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What are NFTs?
NFTs (non-fungible tokens) are digital assets stored on a blockchain. These can be compared to a physical collector’s item, which is now digital. This means it is an indivisible, unique crypto asset. As a crypto collectible, its non-fungibility ensures it cannot be mutually exchanged for value. This implies it is not equivalent or similar to another NFT. While it can be bought and sold on an open marketplace, no two NFTs are identical or interchangeable. This makes NFTs distinct from cryptocurrencies.
What gives value to NFTs?
The value comes from the uniqueness and exclusive nature of NFTs and the blockchain technology that powers them. NFTs are also used as digital tokens representative of actual artwork and real-estate. This enables people to buy and sell NFTs representing tangible assets, while reducing the probability of fraud. NFTs are also used to tokenize identities and property ownerships, adding to their value.
Why are some NFTs so costly?
The uniqueness and the immutable proof of ownership makes each NFT exclusive and non-interchangeable. Such exclusivity can generate great demand in the market, which can drive up the price of an NFT.
What is minting an NFT?
When you convert a digital file into a crypto asset and store it on a blockchain, it is known as minting an NFT. Once minted, the particular digital item will exist on a blockchain, which will make it an immutable crypto collectible.
Why should I mint an NFT?
Minting an NFT gives you an opportunity to showcase your digital art and get the best value of it. You can monetize your work and get profit from direct sales. Also, there will always be a royalty tied to you in regards to your art.
What do you mean by an NFT drop?
The launch of an NFT with a specific date, time, and price is called a ‘drop.’ However, the number of NFTs that can be minted in a single drop could be limited. It can be cost-effective to buy NFTs during a drop
I don’t know much about NFTs and/or blockchain technology. Can I still create an NFT?
Yes, of course! At CrossTower, we help creators list NFTs irrespective of their familiarity with industry technicalities. Right from the initial consultation on how to create an NFT to dropping your first NFT, we’ll be there with you at every step of the way.
What NFTs can I create?
The opportunities are endless, but popular categories include art, music, video games, virtual fashion, gaming cards/collectible items, domain names, and digital items like a social media posts and stories, articles, and even GIFs and memes.
What makes my NFT unique?
The unique token ID generated post minting the NFT is what makes your NFT unique. For every NFT you create, you get a unique token ID from Ethereum technology attached to your digital assets.
How is the price of an NFT decided?
NFTs are sold via online auctions. While the initial price is fixed based on the average cost of similar assets and intensive market research, the market demand for a particular NFT can lead to higher biddings. The interest of potential buyers can move the price up. Valuation has no role to play in price determination here.
Can I change the price of an NFT I have created?
Yes, that is possible. The creator will first have to unlist the NFT and then relist it
What are the various modes of payment on the NFT marketplace?
As of now, we accept crypto as a payment method. However, we are adding multiple channels to our list to make payment more feasible for you.