{"id":3962,"date":"2023-05-17T09:00:00","date_gmt":"2023-05-17T09:00:00","guid":{"rendered":"https:\/\/gamerseo.com\/blog\/?p=3962"},"modified":"2023-04-27T11:21:47","modified_gmt":"2023-04-27T11:21:47","slug":"why-do-people-buy-nfts-learn-all-pros-and-cons-behind-them","status":"publish","type":"post","link":"https:\/\/gamerseo.com\/blog\/why-do-people-buy-nfts-learn-all-pros-and-cons-behind-them\/","title":{"rendered":"Why Do People Buy NFTs? Learn All Pros and Cons Behind Them"},"content":{"rendered":"\n<p>Unless you\u2019ve been living under a rock, there\u2019s no way you haven\u2019t heard of cryptocurrencies. A decentralized digital currency took the stock currency market by storm and attracted countless investors. However, the crypto market didn\u2019t stop just there.<\/p>\n\n\n\n<p>Back in 2017, <a href=\"https:\/\/www.larvalabs.com\/cryptopunks\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">The Crypto Punks<\/a> collection saw the light of day. Those digital images are currently worth millions of dollars. How\u2019s that even possible? And what do those 8-bit images have in common with cryptocurrencies? Make yourself a cup of coffee, and sit comfortably as we will explain why people went crazy about NFT purchases.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What Should I Know About NFT Projects?&nbsp;<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"568\" data-src=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/phone-held-in-hand-with-nft-images.png\" alt=\"phone held in hand with nft images\" class=\"wp-image-3974 lazyload\" data-srcset=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/phone-held-in-hand-with-nft-images.png 1024w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/phone-held-in-hand-with-nft-images-300x166.png 300w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/phone-held-in-hand-with-nft-images-768x426.png 768w\" data-sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/568;\" \/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"568\" src=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/phone-held-in-hand-with-nft-images.png\" alt=\"phone held in hand with nft images\" class=\"wp-image-3974\" srcset=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/phone-held-in-hand-with-nft-images.png 1024w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/phone-held-in-hand-with-nft-images-300x166.png 300w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/phone-held-in-hand-with-nft-images-768x426.png 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/noscript><\/figure>\n<\/div>\n\n\n<p>Before we explain why some NFTs are so ridiculously expensive, you need to understand what they actually are. For starters, NFT means \u201cnon-fungible token.\u201d<\/p>\n\n\n\n<p><strong>Non-fungible<\/strong> means it can\u2019t be easily replaced or traded. One can easily exchange one dollar or euro for another because they share the same value. NFTs, on the other hand, are like fine art. Let\u2019s take Mona Lisa. The painting can\u2019t be traded for another copy because they\u2019ll never be equal in value. The same goes for NFT art.<\/p>\n\n\n\n<p><strong>Token<\/strong>, on the other hand, is a digital asset that can be created and traded using blockchain technology. Bitcoins are such tokens. You can mine, buy or sell them, and every transaction is verified and recorded. That\u2019s how blockchain works, being a decentralized alternative to banks and government institutes.<\/p>\n\n\n\n<p>It also ensures the uniqueness of NFT digital art, so counterfeit can be easily spotted. Let\u2019s say you\u2019re renting a car to someone. You expect him to return the exact same car, not a replacement. Even though he has the same model and type of car, he can\u2019t replace it with yours \u2013 the original one. The same goes for NFT.<\/p>\n\n\n\n<p>All digital assets (pictures, music, NFT games, etc.) can be minted into NFT and later sold in the NFT marketplace. Anyone who finds it attractive can purchase it with cryptocurrency. From that point, the NFT artwork belongs to the buyer with certified ownership, and will be stored in his digital wallet.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Why People Went Crazy About NFT World?<\/h2>\n\n\n\n<p>Money! Isn\u2019t that simple? People are buying NFTs to make a profit from them in the future. Many people that purchase NFTs are simply looking for a capital investment. However, there are other benefits to consider when purchasing one. If you\u2019re looking to enter the NFT space, knowing how NFTs work doesn\u2019t clarify why they\u2019re so valuable.&nbsp; We\u2019ve listed the perks of owning them right below.