An NFT (Non-fungible tokens) is a digital asset that represents real-world objects like art, music, in-game items, and videos. These tokens are based on Ethereum blockchain technology, cannot be replaced by any other value, and are unique in that sense. If we take as an example a real image from the market, NFT token can be considered digital works of art, such as graphics, images, photographs, music, parts in video games, whose value is expressed in Ethereum or Bitcoin cryptocurrency whose value is later translated into dollars.
NFT behaves like a cryptocurrency — it exists on a blockchain, it has value, it can be traded. On the other hand, it is visually striking enough to be better called NFTs creation or even simpler NFTs digital assets.
These tokens are characterized by uniqueness — just as a work of art can be unique. There are also partially unique tokens, but also those that are more but are limited in number. Among others, this is a feature that significantly affects the price. NFT is also indivisible, this token cannot be divided into halves, or into several parts, but acts exclusively in its entirety, unlike, for example, bitcoin.
What is Marketplace?
NFTs are typically held on the Ethereum blockchain, although other blockchains support them as well. NFTs marketplaces are platforms where NFTs can be stored, displayed, traded and in some cases minted. NFTs marketplaces have a variety of non-fungible tokens on sale, from both famous artists and amateurs. Before choosing an NFTs marketplace, you’ll first want to decide the kind of digital asset you’re interested in buying, selling, or creating There are loads out there to choose from, but one of the biggest marketplaces are
and more. If you want to build own Marketplace, follow the steps bellow
· Select the right blockchain
- Identify audience
- Create suitable UI for NFTs Marketplace
- Specify operational domains
- Chose tokens
- Develop Smart Contracts
- Test and Deploy Marketplace
Or, you can simply use the OpeanSea or any other Clone Script. Clone Script is a ready-made script that helps to launch your own P2P NFTs marketplace.
What is Initial NFT Offering (INO)?
Simply put, the Initial Non-Fungible Token Offering is a new type of crowdfunding platform in which the non-fungible tokens are sold at the early stage of the project for a stipulated period. With Initial NFT Offerings the NFT ecosystem can be revolutionized. INO serves as an innovative solution to resolve the challenges that all participants face. It facilitates NFT liquidity, eases the listing process, avoids compliance risks, and provides an inclusive experience for users.
NFT Offerings that provide the NFTs marketplace have lots of advantages, such as the easy launch of projects and reduced transaction fees with higher investment returns. INO allows people to easily issue a limited edition NFT. With the features that come with initial NFT offerings, starting NFTs projects does not require special expertise. Those who intend to build NFTs projects, but have a financial challenge to finance the project, can raise the necessary funds through Initial NFT bids before creating projects.
Creators and inventors enjoy reduced transaction fees because INOs help minimizes the transaction fees charged to these creators and investors. Along with limited transaction fees, there is a higher return on investment provided by INOs as investors benefit from the inherent scarcity of NFT supply. Initial NFT offering involves offering a set of first-generation NFTs, or genesis NFTs, for a certain period. Therefore, Initial NFT Offering empowers participating investors to benefit from the inherent supply scarcity of the NFTs.
Babylons is the first community-governed NFTs marketplace for gaming and art communities. They hosted INOs events with many strategic partners. NFTrade Marketplace also launched many cross-chain NFTs launchpads for Initial NFT Offerings (INOs). An increasing number of NFTs platforms are now offering the option of an Initial NFT Offering to their publishing community. NFTs platforms allow the community to vote for promising projects to be listed on the platform and reward the winners.
How to do an INO?
Creators and upcoming projects provide technical documentation, plans, and roadmaps to the community. This is a great opportunity for creators to promote their NFTs work.
For those NFT projects to be listed, creators would launch by a First-Come-First-Serve or lottery model to fairly distribute their NFTs, thereby boosting the community engagement.
NFTs platforms allow access to NFTs depending on the number of source crypto tokens the user holds. Encourages users to invest native crypto tokens to obtain allocations from upcoming NFTs projects. Within the Initial NFTs offers, users at the highest levels benefit from extremely rare and sought-after NFTs for each project.
Creators would launch NFTs with different rarity, and burning periods, and create their specific staking pools on the platform. On some NFT platforms, NFTs owners and creators both earn a split of the staking reward.
Through INO, anyone can issue a limited edition of NFTs through some of the decentralized platforms. Initial NFT offerings allow everyone to be recognized by a wider audience. Many creators need new funds to fund their projects. With INO, every artist can raise the necessary funds.