Scientist Blockchain Versatile and complex, NFTs are still experiencing a huge buzz. It is often difficult to keep an overview here, the scope is so great. Countless new NFTs popping up every day – which ones are scams, and which ones show potential?
What are the scams, and what are the investments? Plus, NFT owners have one thing in common – their enthusiasm for the crypto universe. Computer geeks, investment thinkers, art lovers and collectors gather here. They all believe in seeing a digital future. They form NFT communities, inform and advise each other. Help each other educate, invest and learn. NFT as a ticket to society? But why have these communities become more important? What added value does this collective cohesion provide?
NFTs are assets
Non-Fungible Tokens, NFTs for short, are indivisible and non-fungible symbols. Cryptocurrencies like Bitcoin, on the other hand, are interchangeable. Thus, each NFT is a unique piece that can be purchased as an asset. NFTs can come in different forms, for example, there are digital artworks, so-called crypto art or game characters for sale online. NFTs, like other cryptocurrencies, are traded on the blockchain as this is the most secure place to store your crypto treasures. Owning an NFT is an asset, just like owning an expensive painting and hanging it on your wall. You want to make a name for yourself with others and show off your prosperity.
The hype continues to grow
NFTs are popping up more and more everywhere these days. Many well-known artists and companies bring their non-fungible tokens online, such as American rapper Snoop Dogg or skater Tony Hawk. Recently, Moonbirds and World of Walrus kits have appeared on the market. Having warmed up to the crypto business with bitcoin and other cryptocurrencies, people are now venturing into assets in the form of NFTs. But as a newcomer, you should be careful. As with expensive boards, there are many opportunities for counterfeiting in the NFT business. Common scams are, for example, links to fake NFT marketplaces that are sent using scam emails, fake customer support, or NFT impersonation. Proper due diligence, i.e. examining the economic, legal, tax and financial conditions, can avoid becoming a victim of a scam. Elon Musk is a pioneer in the crypto space. He recently bought the social media platform Twitter. As he is aware of the common scams, he can prevent Twitter scams in the future and thus advance the NFT business.
NFTs as a ticket to the community
NFT communities offer exclusive currency. People can spend it on their products or services and at the same time it helps build brand loyalty. NFTs can also create a sense of loyalty and connectedness. This also creates an emotion behind the icons. This gives people a reason to hold on to NFTs and not sell them at a perceived higher price. Because only by having a non-fungible token, you can be accepted into NFT clubs and become part of the community.
An example of a positive NFT community is the Bored Ape Yacht Club, BAYC for short. If you want to become a member of this club, you need only one thing: to own a bored monkey. Digital artwork in the form of monkeys is among the most popular NFTs. If you don’t have a monkey, you can buy one. Wallet registration required for purchase. Common boring monkeys are rated by rarity and therefore have different prices, so entry into the club remains fair for any newcomer – as long as the necessary funds are available. Together, BAYC results in a pool of about 10,000 NFT monkeys. If you are a member of the club, you can get discounts.
Lots of benefits for NFT Club members
Joining an NFT club like BAYC brings more unique benefits. On the one hand, partnerships can arise, on the other hand, some clubs provide the possibility of assignments. Quests are tasks in which coin holders embark on personal journeys or adventures that can lead to rewards upon completion. Winning a significant reward causes the owner to feel positive and happily shares it online on their social channels. Sharing on personal networks piques the interest of others and thus can expand the community. This will raise awareness of the industry and encourage new membership from creative NFT enthusiasts to spur new options.
Definitely worth joining the NFT club for all NFT owners. Clubs are also a great opportunity for people who are interested in investing in NFTs and the community. Membership in the NFT Club allows you to meet people and learn more about different cryptocurrencies. Clubs like BAYC have already shown that it is possible to build a great, positive community. The only thing you need to bring other than NFT is only positive vibes.