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Access to Exclusive Perks<\/li>\n<\/ol>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/bored-ape-yacht-club-is-holding-a-fishing-rod-and-fishing.png\" alt=\" bored ape yacht club is holding a fishing rod and fishing\" class=\"wp-image-3975 lazyload\" data-srcset=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/bored-ape-yacht-club-is-holding-a-fishing-rod-and-fishing.png 1024w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/bored-ape-yacht-club-is-holding-a-fishing-rod-and-fishing-300x169.png 300w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/bored-ape-yacht-club-is-holding-a-fishing-rod-and-fishing-768x432.png 768w\" data-sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;\" \/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/bored-ape-yacht-club-is-holding-a-fishing-rod-and-fishing.png\" alt=\" bored ape yacht club is holding a fishing rod and fishing\" class=\"wp-image-3975\" srcset=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/bored-ape-yacht-club-is-holding-a-fishing-rod-and-fishing.png 1024w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/bored-ape-yacht-club-is-holding-a-fishing-rod-and-fishing-300x169.png 300w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/bored-ape-yacht-club-is-holding-a-fishing-rod-and-fishing-768x432.png 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/noscript><\/figure>\n<\/div>\n\n\n<p>People who own NFTs are assured of exclusive ownership. No one can steal it from them; some even grant access to certain perks, like VIP memberships. For example, Bored Ape Yacht Club (BAYC) NFT owners get a yacht club membership granting them access to closed community events.&nbsp;<\/p>\n\n\n\n<p>And given that high-profile celebrities like Jimmy Fallon, Paris Hilton, and Post Malone are club members, this trait alone makes people spend thousands of dollars to only join this community.<\/p>\n\n\n\n<ol class=\"wp-block-list\" start=\"2\">\n<li>Profit<\/li>\n<\/ol>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"595\" data-src=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/nfts-coolectibles-tokens-market-capitalization-.png\" alt=\"nfts \/ coolectibles tokens market capitalization\" class=\"wp-image-3976 lazyload\" data-srcset=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/nfts-coolectibles-tokens-market-capitalization-.png 960w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/nfts-coolectibles-tokens-market-capitalization--300x186.png 300w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/nfts-coolectibles-tokens-market-capitalization--768x476.png 768w\" data-sizes=\"auto, (max-width: 960px) 100vw, 960px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 960px; --smush-placeholder-aspect-ratio: 960\/595;\" \/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"595\" src=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/nfts-coolectibles-tokens-market-capitalization-.png\" alt=\"nfts \/ coolectibles tokens market capitalization\" class=\"wp-image-3976\" srcset=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/nfts-coolectibles-tokens-market-capitalization-.png 960w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/nfts-coolectibles-tokens-market-capitalization--300x186.png 300w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/nfts-coolectibles-tokens-market-capitalization--768x476.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/noscript><\/figure>\n<\/div>\n\n\n<p>As we said in the introduction, people see NFTs as an investment opportunity. NFT works can\u2019t be divided, which means they can be worth much more than any of the cryptocurrencies they\u2019re bought with. Due to unique characteristics, <a href=\"https:\/\/www.forbes.com\/sites\/youngjoseph\/2021\/03\/29\/nft-market-rages-on-nfts-market-cap-grow-1785-in-2021-as-demand-explodes\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">NFT value depends heavily on demands<\/a> and how much people are willing to pay for non-fungible tokens.<\/p>\n\n\n\n<p>A Twitter founder, Jack Dorsey, sold his first-ever tweet as an NFT <a href=\"https:\/\/www.cnbc.com\/2021\/03\/22\/jack-dorsey-sells-his-first-tweet-ever-as-an-nft-for-over-2point9-million.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">for a whopping $2.9 million<\/a>. Pablo Rodriguez Fraile, an art collector, bought a 10-second video clip for $67,000 and quickly sold it for $6,6 million. You\u2019ll find dozens of examples like these on the internet, which proves this new phenomenon might last for a while.<\/p>\n\n\n\n<ol class=\"wp-block-list\" start=\"3\">\n<li>Value<\/li>\n<\/ol>\n\n\n\n<p>The NFT market is immune to inflation like traditional currencies are. It means that an expensive NFT can stay that way regardless of world events. No wonder investors consider trading NFTs as a safe and stable investment option nowadays. However, don\u2019t expect it to happen with every NFT you buy. Some experts speculate that <a href=\"https:\/\/www.cryptopolitan.com\/nfts-will-lose-90-of-their-value\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">NFTs may lose even 90% of their value in the upcoming years<\/a>, but only time will tell.<\/p>\n\n\n\n<ol class=\"wp-block-list\" start=\"4\">\n<li>Digital Ownership and Rights<\/li>\n<\/ol>\n\n\n\n<p>Each and every NFT is verified on a decentralized blockchain, making it impossible to steal. You can\u2019t say the same with physical assets, especially expensive ones. You must take some extra precautions like keeping the valuable item closed, under surveillance, or not revealing its whereabouts. This isn\u2019t the case with safeguarding digital rights; you can sleep tight as no one will take them from you.