs to their origin and verify their authenticity (in the case of public blockchain).



Here’s how NFT use in healthcare can be helpful:



<h3>By offering ownership and monetization opportunities:</h3>



The ownership of medical data can be provided to users or patients by minting the medical information and converting it to non-fungible tokens. Once tokenized, the data will be controlled by patients and subjected to strict terms and conditions. As a result, patients decide who they want to share their data with and who can use it.



Furthermore, patients can also track their healthcare-related information and see where it is utilized or where it ends up. In case the information falls under a shady entity or if it is used by unauthorized parties, they can hold those parties accountable. Additionally, having ownership over medical information makes the patient eligible for royalties.&nbsp;



<h3>Attracting patient contributions for research:</h3>



One can find numerous health services that are working digitally, so all such companies can use non-fungible tokens to entice people to engage with them for research purposes. Furthermore, other third parties that are interested in such research data can get in touch with patients directly through digital platforms and pay them for their contribution. This way, people will have an idea about their medical data.



In the traditional method, patients were not having any control over their medical data, thus, with the help of NFTs, people would get the option of disclosing the information in an informed manner. 



<h3>Supply chain optimization for blood banks:</h3>



Using non-fungible tokens is not new in blood donation organizations. There are several organizations that prompt people to utilize non-fungible tokens when they donate blood. Since these tokens are unique, they are linked to donors to track their whereabouts. This helps people to know how blood is being utilized.&nbsp;



Usually, the donated blood is recorded with the help of tokenization in a virtual blood bank where the demand for certain blood types is recorded and monitored using DLT (digital ledger technology). Thus, whenever a certain blood type that is in demand arrives at such a bank, the intended hospital is alerted. Furthermore, the tokenized donated blood can be traced from the blood bank to the hospital and subsequently to the intended recipient.



<h3>Fighting against fake pharmaceuticals:</h3>



Fake pharmaceuticals are one of the most significant challenges that are encountered by the world today. NFTs and blockchain technology can counter these issues easily by simplifying and speeding up the verification process. Firstly, one must understand that non-fungible tokens possess “token ID,” which will be assigned to an object that remains with the product for its lifetime.



The uniqueness of non-fungible tokens helps in the creation of an immutable ledger record that assists in eliminating or reducing discrepancies and fraud of certain products. With respect to pharmaceuticals, non-fungible tokens can be used to safeguard and speed up the tracking process. Also, it enables to detect the errors quickly.&nbsp;



This simply means that issues such as locating and erasing black-market prescriptions from the system can be addressed much more quickly.



<h3>Protecting data from health-tracking apps:</h3>



One more sector where non-fungible tokens can be used is medical equipment and wearables. Today, one can find an increase in the usage of at-home fitness equipment, medical wearables, and other health-tracking equipment. Thus, managing these devices and the data collected by them safely is one of the challenges where non-fungible tokens can play an important role.



One way to manage these data is through data decentralization and maximizing access to it. Furthermore, it can be employed to improve the ownership of health information and minimize the theft or misuse of data by third parties.&nbsp;



<h3>Support for medical devices and their data:</h3>



Non-fungible tokens can profit the medical device industry. These advantages are linked to the blockchain&#8217;s storage of genetic and personal healthcare data. Several devices, including health-related wearables, smart homes, and interconnected medical devices, may benefit from using NFTs and blockchain as the primary method of data storage and exchange.



Overall, tokenizing medical assets as non-fungible tokens can prove beneficial to the medical industry as a whole. One dependable method is to link NFTs to physical medical assets such as blood units, medications, and other non-reusable medical technologies.&nbsp;



Tokenizing medical assets would facilitate faster access to these resources for patients who require them the most. Assume you can search the blockchain ledger for the assistance you require, learn their location and how quickly you can access them, and have them delivered to you as soon as possible. In that case, you&#8217;ll do better than battling traditional medical industry bureaucracy.&nbsp;



Avoiding bureaucracy is one of the best things that can happen to patients and healthcare providers because it has the potential to speed up the entire system exponentially.



Although these are some benefits that non-fungible tokens provide, this approach does have some challenges concerning security, scalability, and other factors that need to be addressed.



<h2>How could NFT and blockchain affect the future of the medical sector?</h2>



Non-fungible tokens, along with blockchain technology, are capable enough to improve the banking and payment sector in terms of service, speed, and efficiency. Furthermore, the transparency and ownership of medical information can also be enhanced through tokenization, as discussed above. However, it does not mean that tokenization does not have any faults.&nbsp;



There are numerous challenges concerning moral and ethical points of view. There are issues with non-fungible tokens, such as IP rights, security flaws, and the complexity of the technology. Apart from these, there’s a cost issue that might repel people from considering it. 



Since this technology is still in the nascent stage, with proper improvements and corrections, non-fungible tokens can aid the healthcare sector to a large extent.



<h4>Conclusion </h4>



One can say that non-fungible tokens have been evolving since the time they were introduced in 2014. Recent innovations and adoptions only prove that it has a large scope in various industries. Although there are some shortcomings, NFTs have the potential to offer numerous benefits to the healthcare sector.&nbsp;



Thus, it is prudent to explore and see how non-fungible tokens can be incorporated into the medical industry for the benefit of all. Overall, NFTs and the medical sector can be integrated to benefit the involved parties.

NFT in Healthcare: Passing Fad or Promising Technology?

Do you know that various financial institutions are looking into non-fungible tokens and related technologies? With the rise of NFTs, numerous industries and businesses are trying to adopt non-fungible tokens in their services. Starting from artwork, today, we can see <a href="https://upyo.com/en/post/real-estate-nft">NFTs in real estate too</a>! Music, Event and ticketing, sports, etc., are some other sectors that are hugely benefitting from non-fungible tokens.



Thus, with so much innovation, isn&#8217;t it prudent to consider NFTs in the banking sector? Yes, NFT banking is a budding technology that holds so much promise. If you are wondering what exactly it is, read this article as we explain the basic concepts and discuss its impact on the traditional banking ecosystem.



<h2>What is NFT banking?</h2>



For the uninitiated, non-fungible tokens or NFTs are unique tokens that are used to represent assets such as art, music, properties, or a digital collectible.&nbsp;



NFT, or Non-fungible token banking, is a coming-age technology that is set to revolutionize economics or the financial sector. Furthermore, this form of banking creates virtual assets such as non-fungible tokens. This type of banking system is decentralized in nature and is created on a decentralized ledger.



Overall, NFT banking aims to alter the face of financial transactions in the world. Please remember that this type of banking is centered around blockchain technology.



This means that no central authority controls this system, and all transactions that take place on this system are transparent, secure, and verifiable. Moreover, users can carry out transactions and payments without the interference of third parties.



Some of the NFT banking platforms are CoinList, BlockFi, Crypto.com, etc. Each of these possesses certain features and provides some benefits. Furthermore, some platforms may charge specific fees and have terms and conditions that you must adhere to. Therefore, it is necessary to research and understand these platforms before subscribing to them.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="536" src="https://adminblog.upyo.io/wp-content/uploads/2023/02/CoinList-2-1024x536.jpg" alt="CoinList NFT in Banking " class="wp-image-4163" srcset="https://adminblog.upyo.io/wp-content/uploads/2023/02/CoinList-2-1024x536.jpg 1024w, https://adminblog.upyo.io/wp-content/uploads/2023/02/CoinList-2-300x157.jpg 300w, https://adminblog.upyo.io/wp-content/uploads/2023/02/CoinList-2-768x402.jpg 768w, https://adminblog.upyo.io/wp-content/uploads/2023/02/CoinList-2.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2>The impact of NFTs on Banking</h2>



The NFTs combined with digital ledger technology (DLT), which acts as a base for Bitcoin and Ethereum, are creating waves in the finance sectors. In fact, the popularity of non-fungible tokens is propelling DLT to the mainstream. Thus, the arrival of digital ledger technology has posed some challenges and excellent opportunities, especially for the payment and banking industries.



It is important to note that blockchain technology is not new to the world. It was launched a decade back in 1991. However, with the advent of cryptocurrencies and non-fungible tokens, DLT rose to prominence. Currently, this technology is getting wider acceptance among the public and technology enthusiasts.&nbsp;



<figure class="wp-block-image size-full is-resized"><img decoding="async" loading="lazy" src="https://adminblog.upyo.io/wp-content/uploads/2023/02/DLT.png" alt="" class="wp-image-4166" width="650" height="440" srcset="https://adminblog.upyo.io/wp-content/uploads/2023/02/DLT.png 559w, https://adminblog.upyo.io/wp-content/uploads/2023/02/DLT-300x203.png 300w" sizes="(max-width: 650px) 100vw, 650px" /></figure>



With innovations happening in various sectors, it is no wonder that DLT will impact the banking and payment industries. Let us see what DLT is bringing to the table and how it will affect the traditional financial sector.&nbsp;



When speaking about DLT, one must remember that it is a decentralized system, and no one owns it. So, how does it benefit the banking system? Firstly, DLT can offer a global data infrastructure that all users can access. In other words, the data is shared among the users so that everyone can check and verify the information.&nbsp;



One more potential promise of blockchain is to provide a secure place for record-keeping worldwide. Consider having a secure site where you can record financial information without third-party interference; DLT can help with that. In a way, this technology is a boon for the banking sector across the world.&nbsp;



Furthermore, it aids in the safe storage of data or information. This is again due to decentralization, which helps store customer information without redundancy. Also, blockchain technology makes it possible to share details safely across various financial organizations in real-time.



