Non-fungible tokens (NFTs) are blockchain’s most-priced products of 2021. Since late 2020, NFT markets have shot up, exceeding anyone’s expectations about the sector’s performance. In Q1 of 2021, the NFT craze saw some unique digital tokens sell for millions of dollars, with a $69 million digital artwork sale to top the list. Although the dust is settling slowly on the NFT craze, the market is rapidly growing as new users join.
Entering the NFT space may feel overwhelming, even if you have a crypto background. You may wonder how a replicable digital artwork can be worth millions of dollars, where these artworks are made, sold, or even stored. The fast-expanding NFT ecosystem may make it more complex to understand the scope of the sector. Not anymore! Let’s learn more about these headline-making tokens.
How Do NFTs Get Value?
Imagine owning a parcel of land or a real estate property (if you don’t own one). Your land title or property deed represents your ownership of the asset. In the blockchain environment, an NFT is a digital equivalent of the title or deed, and this unique token represents ownership of a physical or digital asset. Digital assets could be virtual land, digital artwork, music, multimedia, among others.
As the token is non-fungible, each possesses distinctive features and is rare. A short answer to how NFTs get their value is that each is rare and brings an element of higher social status to its owner. Based on the demand-supply rule, an increasing number of users demanding an NFT will drive its value even higher.
These rare tokens are built on an underlying technology that ensures that each token created is unique and easily identifiable. The technology, known as a token standard, embeds distinct digital signatures to each token, making it traceable, verifiable, and indivisible. The top blockchains that support NFT development are Ethereum, Binance Smart Chain (BSC), Solana, Flow, and Tezos. Industry-leading token standards for minting NFTs are ERC721 and BEP721 of Ethereum and BSC, respectively.
Entering the NFT Space
The concept of NFTs has grabbed the attention of many people, given its potential applications in the future and the mega sales made so far. Jumping into the NFT bandwagon requires a careful assessment of the NFT market, as not all is rosy. Ethereum has been the dominant force in the world of NFTs, hosting most of the industry’s infrastructure. Despite Ethereum’s dominance, the platform unsurprisingly has its fair share of challenges, especially regarding gas fees and carbon footprint.
Despite receiving plaudits, rising concerns regarding projects built on Ethereum have lifted the lid on the actual cost of transacting NFTs on Ethereum-based NFT platforms. Since most of the well-known NFT infrastructure runs on Ethereum, new users may sign up for their services, incurring high costs and sometimes unreliable transaction speeds when the network congests.
A moderately new decentralized platform, BSC, has introduced features that resolve the long-standing issues on Ethereum. This platform’s ecosystem consists of infrastructure, marketplaces, art collectibles, games, metaverse (virtual reality), and domains. From the over 100 NFT projects on BSC, one stands out as the most intuitive, user-friendly, and efficient NFT marketplace – WSUM Art.
Why Choose WSUM Art?
WSUM Art is a BSC-based NFT marketplace that allows users to mint, sell, purchase, transfer and store their NFTs. The marketplace integrates all functionalities that a user may require in a marketplace to provide all-in-one convenience. The problems encountered on Ethereum-based NFT platforms have become increasingly harder to ignore. Each functionality on WSUM Art is tailored to meet and exceed the users’ needs, facilitating fast and affordable NFT trades that the competition is yet to achieve.
Turning the industry on its head, WSUM Art has set up a user-focused platform with bleeding-edge tools and features that provide a seamless NFT trading experience. Here’s what users get:
Negligible Gas Costs
WSUM Art, part of the WSUM Network, runs on BSC, leveraging the platform’s low costs of transactions. Each blockchain transaction is verified by validators. The fees paid to validators on BSC are negligible compared to Ethereum. So, NFT traders can enjoy very low charges to mint, sell, buy or transfer NFTs on WSUM Art. Additionally, you do not have to plan or wait for a time when the network has little activity to transact as gas fees on BSC remain low always. No more hassle for sidechains or other ways to get the lowest fees for your NFT transactions, as is common on Ethereum-based NFT projects.
BSC is a highly scalable platform and, WSUM Art enjoys this feature for its transactions. The NFT marketplace guarantees rapid settlement of transactions and high transaction throughputs even when network activity soars. As a decentralized blockchain protocol transforming the NFT marketplace, this highly-sought feature gives WSUM Art an edge over its competition. With many marketplaces grappling with delays, new users will find WSUM Art a convenient, affordable, and secure platform to start trading NFTs.
Sustainable Growth and Expansion
Unlike any other crypto protocol of its kind, WSUM Art is dedicated to growing sustainably. The project has partnered with tree planting organizations, funding their projects to plants trees worldwide. Since the protocol’s activities contribute to carbon emissions, these planted trees will help offset the network’s footprint and ensure a carbon-neutral operation.
Recently, concerns regarding the environmental sustainability of crypto projects took a toll on the industry, with the market slumping heavily. As some crypto projects take up the role to ensure sustainability, WSUM Network inclusive, the market is rebounding towards new heights.
Variety for the User
Among BSC projects, WSUM Art offers a competitive variety of NFTs. The marketplace is developing a first-of-its-kind user interface for a powerful UX that will allow you to browse, filter results, and trade NFTs with a few clicks. With these features, the project aims to be the home of NFTs, issuing top-rated tokens, even the least-known, with convenience and affordability.
Visit WSUM Art’s official website, or learn more about WSUM Network here.