<\/p>\n\n\n\n<ol class=\"wp-block-list\" start=\"5\">\n<li>Support for Creators<\/li>\n<\/ol>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" data-src=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/Yelloheart-site-menu.png\" alt=\"Yelloheart site menu \" class=\"wp-image-3977 lazyload\" width=\"760\" height=\"400\" data-srcset=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/Yelloheart-site-menu.png 1024w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/Yelloheart-site-menu-300x158.png 300w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/Yelloheart-site-menu-768x405.png 768w\" data-sizes=\"auto, (max-width: 760px) 100vw, 760px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 760px; --smush-placeholder-aspect-ratio: 760\/400;\" \/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/Yelloheart-site-menu.png\" alt=\"Yelloheart site menu \" class=\"wp-image-3977\" width=\"760\" height=\"400\" srcset=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/Yelloheart-site-menu.png 1024w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/Yelloheart-site-menu-300x158.png 300w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/Yelloheart-site-menu-768x405.png 768w\" sizes=\"auto, (max-width: 760px) 100vw, 760px\" \/><\/noscript><\/figure>\n<\/div>\n\n\n<p>NFT sales became an excellent source of income for music artists. Steve Aoki said he\u2019s making <a href=\"https:\/\/www.cryptopolitan.com\/nfts-will-lose-90-of-their-value\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">more money from NFT than from 10 years of music advances<\/a>. An American band, Kings of Leon, released a whole album for $50 as an NFT. Also, artists like Shawn Mendes, Grimes, and Linkin Park\u2019s Mike Shinoda followed the same trend.<\/p>\n\n\n\n<p>This way, artists can earn more without intermediaries. Fans are willing to support their favorite artists, and knowing that 100% of their money is going to them (excluding the transaction fee) is the reason why they will buy their NFTs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">NFT Limitations<\/h2>\n\n\n\n<figure class=\"wp-block-image alignwide size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"572\" data-src=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/five-pictures-nft-on-the-wall.png\" alt=\"five pictures nft on the wall\" class=\"wp-image-3978 lazyload\" data-srcset=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/five-pictures-nft-on-the-wall.png 1024w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/five-pictures-nft-on-the-wall-300x168.png 300w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/five-pictures-nft-on-the-wall-768x429.png 768w\" data-sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/572;\" \/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"572\" src=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/five-pictures-nft-on-the-wall.png\" alt=\"five pictures nft on the wall\" class=\"wp-image-3978\" srcset=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/five-pictures-nft-on-the-wall.png 1024w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/five-pictures-nft-on-the-wall-300x168.png 300w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/five-pictures-nft-on-the-wall-768x429.png 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/noscript><\/figure>\n\n\n\n<p>Every rose has its thorns, and so does NFT. Despite its great security and indisputable short and long-term investment potential, there are some limitations that all buyers and creators should be aware of.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>NFTs won\u2019t replace physical art<\/strong>. Owning a physical copy of an original painting can\u2019t be replaced by a digital file. Sunflowers by Vincent Van Gogh wouldn\u2019t have the same impact on viewers if it was originally released as an NFT.<\/li>\n\n\n\n<li><strong>Value uncertainty<\/strong>. If you purchase an NFT for a fixed price or through action, you\u2019ll become the owner of it. However, everyone can use it as a profile picture or upload it anywhere they desire. Also, there\u2019s no guarantee that you will sell that NFT for a profit which puts the value of NFTs in question.<\/li>\n\n\n\n<li><strong>High expense<\/strong>. Besides paying for an NFT, you\u2019ll also have to cover a fee imposed by a marketplace. The fees vary between markets, but some can charge as much as $10 for each transaction.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">NFTs in Business<\/h2>\n\n\n\n<p>People are obsessed with digital creations hoping for a potential revenue increase. Businesses are making their own NFTs for the exact same reason. Many companies are popular enough without them, so investing in their creations early means you can sell them for a profit later. How exactly are they used in business?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">NFT Games<\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"441\" data-src=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/Making-money-while-playing-games.png\" alt=\"Making money while playing games\" class=\"wp-image-3979 lazyload\" data-srcset=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/Making-money-while-playing-games.png 1024w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/Making-money-while-playing-games-300x129.png 300w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/Making-money-while-playing-games-768x331.png 768w\" data-sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/441;\" \/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"441\" src=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/Making-money-while-playing-games.png\" alt=\"Making money while playing games\" class=\"wp-image-3979\" srcset=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/Making-money-while-playing-games.png 1024w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/Making-money-while-playing-games-300x129.png 300w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/Making-money-while-playing-games-768x331.png 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/noscript><\/figure>\n<\/div>\n\n\n<p>Making money while playing games? It\u2019s no longer reserved for streamers and e-sport players! Nowadays, gamers can make money by simply playing. Most gamers have heard of <a href=\"https:\/\/www.sandbox.game\/en\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">The Sandbox<\/a>, <a href=\"https:\/\/axieinfinity.