What is NFT Services?

Non-fungible tokens or NFTs have grown in popularity over the years. These innovative items created on the blockchain have captured the attention of many crypto enthusiasts over the years. These works of art have been considered valuable for collectors while others have been used for various online services like entertainment and gaming.

While NFTs continue to soar in popularity, NFT services are increasing in demand. So what exactly are they? We’ll answer that question in this guide and discuss how they can work to your advantage. Let’s cut to the chase and get started right now.

What exactly are NFTs?

NFTs or non-fungible tokens are digital assets that are created and stored on the blockchain. At the outset, they were created on the Ethereum blockchain. Since then, these tokens have been created, bought, and sold on the Solana blockchain - where tokens of the same name are used. NFTs have distinct characteristics like artwork, videos, music, in-game items, and others.

NFTs provide proof of ownership and authenticity to the holder of the asset. The history of ownership is recorded on the blockchain. So know how many times ownership is being transferred - even if the NFT is one of one. This feature is unique as it pertains to eliminating the risks of duplication or counterfeiting.

What are the roles of NFT services?

Now that you have a basic understanding of what NFTs are, let’s take a look at the services that are tied to them. They offer platforms, tools, and solutions that will allow people to create, buy, sell, trade, and manage their NFTs. Here is a list of the following NFTservices and why they are important to users:

NFT Marketplaces

The first service we’ll look at is online marketplaces. These give people the opportunity to buy, sell, and trade their NFTs. They can also be used to mint their NFTs, set the price, and showcase their work to interested buyers. Many potential buyers will go through countless pages of NFTs that are on display.

The buyer will purchase the ones that appeal to them most. Once they are bought, they can add it to their collection. NFT marketplaces like OpenSea, Foundation, and Rarible are some of the most popular. Again, you can purchase NFTs using Ethereum or Solana - whichever is best for you.

One thing to be aware of is the fees. Ethereum has “gas fees” - which can vary depending on factors like traffic congestion. The more users are on the network, the higher the gas fees are. Such high fees can cut into your profits.

Thus, Solana is considered an excellent alternative. They have much lower fees. For this reason, many NFT enthusiasts prefer the Solana blockchain. Keep in mind that not every NFT collection will appear on both blockchains.

Meaning there may be NFTs that are exclusive to the Ethereum blockchain and others on the Solana network. Choose one based on your personal needs, preferences, and your overall budget. If you want to keep fees low, Solana will be your likely choice.

NFT creation tools

There are plenty of tools and platforms that can help you create and mint your NFTs. Artists, musicians, game developers, and other creators can use the tools provided to help them tokenize their works of art so they can be bought, sold, or traded. Users can find these tools on platforms like Zora, Mintable, and Nifty Gateway - which provide user-friendly features and easy to follow workflows.

Creators can upload their NFT content, define the metadata and attributes, and mint quickly and seamlessly. Before you know it, these NFTs might be someone’s next acquisition for their collection.

NFT wallets

What better service than NFT wallets to store your assets. Especially if you need something that will keep them secure. You can not only store but manage and interact with your NFT collection. These wallets also help you track the ownership history and initiate transactions.

These wallets are encrypted to ensure excellent security. The most popular wallets for NFTs include but are not limited to Trust Wallet, Coinbase Wallet, and MetaMask to name a few. These will be able to integrate seamlessly with NFT platforms and marketplaces.

NFT authentication and verification services

Finally, we have authentication and verification services. It’s always important to make sure your NFTs are the real deal. Especially when there are issues with legitimacy, counterfeiting, and other problems that may arise. It’s important to make sure that NFT owners are able to prove that they are the owner of the real deal.

These services can also validate not only the authenticity, but also trace the ownership back to the original creators. Services like Versiart and Codex Protocol are useful services for the purpose of creating certificates of authenticity that are tamper-proof.

What does the future hold for these services?

NFT services may still enjoy a healthy demand. Especially at a time when the markets continue to evolve and mature. Creators, collectors, and investors will be able to look for services that pertain to their needs and preferences. There are plenty of services available online where the demand can be met quickly.

NFTs can also be useful beyond art collection. They can be used for in-game use on various platforms. You can also exchange NFTs for special items, in-game costumes for characters, and so much more. Many online gamers who are crypto enthusiasts can enjoy using NFTs for exclusive in-game assets that may be available in finite amounts.

Let PermuTrade handle your NFT trading needs

NFTs could be the best assets that you can buy, sell, and trade. When it comes to the services you need, PermuTrade could be the best option for you. We have worked with clients that trade digital currencies like crypto including NFTs. And we also have worked with those who have traded with commodities.

What are your goals for NFTs? We’d love to hear from you. If you have any questions or inquiries about NFTs, contact PermuTrade today and we’ll be happy to help you out.