Additionally, this technology&#8217;s inherent security helps alleviate the ongoing administrative and regulatory burdens. Also, the technology has the potential to enable fast (real-time) payment processing services.



Since non-fungible tokens are in vogue, numerous financial institutions, businesses, and banks are keeping an eye on them. The global head of Goldman Sachs is reportedly looking into &#8220;NFTs in the context of financial instruments.&#8221; Apart from this, Nomura, a Japanese bank, is aiming to make a name for itself in the crypto and <a href="https://upyo.com/en/nft/category/domain-names">non-fungible token domain</a>.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="576" src="https://adminblog.upyo.io/wp-content/uploads/2023/02/Nomura-nft-and-banking-1024x576.jpg" alt="Nomura nft and banking" class="wp-image-4165" srcset="https://adminblog.upyo.io/wp-content/uploads/2023/02/Nomura-nft-and-banking-1024x576.jpg 1024w, https://adminblog.upyo.io/wp-content/uploads/2023/02/Nomura-nft-and-banking-300x169.jpg 300w, https://adminblog.upyo.io/wp-content/uploads/2023/02/Nomura-nft-and-banking-768x432.jpg 768w, https://adminblog.upyo.io/wp-content/uploads/2023/02/Nomura-nft-and-banking-1536x864.jpg 1536w, https://adminblog.upyo.io/wp-content/uploads/2023/02/Nomura-nft-and-banking-2048x1152.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Additionally, it can also be seen that JPMorgan has launched a lounge in the metaverse where it allows users to purchase plots (virtual). Here are some aspects of non-fungible tokens that positively impact the financial sector:



<ul>
<li>Non-fungible tokens help in recording and transferring virtual assets on a blockchain network without any loss.</li>



<li>It also helps banks in securing sensitive information and management challenges related to data.</li>



<li>NFTs can significantly help manage royalties without any error or confusion.&nbsp;</li>



<li>NFTs could also help banks attract new customers who do not trust crypto and are put off by the complexities of blockchain technology.</li>



<li>Trading NFTs can benefit fintech and banks in the same way that selling collectible assets can help anyone.</li>
</ul>



Overall, non-fungible tokens are transforming the way many modernized banks operate by significantly lowering operational costs while shortening the time traditionally required for various processes.



<h3>How can banks leverage NFTs?</h3>



By now, it is clear that non-fungible tokens hold a bright promise in changing how asset ownership is virtually seen. Thus, using non-fungible tokens is a prudent thing to do to gain a number of benefits. So, how can banks leverage non-fungible tokens?&nbsp;



Simple, it can be accomplished in numerous ways. One primary way is to incorporate blockchain technology into the banking ecosystem and help the financial <a href="https://upyo.com/en/post/nfts-and-metaverse">transactions of non-fungible tokens across metaverses</a>. Furthermore, employing non-fungible tokens to signify virtual goods bought in the marketplace or metaverse is also another way to use non-fungible tokens.&nbsp;



One more solution is to tokenize the financial information, as this type of detail poses challenges when transferring across borders (international). Issues related to privacy, confidentiality, and compliance usually plague such transfers. Apart from this, these transactions take a lot of time to process and approve the requests. Also, human intervention is the core of such transactions, so it obviously takes weeks or months to accomplish such tasks.



As a result, using the tokenization concept makes the transmission of transaction information easier and faster. Whatever the type of transaction information may be (text, images, documents, 3-dimensional models), it is lent a unique cryptographical ID that makes it distinct from other information. One can say that these unique batches of details are easily and safely transferable through blockchain within seconds.



Furthermore, digital ledger technology offers a global data structure that every user can access at any given time to go through the same data. This proves to be a secure and true version of data that bankers sought in the past.&nbsp;



As discussed above, numerous well-known banks are looking into blockchain technology and non-fungible tokens to integrate them into their ecosystem. Such banks can employ blockchain-based platforms <a href="https://upyo.com/en/post/nft-smart-contract">built on smart contracts</a> to shield their users&#8217; funds from external attacks.&nbsp;



<h3>Advantages and disadvantages of NFT banking in a nutshell</h3>



So far, we have discussed the impact of non-fungible tokens on the banking industry. Now, let us see what its benefits and drawbacks are in a nutshell.&nbsp;



<ul>
<li>NFTs in the banking system offer numerous benefits, such as providing secure storage and data transfer.&nbsp;</li>



<li>Every transaction data is validated and recorded on the network.</li>



<li>Employing DLT ensures faster transfer in addition to being cheap than the traditional banking system.&nbsp;</li>



<li>Eliminates the need for third-party services.</li>



<li>Non-fungible token banking is way more transparent than the usual banking system.</li>



<li>Users will have the ability to track their transactions so that they&#8217;ll know where their cash is reaching.</li>



<li>NFT banking is effortless and straightforward to use.</li>
</ul>



While these are some benefits that non-fungible token banking offers, specific issues need to be addressed. The first issue with this technology is that it is still in the nascent stages, so one may not be entirely convinced to use it. Also, because of its infancy, this technology has some problems with scalability and security.



Apart from this, there is a significant concern regarding the fees which may be imposed for using NFT banking. Experts opine that the fees can be set high, which repels a section of users who wouldn&#8217;t like spending much on banking.&nbsp;



Thus, if NFT banking is made more user-friendly by addressing these issues, there&#8217;s a high chance that people will welcome this technology gracefully.



<h4>Conclusion&nbsp;</h4>



NFT banking is a promising technology that will revamp the global banking and payment sector. It offers solutions to numerous problems like security, ownership, transparency, transferability, and others. Although it is not faultless, the future seems bright, and with more evolution and reforms, this technology is bound to make a mark in the banking industry.

The Role of NFT in banking: Its Impact on Banks

The Top 25 NFT Artists You Should Know

NFT Games: The 20 Best NFT Games Right Now

Non-fungible tokens are changing the face of the art world since the purchase of &#8220;Everydays: The First 5000 Days&#8221; in 2021. Millions of people are thinking join the craze and start with their own non-fungible token art projects. In gact, it is no exaggeration to say that the huge money and perks that are offered with non-fungible tokens have attracted the whole world.&nbsp;



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="976" height="549" src="http://adminblog.upyo.io/wp-content/uploads/2022/11/5000-Days-1.jpg" alt="how to become nft artist" class="wp-image-2546" srcset="https://adminblog.upyo.io/wp-content/uploads/2022/11/5000-Days-1.jpg 976w, https://adminblog.upyo.io/wp-content/uploads/2022/11/5000-Days-1-300x169.jpg 300w, https://adminblog.upyo.io/wp-content/uploads/2022/11/5000-Days-1-768x432.jpg 768w" sizes="(max-width: 976px) 100vw, 976px" /></figure>



Thus, artists and common people are thinking about venturing into this art realm. If you&#8217;re thinking along the same lines but need help knowing where to begin, we&#8217;re here to help. After all, the crypto market, with its technical jargon, can intimidate beginners.&nbsp;



However, venturing into NFT art as an artist is not an impossible task. One can easily learn about this sector with knowledge of art and access to crypto and the internet. This article will guide you through the step-by-step process of becoming an NFT artist.