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Axie Infinity<\/a>, and <a href=\"https:\/\/illuvium.io\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Illuvium<\/a>. They all represent different genres but have one thing in common: NFT collectibles. Players can mint, collect, and farm them in-game and sell them for a profit later on.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">NFT Fashion<\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"416\" data-src=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/virtual-fashion-on-the-Metaverse.png\" alt=\"virtual fashion on the Metaverse\" class=\"wp-image-3980 lazyload\" data-srcset=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/virtual-fashion-on-the-Metaverse.png 1024w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/virtual-fashion-on-the-Metaverse-300x122.png 300w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/virtual-fashion-on-the-Metaverse-768x312.png 768w\" data-sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/416;\" \/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"416\" src=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/virtual-fashion-on-the-Metaverse.png\" alt=\"virtual fashion on the Metaverse\" class=\"wp-image-3980\" srcset=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/virtual-fashion-on-the-Metaverse.png 1024w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/virtual-fashion-on-the-Metaverse-300x122.png 300w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/virtual-fashion-on-the-Metaverse-768x312.png 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/noscript><\/figure>\n<\/div>\n\n\n<p>With stores closed and fashion shows canceled during the pandemic, fashion brands moved to the gaming industry. A growing interest in virtual fashion can be seen especially in Metaverse \u2013 a VR 3D environment.<\/p>\n\n\n\n<p>Over 70 brands participated in the event during the <a href=\"https:\/\/metaversefashionweek.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Metaverse Fashion Week<\/a>, including Tommy Hilfiger, Dolce &amp; Gabbana, Karl Lagerfeld, and many more. Each brand had a featured catwalk presenting its newest collection. And if you want to dress your avatar in one of these clothes, they are available as NFT wearables.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">NFT Sports<\/h3>\n\n\n\n<figure class=\"wp-block-image alignwide size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"538\" data-src=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/nft-game-top-shot.png\" alt=\"nft game - topshot\" class=\"wp-image-3981 lazyload\" data-srcset=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/nft-game-top-shot.png 1024w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/nft-game-top-shot-300x158.png 300w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/nft-game-top-shot-768x404.png 768w\" data-sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/538;\" \/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"538\" src=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/nft-game-top-shot.png\" alt=\"nft game - topshot\" class=\"wp-image-3981\" srcset=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/nft-game-top-shot.png 1024w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/nft-game-top-shot-300x158.png 300w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/nft-game-top-shot-768x404.png 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/noscript><\/figure>\n\n\n\n<p>The NFT boom didn\u2019t miss sports! The prime example is the NBA Top Shot, a blockchain-based virtual trading card platform. It operates like trading cards, combining NBA highlights and digital art. The NBA cooperates with Dapper Laps, creating Moments from a certain match. Those video highlights are then attached to the NFT. And just like with trading cards, the team makes a limited number of NFTs to create scarcity. This, of course, affects the rarity of each Moment and its financial value.<\/p>\n\n\n\n<p>For example, <a href=\"https:\/\/nbatopshot.com\/listings\/p2p\/d3bc322c-f30b-482a-80d7-67ea45deebca+a51c8c54-7450-44b2-b2f2-1b5a8c0bdc48\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Giannis Antetokounmpo NFT<\/a> has a Legendary status with an asking price of $4500 at the time of writing. The most expensive NBA Top Shot NFT sale was a <a href=\"https:\/\/nbatopshot.com\/moment\/easyaces+c1c29a9a-327f-47fe-a570-f4bd806b1ae3\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">LeBron James dunk<\/a> during the 2020 NBA Finals, which sold for a whopping $387,600 in April of 2021. Unfortunately, the same clip is worth \u201conly\u201d $230,000 at the time of writing.