The world of the internet is surely different from everything else. And when it comes to NFTs, it is a Wild West, which means that there is nothing like controlling factors. Anyone can sell anything of any worth for any price. You can sell your childhood sticker for thousands of dollars and will find buyers for that. This is how it works. As long as you find buyers, you can sell anything.
But what exactly is NFT?
It is short for Non-Fungible Tokens. If something is fungible, it means that you can get it interchanged for money. For example, you can get a $10 note by giving two $5 notes and vice versa. They are interchangeable, and you can do so with anyone. The worth will remain the same. More information you can find at techiedigest.com.
However, if something is non-fungible, it means that you cannot do so. If you are willing to pay a certain amount for something completely worthless, this is your choice. You are paying that amount but you cannot expect someone else to get it at the same price as you bought. If you want to get more information about latest news and transaction in NFT world, you can go to https://www.boredanimalsnft.com/most-expensive-animal-nft.
Although there are no regulatory authorities for NFTs, some groups are trying to make it safe. If you are buying something, you can sell it too. So if you do not want to take a risk, you can try going to animalsocietynft.com. They provide their roadmap and what they want to do. Furthermore, they will also tell you about their marketing plan. So you can make your investment accordingly.
Why is everyone so obsessed with buying NFTs and spending thousands and hundreds of dollars?
You might have this question in your mind: why are people even buying them? If it is something non-fungible, what is the use of spending so much money on it?
This is a debatable topic and there are supporters for both sides. But people buy them to become the sole collectors of a particular thing. The thing that belongs to them. So this is more like a psychological factor that makes people buy them. But if they are intelligent enough, they can make money through it too.
According to the supporters, this is innovation just like Bitcoin. You can put your assets in digital form. They won’t get damaged or ruined.
On the other hand, there are also people who take NFTs similar to Pyramid Schemes. Because of the huge sum of money that collectors pay.
Why the obsession?
People believe that they are not actually spending their money. Instead, they are storing it in a different form. For example, just like we buy a house or land. It won’t become useless in the future. Instead, it is possible that its value will increase. So even if you spent so much on buying it, we can sell it too. There are collectors for everything.
One of the examples of this is the selling of the original source code for the World Wide Web. Its original creator was Sir Tim Berners Lee. He created the World Wide Web and provided it to people for free. He wasn’t after money. And in 2022, he sold the original source code as an NFT in an auction.
The auction started at $1000. However, the price went for 5.4 million dollars. Although it might seem like a stupid thing to a lot of people but if someone is willing to spend this much amount on the NFT, it means that he has a plan for it.
Animal NFTs and craze over that
As you already know that NFTs are something that belongs to one person only. You will be the sole owner of that thing. But there are certain risks factors too. Still, many people are spending their money on them.
But one type of NFTs that are selling the most is animal ones. Millennials are spending so much money on those. But why?
They work for wildlife conservation
One of the biggest factors for this investment is the conservation of the earth. How do you think most Millennials are earning money? Of course, through their fame. That is why they do a lot of social work too. Another thing that they do is work for the environment.
Although there are a lot of environmentalists out there, and they do really care about the environment, not all. Irrespective of someone’s intention of doing things, what we get is environmental conservation.
Millennials buy animal NFTs and in exchange for that, they are promised that the animal habitat will be protected. So they are saving their money in NFT form and at the same time, the sellers are promising a safe habitat for that animal.
This is just like you buying a lion and providing him a safe living space to eat and live. You are providing it with everything it needs. Therefore, the trend is more towards animal NFT.
There are proper regulations for that
Another safe point for animal NFT is safety and security. You have to buy the NFT from an authentic seller. They have the animal registry of the animals in the whole globe. So if you buy from them, they will also set separate funding for the animals across the globe. You will get your NFT and the wildlife will get a better environment for living.
In addition to this, there are proper NFT collections. So if you buy the collection for Karula, the regulatory authority will work on the habitat conservation of Leopard Karula. Furthermore, there are proper limits to the maximum and minimum amount. They work in a way that the custodians can get a continuous income from their NFT.
If you buy an NFT from them, they will mint an extra one in their treasury. They can sell this extra mint later on. Thus, you will also receive your share of the payment. So there won’t be anything to lose for you.