<h2>Who is an NFT Artist?</h2>



In simple words, an NFT artist is an artist or a creator who makes virtual art (or NFT art). The artwork created by the artist is basically non-fungible tokens that can be traded in the <a href="https://upyo.com/en/post/top-nft-websites">NFT marketplaces</a>. Technically speaking, NFT artwork is created through minting by non-fungible token artists to earn revenue.&nbsp;



Here are some of the famous artists who are making big in NFT art:



<ul>
<li>Mike Winkelmann (Beeple)</li>



<li>José Delbo</li>



<li>Amber Vittoria</li>



<li>XCOPY</li>



<li>Refik Anadol</li>



<li>Damien Steven Hirst</li>



<li>Leopoldo D&#8217;Angelo</li>



<li>Philip Colbert</li>



<li>Sarah Zucker</li>



<li>Nadya Tolokonnikova</li>



<li>Hong Yi (Red)</li>



<li>Summer Wagner</li>



<li>Paloma Rincón</li>



<li>Murat Pak</li>



<li>Tyler Hobbs</li>
</ul>



<h3>Do artists make money on NFT?</h3>



Yes, artists or creators can definitely make money with their NFT art. Here are a few things that you must have to make money:&nbsp;



<ul>
<li>Crypto wallet</li>



<li>Funds in your crypto wallet (for minting and transactions fees)</li>



<li>Membership to a marketplace where you can create and sell your non-fungible token artwork</li>
</ul>



<h2>Step-by-step process to becoming an NFT artist</h2>



<ul>
<li>Create your art:</li>
</ul>



The first step to becoming a non-fungible token artist is to create artwork. The type of art you want to create is entirely up to you. You can create portraits, paintings, landscapes, or anything else that you like.&nbsp;



It is better to have your own niche from which you can churn your artwork. This also helps you hone your skills and build a good following for your work. While creating art in one style is good, let it not limit you to that style alone. You can try various styles and venture into different art territories.&nbsp;



<ul>
<li>Select the blockchain you wish to use:</li>
</ul>



Once you create your artwork, you must select an appropriate blockchain network to host your art. These networks are distributed widely and are regarded as a decentralized public ledger. There are numerous blockchain networks that are well-known. Each of them has a set of pros and cons, so always research them before choosing. Here are some popular options:



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="597" src="http://adminblog.upyo.io/wp-content/uploads/2022/09/Writing-Smart-contracts-1024x597.jpg" alt="become nft artist" class="wp-image-1540" srcset="https://adminblog.upyo.io/wp-content/uploads/2022/09/Writing-Smart-contracts-1024x597.jpg 1024w, https://adminblog.upyo.io/wp-content/uploads/2022/09/Writing-Smart-contracts-300x175.jpg 300w, https://adminblog.upyo.io/wp-content/uploads/2022/09/Writing-Smart-contracts-768x448.jpg 768w, https://adminblog.upyo.io/wp-content/uploads/2022/09/Writing-Smart-contracts.jpg 1260w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<ul>
<li>Ethereum</li>



<li>Cardano</li>



<li>Polygon</li>



<li>Tezos</li>



<li>Bitcoin cash</li>



<li>Solana</li>



<li>Flow</li>



<li>Wax</li>



<li>Klaytn</li>
</ul>



Ethereum, without a doubt, is the undisputed favorite of non-fungible token artists and investors. As per the reports, this network covers around 97% of the non-fungible token sales. Thus, one can say that Ethereum is the best pick among these networks.&nbsp;



<ul>
<li>Set up your crypto wallet:</li>
</ul>



Apart from selecting the blockchain, it would be best if you also established a crypto wallet as one cannot create, sell, own, and send non-fungible tokens without it. Similar to blockchain networks, there are several crypto wallet options that are available online. Here are some <a href="https://upyo.com/en/post/best-nft-wallets">popular crypto wallets</a> that you can select:



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="576" src="http://adminblog.upyo.io/wp-content/uploads/2022/11/MetaMask-Wallet-1024x576.png" alt="NFT Artist guide" class="wp-image-2690" srcset="https://adminblog.upyo.io/wp-content/uploads/2022/11/MetaMask-Wallet-1024x576.png 1024w, https://adminblog.upyo.io/wp-content/uploads/2022/11/MetaMask-Wallet-300x169.png 300w, https://adminblog.upyo.io/wp-content/uploads/2022/11/MetaMask-Wallet-768x432.png 768w, https://adminblog.upyo.io/wp-content/uploads/2022/11/MetaMask-Wallet-1536x864.png 1536w, https://adminblog.upyo.io/wp-content/uploads/2022/11/MetaMask-Wallet.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<ul>
<li>MetaMask</li>



<li>Coinbase</li>



<li>Trust</li>



<li>Binance</li>



<li>Ledger</li>



<li>Exodus</li>



<li>Atomic</li>



<li>eToro</li>
</ul>



Most marketplaces recommend MetaMask for its efficiency and support. Also, remember that each platform possesses its own wallet, non-fungible token standard, and marketplace. So, choose something that you can use easily.



<ul>
<li>Fund your wallet with the appropriate currency/tokens:</li>
</ul>



Once you&#8217;ve acquired your wallet, the next step is to buy some cryptocurrency that will power your selected network and help you proceed further. For instance, you’ll have buy ETH, if you select Ethereum network. Or, you can purchase MATIC tokens, if you choose Polygon.&nbsp;



Additionally, remember that the marketplace charges specific fees to transform the art into a non-fungible token. However, remember that Ethereum&#8217;s cost often varies, so check before purchasing.



<ul>
<li>Choose your marketplace:</li>
</ul>



After buying cryptocurrency, you must decide which marketplace to use. This is typically where you will mint, market, and sell your non-fungible tokens, so choose wisely. If you want to keep things simple, you can&#8217;t go wrong with the industry&#8217;s leading marketplaces. Moreover, you can select a marketplace that is specific to artwork so that you can find potential purchasers.



<ul>
<li>Connect the wallet to the non-fungible token marketplace:</li>
</ul>



After buying Ethereum and choosing a marketplace, you&#8217;ll have to add it to the wallet and connect the wallet to the selected platform. You can choose Coinbase, MetaMask, or other wallets that are compatible with your chosen venue.



<ul>
<li>Make an NFT account:</li>
</ul>



Once you connect the wallet to the platform, register as an artist on the platform to transform your work. To change, click on the &#8220;create&#8221; button, which compels you to connect your wallet. Furthermore, you&#8217;ll have to add a virtual signature for security purposes.



After accomplishing these tasks, you&#8217;ll be permitted to add (upload) your virtual artwork along with a description and name. Once your upload is done, you can add the banner to complete your account.



<ul>
<li>Create NFT:</li>
</ul>



When you create your account, the next step is converting your art. You can start converting your digital artwork with the help of Add New Item button. This button assists you in uploading the art that you want to transform into a non-fungible token. After uploading the file, click on &#8220;Create.&#8221;



<ul>
<li>Mint an NFT:</li>
</ul>



The non-fungible token platform usually has an automated minting process on the site for the benefit of the users. It largely remains the same for all blockchains, with slight variations here and there. Although it&#8217;s hard to estimate how long the minting of a non-fungible token can take, most platforms, tools, and apps have streamlined the process to make it user-friendly.



Once the process is completed, the artwork transforms into a non-fungible token. You will also have to pay a minting fee to change your art into a non-fungible token.



<ul>
<li>Set your prices:</li>
</ul>



Once you create and mint your non-fungible token artworks, they are ready to get sold. But before putting them on sale, you’ll have decide on the price. Since you are designer of the non-fungible token, you are the right owner to decide on price. If you are confused about determining the price, research on NFT art prices.&nbsp; Know more about <a href="https://upyo.com/en/post/nft-pricing">pricing NFTs</a>.



Check how other artists are charging and see the parameters that are included to set a price. In case, you are yet to make a name in this sector, it is best to keep a affordable price.&nbsp;



<ul>
<li>Sell your NFT:</li>
</ul>



After deciding on the price, you can list your non-fungible token artworks on the chosen platform at a preferred price. Just follow the procedures followed in the platform and you’ll be good to go.



<h4>Conclusion</h4>



This is an excellent time for digital artists to take advantage of non-fungible token industry. Artists and aspiring artists can reap the benefits of the booming NFT industry by creating unique artworks. In fact, converting artwork into non-fungible tokens is seen as a lucrative job that helps you earn good revenue or act as a extra source of income.



Becoming an artist is not difficult, provided you have a crypto wallet and internet connection. You can follow the steps provided in this article and start your non-fungible token journey easily. Numerous investors are searching for good NFT artists; so choose your art style and get started without any delay. Just be patient and consistent in your approach to finding success.

How to become an NFT Artist?

Non-fungible tokens piqued the investment community&#8217;s interest in 2021 with the rise of high-profile digital art sales such as &#8220;Everydays: The First 5000 Days.&#8221; According to research platform Dapp Radar, $25.5 billion in non-fungible tokens were sold last year, grabbing the interest of digital investors. Furthermore, there was an increase in the number of NFT sales in 2022 as well.&nbsp;



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="976" height="549" src="http://adminblog.upyo.io/wp-content/uploads/2022/11/5000-Days-1.jpg" alt="nft taxation" class="wp-image-2546" srcset="https://adminblog.upyo.io/wp-content/uploads/2022/11/5000-Days-1.jpg 976w, https://adminblog.upyo.io/wp-content/uploads/2022/11/5000-Days-1-300x169.jpg 300w, https://adminblog.upyo.io/wp-content/uploads/2022/11/5000-Days-1-768x432.jpg 768w" sizes="(max-width: 976px) 100vw, 976px" /></figure>



However, in this rapidly developing industry, the IRS has yet to provide clear guidance on several tax concerns, confusing people. This article will discuss some of the tax concerns related to non-fungible tokens.