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">NFT Art<\/h3>\n\n\n\n<figure class=\"wp-block-image alignwide size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"506\" data-src=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/many-nfts-art.png\" alt=\"many nfts art\" class=\"wp-image-3982 lazyload\" data-srcset=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/many-nfts-art.png 1024w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/many-nfts-art-300x148.png 300w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/many-nfts-art-768x380.png 768w\" data-sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/506;\" \/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"506\" src=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/many-nfts-art.png\" alt=\"many nfts art\" class=\"wp-image-3982\" srcset=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/many-nfts-art.png 1024w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/many-nfts-art-300x148.png 300w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/many-nfts-art-768x380.png 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/noscript><\/figure>\n\n\n\n<p>In short, it\u2019s a digital artwork presented as NFT. However, apart from pictures, they can be found in various formats like video, photography, music, internet memes, etc.&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>At the time of writing, the most expensive NFT art is Everydays: the First 5000 Days by Beeple. The most expensive NFT to date was sold at <a href=\"https:\/\/www.kazoart.com\/blog\/en\/canvassing-the-masterpiece-beeples-everydays-the-first-5000-days\/#:~:text=Beeple%2C%20Beeple%2C%20Beeple%E2%80%A6,watering%20sum%20of%20%2469.9%20million!\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Christie\u2019s auction house for $67 million<\/a>. For a single artwork.\u00a0<\/p>\n\n\n\n<p>What does it have to do with business? The artwork creator, Mike Winkelmann, is known among digital artists thanks to collaborations with prominent brands such as Nike and Louis Vitton.&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">NFT PricesWhat Affects NFT Prices?<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"510\" data-src=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/NFT-Prices.png\" alt=\"NFT Prices\" class=\"wp-image-3983 lazyload\" data-srcset=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/NFT-Prices.png 1024w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/NFT-Prices-300x149.png 300w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/NFT-Prices-768x383.png 768w\" data-sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/510;\" \/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"510\" src=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/NFT-Prices.png\" alt=\"NFT Prices\" class=\"wp-image-3983\" srcset=\"https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/NFT-Prices.png 1024w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/NFT-Prices-300x149.png 300w, https:\/\/gamerseo.com\/blog\/wp-content\/uploads\/2023\/04\/NFT-Prices-768x383.png 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/noscript><\/figure>\n<\/div>\n\n\n<p>Many variables come into play when it comes to NFT pricing. When celebrities posts and talks about their NFTs, their price immediately skyrockets. In short, famous people have the biggest chance of making big money on NFTs because, well\u2026 they\u2019re famous.<\/p>\n\n\n\n<p>Another factor to consider is background. The aforementioned \u20185000 Days\u2019 is a compilation of 5000 artworks Mike made in a span of 13 years, making it the most expensive NFT in the world. Lastly, the scarcity of certain NFTs raises their price significantly. The best examples here are CryptoPunk, which has 10 000 unique pieces, and MetaWarden NFT, with only 3000.<\/p>\n\n\n\n<p>Every NFT purchase has its purpose. For some, it\u2019s just a symbol of status and a way to feel more appreciated. Others believe they\u2019ll hold value in the future, making them a safe investment option. Lastly, they grant access to exclusive perks like closed parties and communities since they\u2019re so hard to forge or steal.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>However, the truth is it\u2019s easier to lose money investing in NFT if you don\u2019t know what you\u2019re doing. <a href=\"https:\/\/www.theguardian.com\/technology\/2022\/aug\/24\/nfts-stolen-non-fungible-tokens-criminals-scam-cryptocurrency\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">NFT scams<\/a> are a thing, so do your research before investing in any.\u00a0<br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unless you\u2019ve been living under a rock, there\u2019s no way you haven\u2019t heard of cryptocurrencies. A decentralized digital currency took the stock currency market by storm and attracted countless investors. However, the crypto market didn\u2019t stop just there. Back in 2017, The Crypto Punks collection saw the light of day. Those digital images are currently &#8230; <a title=\"Why Do People Buy NFTs? Learn All Pros and Cons Behind Them\" class=\"read-more\" href=\"https:\/\/gamerseo.com\/blog\/why-do-people-buy-nfts-learn-all-pros-and-cons-behind-them\/\" aria-label=\"More on Why Do People Buy NFTs? Learn All Pros and Cons Behind Them\">Read more<\/a><\/p>\n","protected":false},"author":7,"featured_media":3973,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-3962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Do People Buy NFTs? Learn All Pros and Cons Behind Them<\/title>\n<meta name=\"description\" content=\"Many wonders why people buy NFTs. Is it a reliable source of income? 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