NFTs are the main trend of the past and present years. Hundreds of global companies are actively implementing NFT to further promote their brand and engage consumers, among several examples are Coca-Cola, Pringles, Microsoft, and others. You can buy these unique tokens with the help of a cryptocurrency that is already familiar to all of us. In addition to speed, cheap fees, and security, cryptocurrency provides many more advantages to NFT projects, which we will discuss in this article.
- In 2021, the NFT market experienced incredible growth and reached unprecedented proportions.
- Cryptocurrency is an ideal payment method for buying NFT.
- NOWPayments provides the opportunity to accept crypto payment methods.
NFT’s benefits from crypto payments
By setting the price of NFT in cryptocurrency and accepting it as a payment option, you discover a highly profitable financial instrument. For the most part, NFTs are sold for coins on the platform on which they were developed or the marketplace where they are put up for sale. The most popular assets for buying NFT are ETH, SOL, BNB, and others. These cryptocurrencies are market leaders and have brilliant growth potential. That is, by putting NFT up for sale, for example, for 1 SOL, you can reasonably expect a doubling of profits in the near future.
By buying NFT, you become the sole owner of a unique item of digital art, music, in-game asset, etc. Blockchain technology, in turn, provides complete transparency of the transaction. You literally get a kind of document confirming the ownership of the NFT. It cannot be challenged or refuted in any way because the entire history of the crypto transaction is stored in the blockchain: the sender’s wallet address, recipient’s wallet address, time, amount, and so on.
A wide audience of potential buyers
The NFT community has experienced incredible growth in recent years, and the technology itself is now at the peak of popularity. Members of the NFT community are people of various nationalities who live in multiple corners of our planet. Cryptocurrency comes in handy here because it opens up the possibility of a quick and cost-effective purchase, regardless of the location of the potential NFT owner.
- How does NFT relate to crypto?
Like cryptocurrencies, non-fungible tokens utilize blockchain technology. They are issued on the blockchain, and their transactions are recorded in the blockchain. In addition, NFTs are also stored on digital wallets. The difference is that such tokens are non-fungible. For example, one BTC is equal to another BTC, but in the case of NFT, each token is unique and cannot be replaced by another.
- Can you buy NFT with crypto?
To date, it is possible to buy NFT only with the help of cryptocurrency. Most often, the payment tool is the cryptocurrency on the blockchain of which the NFT collection was released or the tokens of the marketplace where NFT is sold.
- What is the benefit of owning an NFT?
By owning NFT, you become the sole owner of something unique, whether it is a work of art, music, or something else. In addition, in some projects, owning an NFT is a kind of pass to a closed club of like-minded people. Moreover, some NFT projects achieve incredible success, so you may be lucky enough to buy an NFT for $10 and sell it for $1000.
NFT market experienced incredible growth and reached unprecedented heights over last couple of years. The only way to buy NFT is cryptocurrency. NOWPayments provides the opportunity to accept crypto payment methods.