<h2>Are NFTs taxable?</h2>



The great majority of NFTs are subject to some form of taxation. When artists sell NFTs, they must report the income earned on their tax returns:



<ul><li>Sales or transactions are taxed as property if you are an investor.</li><li>Offering a non-fungible token in exchange for cryptocurrencies</li></ul>



<h2>Countries where NFTs are taxed</h2>



Non-fungible tokens are taxed in the same way as cryptocurrencies or fungible tokens. Most countries around the world have levied some form of taxes on non-fungible tokens as they are quickly realizing the fantastic opportunity that lies in NFT and other crypto-based assets.



<h3>Countries where NFTs are tax-free</h3>



Here is a list of countries with crypto-friendly tax regimes:



<ul><li>Belarus:</li></ul>



Belarus is testing the waters with cryptocurrencies, and a law passed in 2018 legalized the activities concerned with crypto in the East European state. This law exempts people and businesses from taxes until 2023 (when it will come up for review).



Furthermore, the law covers regards investments and crypto mining as personal investments and exempts them from capital gains and income tax. These laws are passed to promote the digital economy. As a result, this country ranks third in Eastern Europe and 19th globally with regard to P2P crypto trading.



<ul><li>Germany:</li></ul>



Germany has a distinct approach to taxing digital currencies. Unlike most other countries, this country views crypto as private money rather than a currency, commodity, or stock.



Furthermore, any cryptocurrency, irrespective of its amount, if held for more than a year by a German resident, is considered tax-free. But, if the assets are held for less than a year, capital gains tax is not levied on a sale if the proceeds do not exceed 600 euros ($692).&nbsp;



However, the same laws cannot be applied to businesses. As a result, any startup incorporated in Germany must pay corporate income taxes on cryptocurrency gains. Things changed in 2021 when a contentious new tax law was bought into effect, effectively killing crypto derivative instruments trading in Germany as the losses could no longer be discounted. The legislation reflects European efforts to regulate derivatives.



<ul><li>El Salvador:</li></ul>



Following the passage of legislation making Bitcoin legal tender in El Salvador, the country is expected to exempt foreign investors from paying taxes on their Bitcoin gains. While a legal framework for these tax breaks has yet to be established, it is clear that the country intends to entice foreign investors with crypto portfolios.



<ul><li>Malaysia:</li></ul>



Cryptocurrency transactions are currently tax-free in this country. Furthermore, cryptocurrencies do not meet the criteria for capital gains tax as the authorities do not regard digital currencies to be assets or legal tender. On the other hand, profits from active crypto trading may be considered revenue and thus considered taxable income.



If the transaction is more of a capital gain, passive, or, as is sometimes done, unplanned or unsystematic, the profit from the sale and purchase is tax-free income. In contrast, active, systematic, and repeated trading means that &#8220;the party is considered to have conducted a transaction or profession,&#8221; and the profits generated from those transactions are taxable. Furthermore, businesses dealing in cryptocurrency must also pay Malaysian income tax.



<ul><li>Malta:</li></ul>



The government recognizes Bitcoin as a &#8220;unit of account, medium of exchange, or store of value.&#8221; Long-held digital currencies such as Bitcoin are not subject to capital gains tax in Malta, but crypto trades are treated similarly to day trading in stocks or shares and are subject to 35% business income tax. However, through &#8220;structuring options&#8221; available under the Maltese system, this can be reduced to between 5% and 0%.



<h2>How are NFTs taxed?</h2>



Some type of taxation governs the overwhelming majority of NFTs.&nbsp;



<ul><li>When artists sell NFTs, they must report the income earned on their tax returns.</li><li>Sales or trades are taxed as property if you are an investor.</li><li>Selling a non-fungible token in exchange for cryptocurrency</li><li>Using a fungible cryptocurrency to <a href="https://upyo.com/en/post/how-to-buy-nft">purchase an NFT</a></li><li>Exchanging one NFT for another</li></ul>



<h3>For creators:</h3>



<ul><li>Their profits are regarded as income and subject to usual income tax rates ranging from 10% to 37%.</li><li>Your complete, non-fungible token income is subject to self-employment taxes at a rate of 15.3%.</li></ul>



<h3>For investors:</h3>



<ul><li>NFTs may be taxed as property for investors. You could pay anything from 0% to 20%, depending on your income.</li><li>Here are six things that anyone involved in the creation and trading of NFTs should be aware of.</li><li>Until an NFT sells, investors and creators owe no tax.</li><li>NFTs, on the other hand, could be classified as stamps, antiques, or trading cards. These are taxed at a rate of 28%.</li><li>It all depends on how long you keep your asset.</li></ul>



If you are creating or trading NFTs, you will not be taxed until the NFT is sold. It is the same for a creator as it is for anyone who produces something, such as a painting. They realize revenue on the production when they sell the artwork, but not before. That income will be treated as ordinary income and taxed similarly to any other work-related payments.&nbsp;



In the case of NFT trades, traders must pay taxes if they profitably sell an NFT. However, as long as they hold the NFT and do not sell it, they are exempt from paying taxes on their unrealized gains. Furthermore, secondary sales revenue is also regarded as ordinary income and taxed as previously described.



<h2>NFT Tax Loopholes</h2>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="590" height="396" src="http://adminblog.upyo.io/wp-content/uploads/2023/01/Tax-Loopholes.jpg" alt="nft tax loophole" class="wp-image-3572" srcset="https://adminblog.upyo.io/wp-content/uploads/2023/01/Tax-Loopholes.jpg 590w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Tax-Loopholes-300x201.jpg 300w" sizes="(max-width: 590px) 100vw, 590px" /></figure>



Now, let&#8217;s see some of the tax loopholes that an investor can face.



<ul><li>Loophole 1:</li></ul>



Below are the three scenarios where you may be liable for taxes without ever receiving any money:



<ul><li>Buying a non-fungible token with cryptocurrency tokens</li><li>Non-fungible token swapping&nbsp;</li><li>Acquiring cryptocurrency as a royalties fee</li></ul>



<ul><li>Loophole 2:</li></ul>



If you&#8217;ve made a lot of <a href="https://upyo.com/en/post/make-money-with-nft">money from non-fungible tokens</a>, you might be surprised by a tax bill once a quarter. This could result in underpayment penalties. Thus, you should consult with a certified tax professional to determine your quarterly tax obligation.



<ul><li>Loophole 3:</li></ul>



You must pay short-term capital gains tax if you sell your non-fungible token within a year. Also, if you were on the NFT bandwagon in 2021, you will almost certainly have to pay short-term capital gains tax, which may be taxed at 37% for investors in the highest tax bracket. In addition, if your net investment income breaches the applicable income threshold for the year, you must pay a 3.8% net income tax.



You will be subject to long-term capital gains tax when you sell your non-fungible tokens after a year. The tax law generally favors long-term capital gains and subjects the investor to less tax than short-term capital gains. Moreover, the long-term capital gains tax for cryptocurrencies and stocks is 20%, but for NFTs, long-term gains are 28% for high-income earners.



<h4>Conclusion</h4>



Knowing the tax regulations around NFT and cryptos is vital before investing money into them. The rules will vary depending on the country and region. Always check with local and federal agencies about the process to <a href="https://upyo.com/en/post/how-to-invest-in-nft">invest in NFTs safely</a> with tax compliance.

NFT Taxes: Everything You Need to Know About

It is no longer a secret that NFTs are altering global perceptions of currency and monetary value. These intangible assets drive change in various industries, from art to real estate. This NFT fever has infected not only celebrities but also brands.



Non-fungible tokens are catching the attention of global brands, who are investing in learning more about them. Companies such as Coca-Cola have already jumped on the NFT bandwagon, cementing their positions as market leaders.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="576" src="http://adminblog.upyo.io/wp-content/uploads/2022/09/Coca_Cola_salutes_a_year_in_the_metaverse_with_the_International-1024x576.jpg" alt="Coca Cola NFT" class="wp-image-1345" srcset="https://adminblog.upyo.io/wp-content/uploads/2022/09/Coca_Cola_salutes_a_year_in_the_metaverse_with_the_International-1024x576.jpg 1024w, https://adminblog.upyo.io/wp-content/uploads/2022/09/Coca_Cola_salutes_a_year_in_the_metaverse_with_the_International-300x169.jpg 300w, https://adminblog.upyo.io/wp-content/uploads/2022/09/Coca_Cola_salutes_a_year_in_the_metaverse_with_the_International-768x432.jpg 768w, https://adminblog.upyo.io/wp-content/uploads/2022/09/Coca_Cola_salutes_a_year_in_the_metaverse_with_the_International.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Certain concepts must first be grasped by organizations seeking to understand what an NFT is and how it could be used to drive brand value. This article will help you understand how brands employ non-fungible tokens and the benefits they gain from them.



