So, you succumbed to the temptation and bought an NFT. Because, well, everybody is talking about NFTs and how much money can you make reselling them one day. That day is obviously is not today or tomorrow. It might be years from now. But you own your piece of digital art already. Now what can you do with your NFT?
It’s a typical scenario.
You recently bought or successfully created an NFT (non-fungible token) just to understand how it all works, and now you are confused what to do with it.
You have no interest in selling it. Mostly because it’s just some NFT and it’s not even worth the money you paid for it.
All you know is that NFT is in your crypto wallet now. Is there something you can do with it?
Yes, there are a few options. Let’s check them out.
What can you do with your NFT?
First of all, let’s define the terms, like what does it mean to own an NFT.
No matter where you bought it, after the transaction in finalized the NFT appears in your crypto wallet. It is being protected by blockchain just the way the financial transactions in cryptocurrency are. There are numerous records of the transaction that allowed you to buy an NFT stored in multiple nodes of the blockchain network you used to but the NFT.
Presumably nobody can steal your NFT now. It would require validation from multiple nodes.
So you own this NFT. The network knows that. What’s next?
Put your NFT into Metaverse
Non-fungible tokens have created new ways for gamers to generate revenue in virtual worlds. NFTs are one of the main drivers in the Metaverse.
People are using NFTs in the metaverse is to buy virtual land. These virtual spaces use NFTs, as opposed to a physical deed, to reflect ownership of specific locations within a virtual world.
So some NFTs are minted inside the Metaverse, but it doesn’t mean you can’t use non-fungible tokens from outer world.
You can trade your NFTs in the Metaverse. For example the tokens can be used as a bet in virtual casinos. Or can be used to decorate your office or home in the digital world.
Display your NFT at Lazy.com
There is a website Lazy.com which is a kind of Instagram for NFTs. Unlike popular OpenSea and other NFT platforms, Lazy.com is not intended to help you sell your NFTs. It exists only to help you show what you’ve got.
Buy a gadget to display your Non-fungible tokens
There are some gadgets to help you show NFTs you own to guests of your house.
Those are mostly digital frames, that are connected to your smartphone via Wi-Fi. There should be a wallet app containing your NFTs on your smartphone, or course. When connected to it the smart photo frame is able to show your NFTs just like a usual digital photo.
If you are looking for such a gadget just try googling NFT Art Frame or Tokenframe. The prices vary depending on the size of the frame and its design. Some cost literally a couple of bucks while others may be priced at hundreds of dollars. And the biggest on can cost up to a few thousand of dollars.
You can actually print your NFT
Well, I do not mean, print it the way you print documents in your office. Though it’s kind of a similar process here.
Infinite Objects website does a thing they call video printing. Sound like Sci-Fi, but it really works.
You can do nothing
Yes, just like the owners of Bitcoin do, you can HODL. That means simply holding your assets waiting for them to become more and more pricier. Once you see the asset costs a lot more than the amount of money you paid for it, you can sell.
Of course, NFTs are different from cryptocurrency. With BTC or ETH you know what it’s worth any minute. And you can easily count how much do you gain.
There is no live price rate of NFT.
Think of it as a car or a house. Things like these are worth exactly what people are willing to pay for them.
Your NFT might never find its buyer in the future, meaning that no matter how much you paid for it, that money is lost.
Or it might suddenly become one of those NFTs everybody is talking about and skyrocket to millions of dollars.
Just look at those people who bought NFTs from Bored Ape Yacht Club collection.
The collection has recently surpassed $1 billion in sales.
So you should choose your NFT wisely. Because it might be a total waste of money or it might make you rich.
Sources: The Economic Times, Business Insider
