The NFT market is on a constant rise during the last few years and millions of crypto enthusiasts are looking for an opportunity to get hold of top quality, trending NFT assets. Uniqueness is a key selling point of NFTs, because the fact that each NFT is one of a kind, unlike any other on the market, attracts people to want to buy and own their personal blockchain based unique token.
Buying an NFT is done through specialized NFT marketplaces that regularly present new NFT collections by creators from all over the world. Some markets offer users the opportunity of direct purchases, while others work through auction bids, which build up tension and excitement among buyers. The excitement usually reaches its key point when a purchase is made and the buyer finally becomes an owner of an NFT.
However, many crypto newcomers don’t really know what to do with NFTs after they buy them, apart from storing them in their crypto wallet.
Let’s find out what you can do with an NFT after you’ve purchased it.
It Depends on the Type of NFT You Bought
There are many different types of NFTs, since the basic concept behind non fungible tokens is the tokenization of any unique piece of data, art or real-world asset. So essentially, what you can do with an NFT is largely determined by the type of NFT you’ve purchased.
Gaming NFTs
The online gaming industry has been going through huge transformations lately, with NFT games based on blockchain technology and cryptocurrency becoming increasingly popular. Games like Axie Infinity, Decentraland, Sandbox, Thetan Arena and others are attracting millions of users and NFTs are a key part of their ecosystem.
When you buy an Axie NFT or a hero NFT for Thetan Arena, you’re buying a unique gaming character which can be used to win battles, gain crypto rewards and unlock new missions in these games. In case you buy an NFT that represents land or a house in the Decentraland or Sandbox metaverse games, you’ll have unique in-game access to your piece of virtual real-estate in these trending NFT games.
There are dozens of popular NFT based games and many of them allow users to generate crypto rewards just by holding their NFT or to buy special in-game items and upgrades.
Artwork
Artwork is definitely the most popular NFT content on the market. Just like real world paintings and drawings are unique pieces of art, without any copies, NFT artwork is a digital form of that uniqueness.
There’s not much you can do with an artistic NFT after purchasing it, except to occasionally spend some time admiring the artwork of your NFT, but that’s exactly what real-world paintings are also used for, to enrich your visual experience and relax by watching them.
Music NFTs
NFTs are a huge opportunity for musicians to gain more control over their music by selling songs as NFTs, paired with unique visual art and extra content for their fans. When you buy a musical NFT, you’re directly supporting the artists whose music you’re listening and each time you buy an NFT from a certain performer, you’re tipping them directly for their music.
Additionally, you can truly own the music you like, through music NFT platforms like Royal, which enables users to purchase streaming rights and song shares. Owning NFT song shares can earn you royalties on the music you’ve invested in, just by holding an NFT of a trending song or album.
Digital Collectibles like Trading Cards
Just like rare stamps or football trading cards are real-world collector’s items, NFTs also come in the form of digital collectibles. NFT trading cards are a big trend and participating in trading card collections can earn you many benefits in specific collector communities. You can earn crypto rewards, access to exclusive content, merchandise and higher ranks within a trading card community by holding the right cards.
Popular NFT trading cards include NBA Top Shot, Curio Cards, SoRare and Candy Digital.
Internet Domain NFTs
Internet domain NFTs surely aren’t as popular or attractive as gaming or artwork NFTs, but they are extremely useful and carry huge benefits for buyers. When you purchase an internet domain as an NFT, you are the exclusive owner of that web domain,while purchasing a domain through a third-party web provider incurs service fees and you don’t manage your domain directly.
If you purchase a domain as an NFT, you’re cutting out any middlemen and you have full control over the domain.
Conclusion
These are just some of the most popular types of NFTs and ways that you can benefit from them after a purchase. There are many additional types of NFTs, because literally anything such as a Facebook status or TikTok video can be tokenized and turned into an NFT.
Before you purchase an NFT, you should look into the various use-cases and benefits of that NFT, however, if you’re a trader, the sheer resell potential of an NFT might be enough motivation to purchase it.