<h2>How Brands Use NFTs?</h2>



Brands have incorporated non-fungible tokens into their brand and marketing strategies in numerous ways to drive brand value, boost conversion, and designate long-term connections. Here are some instances of how brands used NFT as part of their strategy.



<ul><li>Digital Merchandising</li></ul>



Several fashion brands use non-fungible tokens to engage customers and establish new examples for fashion events. In fact, NFTs introduced new ways of approaching the public. Decentraland is one of the <a href="https://upyo.com/en/post/metaverse-platforms">popular metaverse platforms</a> that employed this concept and held a completely virtual and interactive Fashion Week event. 



This event attracted popular brands such as Paco Rabanne, Tommy Hilfiger, Forever 21, etc., who participated in the event. The show sold non-fungible tokens of accessories and clothes representing different brands.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="576" src="http://adminblog.upyo.io/wp-content/uploads/2023/01/Decenterland-Event-1024x576.jpg" alt="Decenterland Event" class="wp-image-3500" srcset="https://adminblog.upyo.io/wp-content/uploads/2023/01/Decenterland-Event-1024x576.jpg 1024w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Decenterland-Event-300x169.jpg 300w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Decenterland-Event-768x432.jpg 768w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Decenterland-Event-1536x864.jpg 1536w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Decenterland-Event.jpg 1600w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<ul><li>Event tickets</li></ul>



Ticketing industry benefits enormously with the help of non-fungible tokens. In fact, NFTs have changed the way tickets are sold. Moreover, NFT ticket holders receive more than just a ticket to an event; they also receive an immutable and often interactive digital asset that grants them entry into a show or festival.&nbsp;



These tickets also grant holders access to exclusive experiences, such as fan clubs comprised solely of NFT ticket holders. An event organizer can use non-fungible tokens to encourage attendees to attend breakout sessions or limit attendance at specific conference events.



<ul><li>Fundraising</li></ul>



NFTs provide nonprofits with a new revenue stream, but they also allow organizations to expand their network and connect with many new supporters for their cause.



The most significant advantage of raising <a href="https://upyo.com/en/post/how-to-sell-nft">funds through NFT sales</a> is the dilution of ownership. Entrepreneurs who design their projects so that the NFTs increase in value as the business grows can raise funds without giving up ownership of the startup.



There are many people, projects, and businesses that contribute to the growing philanthropic side of the NFT community. Many nonprofits form long-term relationships with the NFT community and earn ongoing support for their mission.



<ul><li>Unique experiences</li></ul>



Some businesses have used non-fungible tokens to provide their customers with one-of-a-kind experiences. This is the scenario of the Californian winery Robert Mondavi, which chose to launch the world&#8217;s first NFT-sold wine label.&nbsp;



<ul><li>Music and art Festivals/Events</li></ul>



Music festivals are warming up to the idea of non-fungible tokens and Coachella Valley Music and Arts Festival is one of the prime examples of that. The premium participants of the festival got a non-fungible token picture of a blooming flower.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="http://adminblog.upyo.io/wp-content/uploads/2023/01/Coachella-Valley-Music-1024x538.png" alt="Coachella Valley Music" class="wp-image-3501" srcset="https://adminblog.upyo.io/wp-content/uploads/2023/01/Coachella-Valley-Music-1024x538.png 1024w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Coachella-Valley-Music-300x158.png 300w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Coachella-Valley-Music-768x403.png 768w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Coachella-Valley-Music.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



The team also introduced new technologies, such as metaverse and cashless payment, to mix in-person experiences with virtual marketing.



<h2>Notable brands that encashed the NFT hype</h2>



<ul><li>Gucci:</li></ul>



Gucci is a notable high-end fashion brand that used non-fungible tokens as part of its marketing strategy. This brand joined hands with Superplastic to launch a limited non-fungible token three-part series. The token was accompanied by SUPERGUCCI (exclusive ceramic sculpture). The brand launched a Discord channel encouraging information sharing on metaverse.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="569" src="http://adminblog.upyo.io/wp-content/uploads/2022/11/NFT-gucci-1024x569.png" alt="NFT gucci" class="wp-image-2491" srcset="https://adminblog.upyo.io/wp-content/uploads/2022/11/NFT-gucci-1024x569.png 1024w, https://adminblog.upyo.io/wp-content/uploads/2022/11/NFT-gucci-300x167.png 300w, https://adminblog.upyo.io/wp-content/uploads/2022/11/NFT-gucci-768x427.png 768w, https://adminblog.upyo.io/wp-content/uploads/2022/11/NFT-gucci.png 1421w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<ul><li>Pizza Hut Canada:</li></ul>



This brand had an innovative marketing campaign where they launched a series of pixelated pizzas to advertise a special offer on four recipes that are available at the restaurant.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="http://adminblog.upyo.io/wp-content/uploads/2023/01/Pizza-Hut-NFT-1024x683.jpg" alt="Pizza Hut NFT" class="wp-image-3497" srcset="https://adminblog.upyo.io/wp-content/uploads/2023/01/Pizza-Hut-NFT-1024x683.jpg 1024w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Pizza-Hut-NFT-300x200.jpg 300w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Pizza-Hut-NFT-768x512.jpg 768w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Pizza-Hut-NFT-1536x1024.jpg 1536w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Pizza-Hut-NFT-2048x1365.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<ul><li>Adidas:</li></ul>



Adidas combined their physical products with virtual to give a special experience to their customers. As a result, they released their first non-fungible token along with a hoodie with blockchain address, a tracksuit, and an orange beanie. The brand chose to be inclusive and offered tangible products along with non-fungible tokens.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="648" src="http://adminblog.upyo.io/wp-content/uploads/2023/01/Adidas-NFT-1024x648.jpg" alt="Adidas NFT" class="wp-image-3498" srcset="https://adminblog.upyo.io/wp-content/uploads/2023/01/Adidas-NFT-1024x648.jpg 1024w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Adidas-NFT-300x190.jpg 300w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Adidas-NFT-768x486.jpg 768w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Adidas-NFT.jpg 1402w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<ul><li>Mac cosmetics:</li></ul>



This notable cosmetic brand effectively made use of non-fungible tokens to communicate its brand values to its customers. They launched an NFT collection to mark America&#8217;s National Youth HIV/Aids Awareness Day, wherein the revenue generated by the primary and secondary sales went to M·A·C VIVA GLAM Fund and the Keith Haring Foundation.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="http://adminblog.upyo.io/wp-content/uploads/2023/01/Mac-cosmetics-NFT-1024x538.png" alt="Mac cosmetics NFT" class="wp-image-3499" srcset="https://adminblog.upyo.io/wp-content/uploads/2023/01/Mac-cosmetics-NFT-1024x538.png 1024w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Mac-cosmetics-NFT-300x158.png 300w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Mac-cosmetics-NFT-768x403.png 768w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Mac-cosmetics-NFT.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3>Why should Brands Care about NFTs?</h3>



NFTs, as we know, are special digital entities that have their ownership tracked and kept safe on a computer system called the blockchain. With the phenomenal rise of non-fungible tokens, numerous brands and businesses are eyeing these unique tokens to utilize and expand their revenue. It is known that brands often talk about reaching more customers or creating loyalty which needs extra effort and numerous strategies.



However, when a brand uses non-fungible tokens, it can reach these objectives easily through direct customer interactions. Non-fungible tokens incorporate a completely new dimension to customer engagement, allowing brands to communicate directly with their most valuable audience. Thus, one can say that brands must care about non-fungible tokens.



<h2>How Do NFTs Benefit Brands?</h2>



Non-fungible tokens provide numerous benefits to brands and businesses, such as



<ul><li>Special and unique experiences: Offering unique and memorable customer experiences to the customers is part of building a solid fanbase. And non-fungible tokens help brands interact with their customers on a personal level.</li><li>Improve customer relationships: NFTs enable brands to prioritize their most loyal customers while also increasing revenue and going to deliver a new set of products and exclusive rights.</li><li>Enhance brand awareness: In recent years, non-fungible tokens have grown in popularity as a tool for businesses to boost brand awareness. Businesses can attach digital assets to their brand by creating NFTs or NFT collections, which customers can then trade or sell.</li></ul>



<h4>Conclusion</h4>



Whether hyped or not, non-fungible tokens have been growing significantly since 2021. Brands have been gaining great results with their customers, providing exclusive experiences to customers and generating a sense of community. Additionally, the brands are bringing younger audiences more easily tuned into new technologies, in addition to financial gains, with the help of non-fungible tokens.

NFT Brands: Benefits of Using NFT For Brand Awareness

NFT was introduced to the world a few years ago, but it got its recognition recently, which opened a new door for artists, investors, business owners, and the general public. While artists and other NFT creators can easily create their tokens, what about someone who has no idea about designing?



Assume you want to create a non-fungible token but do not possess any professional knowledge. So, what will you do? The answer is simple &#8211; you hire NFT artists! Hiring a non-fungible token artist is straightforward through freelance platforms.



This article will help you to hire a successful freelancer for your requirements.



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="800" height="500" src="http://adminblog.upyo.io/wp-content/uploads/2023/01/Hire-NFT-Artists.jpg" alt="Hire NFT Artists" class="wp-image-3423" srcset="https://adminblog.upyo.io/wp-content/uploads/2023/01/Hire-NFT-Artists.jpg 800w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Hire-NFT-Artists-300x188.jpg 300w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Hire-NFT-Artists-768x480.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /></figure>



<h2>How do I hire an artist to create an NFT?</h2>



You can hire a non-fungible token artist and developer easily with the help of verified freelance websites. Just remember the below factors when selecting a freelancer:



<ul><li>Portfolio: This is one of the most crucial factors to consider before hiring an artist. A portfolio gives an idea of what kinds of projects or works the artist did before so that you can evaluate whether they fit your bill. Usually, the artists upload their portfolios on freelance sites, so you can go through them before shortlisting the artists.</li><li>Filters: This is one of the features that help you narrow down the freelancers for you. You can apply price, delivery time, and many other filters.</li><li>Intellectual property (IP) rights: Trading non-fungible tokens do have some legal complications. So, hire an artist who grants you full ownership and be clear with your terms and conditions.</li></ul>



Apart from freelance websites, you can also use social media platforms like Twitter, Meta, etc., to hire freelancers.



Here are some significant benefits of hiring an NFT designer for you or your business:



<ul><li>Saves time</li><li>You can get more done faster</li><li>Stand out from the rest</li></ul>



<h3>How much does it cost to hire an NFT artist?</h3>



NFT artists may charge anywhere between $100 and $350 for one base NFT + accessories. Furthermore, scaling to 5,000 or 10,000 non-fungible tokens can cost between $2,000 and $4,000. However, these costs are speculative and the actual cost depends on your requirements.



Firstly, recognize the type of specialist you want to hire as each artist has their own area of expertise that demand specific charges:



<ul><li>NFT Animators: Major in film art, motion art, and anime art.</li><li>NFT Illustrators: Major in artwork (digital, conceptual, and fantasy).</li></ul>



<ul><li>NFT Graphic Designers: Major in commercial design, typography, and logos.</li><li>NFT Musicians: Major in music and audio sectors related to singing.</li><li>NFT Painters: Major in watercolors, paint, and murals.</li></ul>



Remember that you may require multiple artists (depending on your task requirements).



<h2>7 Best Websites to Hire NFT Artists</h2>



<ul><li>24Task:</li></ul>



<a href="https://24task.com/">24Task</a> is an excellent platform when it comes to hiring freelancers. The platform offers various options, from primary content writing to complex web development. NFT artists are the new addition to their numerous other categories.



<figure class="wp-block-image size-full is-resized"><img decoding="async" loading="lazy" src="https://adminblog.upyo.io/wp-content/uploads/2023/01/24task1.jpg" alt="24Task" class="wp-image-3416" width="650" height="326" srcset="https://adminblog.upyo.io/wp-content/uploads/2023/01/24task1.jpg 740w, https://adminblog.upyo.io/wp-content/uploads/2023/01/24task1-300x151.jpg 300w" sizes="(max-width: 650px) 100vw, 650px" /></figure>



Hiring from 24Task is pretty straightforward. The filter option lets you choose the type of freelancer and budget. Based on the information you provide, the platform will give you a list of top-rated freelancers that matches your requirements. You can easily find a suitable top-notch NFT artist across the globe. Know the <a href="https://upyo.com/en/post/female-nft-artists">best Female NFT artists</a>.



<ul><li>Fiverr:</li></ul>



This is a leading freelance platform with thousands of freelance artists and designers. There are numerous freelancers on this site who work as NFT creators with varying service charges. Additionally, one can also find hundreds of NFT-related gigs on their site.



You can search the site using filters like the art style, budget, ratings, and so on to shortlist the artists. Setting filters can save you significant time and help with the best possible matches for your venture. You can select one of the freelancers from the search results and give your task to the. Once the task is completed you can receive the work from them after you can pay the charges.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="http://adminblog.upyo.io/wp-content/uploads/2023/01/Fiverr-1024x538.png" alt="Fiverr" class="wp-image-3417" srcset="https://adminblog.upyo.io/wp-content/uploads/2023/01/Fiverr-1024x538.png 1024w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Fiverr-300x158.png 300w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Fiverr-768x403.png 768w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Fiverr.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



After the payment is completed, you&#8217;ll have complete ownership of your commissioned design on Fiverr. Since every freelancer on this platform works under the same legal contract, you don&#8217;t have to fret over the legal contract terminologies.



Note: It must be noted that you may not get complete commercial rights over the work of some artists or designers. Thus, if you want full commercial rights over the work, try searching for the artist who provides the rights which may take some time.



<ul><li>Toptal:</li></ul>



Toptal is another top-notch freelance marketplace founded in the United States in 2010. The site has a large number of graphic designers and other talented freelancers. As NFT grows, a few artists have begun their journey in this field. Although there aren&#8217;t a lot of NFT artists, the site guarantees that you get intellectual property after you pay for the work. In other words, you&#8217;ll be granted commercial rights.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="536" src="http://adminblog.upyo.io/wp-content/uploads/2023/01/Toptal-1024x536.png" alt="Toptal" class="wp-image-3418" srcset="https://adminblog.upyo.io/wp-content/uploads/2023/01/Toptal-1024x536.png 1024w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Toptal-300x157.png 300w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Toptal-768x402.png 768w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Toptal-1536x804.png 1536w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Toptal.png 1720w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



The site&#8217;s primary objective is to assist freelancers and clients in developing long-term relationships. Furthermore, the site requires a deposit of $500 which will be refunded later. While this is not seen as a major problem in case you want a series of non-fungible tokens to be created. However, if you want just one design with a limited budget, the deposit can be seen as a hurdle.



<ul><li>Upwork:</li></ul>



Formerly known as &#8220;Elance-oDesk,&#8221; this platform is another popular freelance platform for finding any type of freelancer worldwide. The website was ranked as one of the most influential companies in 2022. With a vast talent pool in numerous categories, you can find talented artists available for NFT creation there.



You can search for freelancers on this platform using the filters and have a look at a freelancer&#8217;s profile from the search results. Additionally, you can make a note of the hourly rates for freelancers, job success rates, and delivery times.



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="1008" height="720" src="http://adminblog.upyo.io/wp-content/uploads/2023/01/Upwork.jpg" alt="Upwork" class="wp-image-3419" srcset="https://adminblog.upyo.io/wp-content/uploads/2023/01/Upwork.jpg 1008w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Upwork-300x214.jpg 300w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Upwork-768x549.jpg 768w" sizes="(max-width: 1008px) 100vw, 1008px" /></figure>



Furthermore, the site offers catalogs which can also help you hire artists on this platform. These catalogs are like a side hustle. For instance, if you want to search for and hire a freelancer who fits your budget, you can easily make a buyer request or schedule an interview. This helps suitable freelancers reach out to you.



The freelancers will send a proposal based on your request so that you can interview and hire an NFT artist for your venture. This step can save you a lot of time that is spent searching.



However, the issue with this platform is its user interface which is cumbersome and outdated. The interface can pose a problem if you want to search artists based on certain art styles. On the other hand, there are other features that help you post your requirements and invite freelancers to have a look at your venture. This feature is free, time-saving, and proves helpful.



Furthermore, when you commission an NFT on this site, you&#8217;re usually covered by their Service Contract Terms unless your freelance designer uses their own contract. So, you don’t have to worry about the IP rights of the work as once the payment is completed, you’ll get the right as per the contract.



Moreover, you’ll also obtain the distribution rights to distribute your design as a standard, which can be extremely useful if you plan on releasing multiple non-fungible tokens.



<ul><li>Freelancer:</li></ul>



Launched in 2009, Freelancer is one of the best platforms for hiring freelance artists and designers. Although there are few non-fungible token-specific artists, you can find hundreds of graphic designers on the site. The freelancers&#8217; annual revenue on this site ranges from $25 million to $50 million.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://adminblog.upyo.io/wp-content/uploads/2023/01/Freelancer-1024x538.png" alt="" class="wp-image-3420" srcset="https://adminblog.upyo.io/wp-content/uploads/2023/01/Freelancer-1024x538.png 1024w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Freelancer-300x158.png 300w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Freelancer-768x403.png 768w, https://adminblog.upyo.io/wp-content/uploads/2023/01/Freelancer.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Hiring freelancers on this site is effortless and simple. You can communicate with a suitable freelance designer directly to discuss your requirements here. Or, you can simply post your requirements on the site so interested freelancers can submit their bids. Additionally, the site provides a special service called Recruiter Service, which, when enlisted, provides you with a list of hand-picked designers.



<ul><li>People Per Hour:</li></ul>



People Per Hour debuted in 2007 and is also a sought-after site for freelancers. This platform allows freelancers to earn money by selling services. You can find non-fungible token artists and designers on this platform. The site has a pretty simple user interface where you can commission work to an artist.



Just describe and create your NFT project to post on the site so freelancers can reach out. Once posted, freelancers will bid on the request; you can go through the submissions, view the freelancers&#8217; profiles, and see the bids. Shortlist the profiles that you find satisfactory and finalize one of them for your project.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="http://adminblog.upyo.io/wp-content/uploads/2023/01/People-Per-Hour-1024x538.png" alt="People Per Hour" class="wp-image-3421" srcset="https://adminblog.upyo.io/wp-content/uploads/2023/01/People-Per-Hour-1024x538.png 1024w, https://adminblog.upyo.io/wp-content/uploads/2023/01/People-Per-Hour-300x158.png 300w, https://adminblog.upyo.io/wp-content/uploads/2023/01/People-Per-Hour-768x403.png 768w, https://adminblog.upyo.io/wp-content/uploads/2023/01/People-Per-Hour.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Before starting the task, ensure to talk about your IP rights. You can create an agreement where the freelance artist agrees to provide complete intellectual property rights to you.



<ul><li>DesignCrowd:</li></ul>



Unlike the sites so far mentioned in this article, DesignCrowd works differently. You do not have the option to contact the freelancers directly, but you can post your requirements with a brief description on the site. Along with the description, you can also add a deadline and budget to your description.



Once posted, the artists on the site will submit the designs based on the description, so you can check them and finalize a design. The artists usually fix a charge based on the project type.



Moreover, you have the option to mark your project as private by paying an extra charge. This option makes your project visible to designers alone. Choose this option if you want to release a <a href="https://upyo.com/en/post/nft-calendar-sites">surprise non-fungible token</a>.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="http://adminblog.upyo.io/wp-content/uploads/2023/01/DesignCrowd-1024x538.png" alt="DesignCrowd" class="wp-image-3422" srcset="https://adminblog.upyo.io/wp-content/uploads/2023/01/DesignCrowd-1024x538.png 1024w, https://adminblog.upyo.io/wp-content/uploads/2023/01/DesignCrowd-300x158.png 300w, https://adminblog.upyo.io/wp-content/uploads/2023/01/DesignCrowd-768x403.png 768w, https://adminblog.upyo.io/wp-content/uploads/2023/01/DesignCrowd.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Furthermore, if you like a design and want some modifications, you can request revisions from the respective designer. Additionally, they have a refund option that is subject to terms and conditions (please check their refund policy for more details).



While these are some positives of this platform, there are also some negatives that you must be aware of. It can be said that commissioning a non-fungible token can be challenging on this site. You may not like the designs you get on this platform, which can be a massive waste of time.



However, you do not need to be concerned about any copyright issues. Once you pay the artist, you&#8217;ll have complete intellectual property rights, along with commercial rights.



<h4>Conclusion</h4>



These are some top websites where you can hire an independent designer to design a non-fungible token for you. You can easily search for NFT artists on these websites based on your preference once you decide on your NFT requirements. However, do your research before enlisting service from freelancers.

Best Websites to Hire NFT Artists

One of the quandaries that NFT art curators face is how to display their artwork collection. Most would want to share their collection with the world or with an exclusive like-minded group. However, they do not know how or where to share them. If you are in such a dilemma, the answer is simple -NFT gallery!



Whether you want to earn revenue or simply <a href="https://upyo.com/en/post/display-nft">show off your NFT collection</a>, the NFT gallery is a great option that you can try. This article will cover the basic concepts of non-fungible token galleries and help you understand how they can benefit you.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="http://adminblog.upyo.io/wp-content/uploads/2022/12/UPYO-BLOG-EVENT-1024x538.png" alt="NFT Art Gallery" class="wp-image-3356" srcset="https://adminblog.upyo.io/wp-content/uploads/2022/12/UPYO-BLOG-EVENT-1024x538.png 1024w, https://adminblog.upyo.io/wp-content/uploads/2022/12/UPYO-BLOG-EVENT-300x158.png 300w, https://adminblog.upyo.io/wp-content/uploads/2022/12/UPYO-BLOG-EVENT-768x403.png 768w, https://adminblog.upyo.io/wp-content/uploads/2022/12/UPYO-BLOG-EVENT.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2>What is NFT Gallery?</h2>



It is a unique virtual place where non-fungible token art collectors showcase their non-fungible token collections. In other words, a non-fungible token gallery is a site where you can see numerous non-fungible token collections. The non-fungible token gallery is similar to that traditional art gallery where NFT curators display, share, or sell their tokens.



<h2>How does Virtual NFT Gallery work?</h2>



As mentioned above, the concept of a virtual gallery is similar to a traditional art gallery. The NFT gallery exhibits artworks corresponding to a specific idea or theme. And, as the name suggests, virtual art galleries are hosted online, usually through websites. Furthermore, the exhibition can be kept private or public as per the curator&#8217;s preference.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="483" src="http://adminblog.upyo.io/wp-content/uploads/2022/12/NFT-exhibition-1024x483.jpg" alt="NFT exhibition" class="wp-image-3357" srcset="https://adminblog.upyo.io/wp-content/uploads/2022/12/NFT-exhibition-1024x483.jpg 1024w, https://adminblog.upyo.io/wp-content/uploads/2022/12/NFT-exhibition-300x142.jpg 300w, https://adminblog.upyo.io/wp-content/uploads/2022/12/NFT-exhibition-768x362.jpg 768w, https://adminblog.upyo.io/wp-content/uploads/2022/12/NFT-exhibition-1536x725.jpg 1536w, https://adminblog.upyo.io/wp-content/uploads/2022/12/NFT-exhibition-2048x966.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



The visitors to this gallery can view the artworks and purchase them easily. In fact, the transaction process in the NFT gallery is comparatively smooth and faster than in the traditional gallery. Moreover, the purpose of the NFT gallery decides how it must function.&nbsp;



For instance, a private NFT gallery requires a simple website where the owners can display their collections. The primary objective of this gallery is to show non-fungible tokens on a selected medium. Usually, one can display the tokens in a number of ways; through a website (where one can use a collage), metaverse, independent digital space, or a museum-like space.



While the private gallery is open to an exclusive group of visitors, a public gallery works like a virtual marketplace; wherein collectors can register and list their non-fungible tokens.



<h3>Physical NFT Gallery vs. NFT Online Gallery</h3>



NFT art galleries can be hosted in two major ways &#8211; virtually and physically. The physical non-fungible token gallery is also called an &#8220;in-person&#8221; gallery. As the name implies, the significant difference between these two is how non-fungible tokens are displayed.



A virtual gallery has a dedicated website where you can share your collection online with the viewers. In addition to the non-fungible tokens, the visitors can get to know some extra information about the tokens, such as background information in the gallery. The process of displaying the token is simple and includes uploading the artwork, adding some background information, and the price.



Moreover, the gallery can be a metaverse where the visitors can have a phenomenal experience of viewing the artwork. One of the major advantages of having a virtual gallery is that you can host your artwork without stepping out of your home.



In contrast, a physical or in-person non-fungible token gallery has a physical location where non-fungible tokens are displayed on a digital screen. Buyers or viewers can visit the gallery if they are interested in interacting with the artists at the site.



Furthermore, a physical NFT gallery gives a feel of the traditional art gallery, wherein you get to view the artwork on screens instead of canvas. This type of gallery brings the traditional art setup and virtual technology together and bridges the gap between these two. Both galleries have their advantages, and it is up to the curator to decide which medium to use to display their collection.



<h2>Future of NFT Gallery</h2>



The non-fungible token gallery is an excellent concept that proves beneficial to digital artists. Moreover, it&#8217;s also a great experience for the viewer, as this type of display medium was unavailable previously due to a lack of technological advancements. Having said this, it remains to be seen whether the concept of an NFT gallery will survive. However, commercial NFT galleries will likely thrive if prices continue to rise, buoyed by the hype.



<h4>Conclusion</h4>



The non-fungible token gallery is an excellent place to share your collection with the world. In fact, they can prove to be a great space for artwork sales if the curator wants to earn revenue. Depending on their purpose and requirements, one can choose a physical or virtual NFT gallery. Whatever one chooses, this gallery is bound to give an outstanding experience to the viewers.

NFT Gallery: What is it, and how it works?

Best NFT Crypto Coins to Invest in Right Now

A crypto wallet is a must-have for anyone who wants to trade in NFT. Crypto wallets enable the transaction of all types of cryptocurrencies, allowing users to buy and sell crypto tokens easily. If you want to lend or purchase assets on the decentralized finance protocol, you will require a compatible crypto wallet service to do so. These services allow you to store your digital currency, and some even allow you to <a href="https://upyo.com/en/post/store-nft">store your NFTs</a>.



MetaMask is one of the prominent digital wallet services that crypto enthusiasts widely use. This popular wallet is compatible with all Ethereum-based platforms and is a favorite among new and experienced crypto fans. The MetaMask wallet has over 21 million monthly users &#8211; a 38x growth from 2020.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="http://adminblog.upyo.io/wp-content/uploads/2022/12/MetaMask-wallet-1-1024x538.png" alt="MetaMask wallet" class="wp-image-3303" srcset="https://adminblog.upyo.io/wp-content/uploads/2022/12/MetaMask-wallet-1-1024x538.png 1024w, https://adminblog.upyo.io/wp-content/uploads/2022/12/MetaMask-wallet-1-300x158.png 300w, https://adminblog.upyo.io/wp-content/uploads/2022/12/MetaMask-wallet-1-768x403.png 768w, https://adminblog.upyo.io/wp-content/uploads/2022/12/MetaMask-wallet-1.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



This free wallet service is accessible through a mobile app or web browser extension. Thus, users can easily download the wallet directly to their mobile devices or to their browsers. Moreover, users can access more than three thousand distinct decentralized applications and Web3 services through MetaMask. 



<h2>The advantages of using MetaMask Wallet</h2>



<ul>
<li>The MetaMask wallet is insanely well-known as users require one extension to avail multitude of dapps.</li>



<li>It is available as a mobile app and browser extension.</li>



<li>The wallet has high-level security features.</li>



<li>Most decentralized applications are modeled to integrate with MetaMask, making it considerably simple to transfer and receive ETH.</li>



<li>One does not need to oversee the private keys; instead, remembering the set of phrases is enough. <a href="https://upyo.com/en/post/best-nft-wallets">Discover the best crypto wallets in the market</a>.</li>
</ul>



<h3>Is MetaMask Wallet safe?</h3>



The MetaMask wallet has numerous security measures, which makes it pretty safe to use. Furthermore, this crypto wallet does not save wallet details on its servers. This means that the user&#8217;s data is stored on the internet, which MetaMask cannot access. However, a skilled hacker can locate the encrypted file on your side.



Every cryptocurrency wallet has a public key that anyone can see and use to send crypto. Additionally, it&#8217;ll also have a private key. This private key must not be shared with anyone, as it lets the user access the tokens in the wallet.



Usually, the private keys are saved in the browser’s cache by the MetaMask. This enables the user to use their wallet easily. Moreover, one can decrypt the encrypted wallet with a password. Know more on <a href="https://upyo.com/en/post/nft-security">how to secure your NFTs</a>



Phishing and malware attacks, rather than direct hacks, are the most common ways that MetaMask wallets are compromised. Cyber vigilance, such as strong passwords and safe seed phrase storage, may prevent data hacking.



<h2>How to set up MetaMask Wallet?</h2>



You can set up the MetaMask wallet easily by following the steps given below:



<ul>
<li>Download MetaMask on Chrome:</li>
</ul>



We will demonstrate how to create a MetaMask wallet on Google Chrome. First, ensure that you have a Chrome browser on your PC. If you don&#8217;t have one, download it.



Next, download the MetaMask application from the official website. Please do not download it from any other sources. Once the application is downloaded, you can add it as an extension on your Chrome browser by clicking on the &#8220;Add to Chrome&#8221; tab.



Furthermore, you can also download the app from the Apple Store or the Google Play Store.



<ul>
<li>Select the &#8220;Get Started&#8221; tab:</li>
</ul>



Once the extension is installed on your browser, you can get started by clicking on the extension, which takes you to the &#8220;Welcome to MetaMask&#8221; page. Here, you can get started with wallet creation through the &#8220;Get Started&#8221; button.



<ul>
<li>Click the &#8220;Create a Wallet&#8221; button:</li>
</ul>



Once you select &#8220;Get Started,&#8221; the screen will direct you to the &#8220;New to MetaMask&#8221; page, wherein you&#8217;ll see two prompts, such as:



&#8220;No, I already have a Secret Recovery Phrase&#8221; &#8211; If you select this, you&#8217;ll be prompted to import your existing wallet. You&#8217;ll need your backup phrase for this option.



The other option is &#8211;



&#8220;Yes, let&#8217;s get set up!&#8221; &#8211; Choosing this option enables you to create a new MetaMask wallet. This is helpful if you are creating the wallet for the first time. Once you choose this option, click on &#8220;Create a Wallet&#8221; to proceed further.



<ul>
<li>Click on the &#8220;Agree&#8221; button:</li>
</ul>



After selecting the &#8220;Create a Wallet&#8221; option, you&#8217;ll be redirected to the &#8220;Help Us Improve MetaMask&#8221; page. Here, you&#8217;ll be presented with terms and conditions concerning the website and wallet. You must accept the terms and conditions to proceed further,



MetaMask does not collect its users&#8217; IP addresses or sell data to third parties. You can read the company&#8217;s terms and conditions to understand better how the company uses your data. Click on the &#8220;I Agree&#8221; tab to agree and move to the next step.



<ul>
<li>Create a password:</li>
</ul>



You&#8217;ll be landed on the &#8220;Create Password&#8221; page after you agree to the terms in the previous step. To create a safe password for your account, ensure to enter a strong password and fill in all the fields provided.



Note: Follow the instructions given on the page to create a strong password. Then re-enter the same password in the &#8220;Confirm password&#8221; field to complete the process. Once the password is created, agree to the terms of use and click on &#8220;Create.&#8221;



<ul>
<li>Store the seed phrase safely:</li>
</ul>



After creating the password, it is time to move on to the &#8220;Secret Backup Phrase&#8221; webpage. In this step, you will be assigned a unique secret backup phrase which is called a seed phrase.



Your secret seed is a 12-word combination chosen at random that allows you to import your MetaMask wallet. Click on the lock icon to reveal the secret 12 phrases and make a note of this backup phrase.



There are two ways to store your backup phrase: writing it down on paper or saving it in a password manager.



Note: Do not share your backup phrase with anyone.



<ul>
<li>Confirm backup phrase:</li>
</ul>



Next, proceed to the &#8220;Confirm your Secret Backup Phrase&#8221; page by clicking on the &#8220;Next&#8221; button. Please note that the screen will showcase the words of your recovery phrase in a jumbled order.



So, to acknowledge your backup phrase, rearrange each word in the phrase in the correct order. You have to click the words in the same order as they appear on your seed phrase. For instance, if the first four words of your seed phrase are &#8220;air,&#8221; &#8220;water,&#8221; &#8220;land,&#8221; and ground, you have to click on &#8220;air,&#8221; &#8220;water,&#8221; &#8220;land,&#8221; and ground, respectively. Once all the words are selected in the proper order, click on &#8220;Confirm.&#8221;



<ul>
<li>Start utilizing your MetaMask:</li>
</ul>



Once you confirm, you&#8217;ll be redirected to the congratulations page. Next, click on the &#8220;All Done&#8221; button to complete the wallet creation process. After completing the process, you&#8217;ll now be permitted to send Ethereum or any other cryptocurrency to your MetaMask wallet. However, to do that, you must first copy your Ethereum address from your MetaMask wallet and add it to the relevant fields on a crypto exchange platform.



<h3>How to set up multiple MetaMask wallets?</h3>



You can create and manage multiple MetaMask accounts by simply following the steps to create additional accounts. However, each of these accounts is linked to the same Secret Recovery Phrase.



<ul>
<li>Click the favicon at the top right of your wallet.</li>



<li>Click &#8220;Create Account.&#8221;</li>



<li>Enter your preferred name.</li>



<li>Click &#8220;Create&#8221; to confirm.</li>
</ul>



<h4>Conclusion</h4>



You can successfully create your Metamask wallet by following the instructions given in this article. Once done, you can transfer funds to your wallet and start using it to buy NFTs and other crypto assets. Ensure you&#8217;ve saved your secret recovery phrases somewhere safe and easily accessible when you need them. 



You can only access your MetaMask wallet if you remember your secret recovery phrases. As a result, you must keep your recovery phrases private from others.