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Best Ways To Earn Passive Income With NFTs In 2023
For the last few years, three words have dominated the crypto scene: non-fungible tokens. In fact, they’ve become so popular that Collins Dictionary’s even made it word of the year in 2021. And while they've been traditionally associated with digital artworks and artists such as Beeple, the unique technology behind NFTs is allowing it to become a great opportunity well beyond this art industry alone. As they’ve become increasingly popular, many musicians, creators and celebrities have turned to NFTs to monetize their work. But even if you don’t have a particular skill or talent, there’s you can still use these tokens for your advantage. Today, we are exploring the top five best ways of earning income with NFTs and the best strategies you can start following today. ## What Is An NFT? Non-Fungible Tokens (NFTs) have emerged from the world of cryptocurrency and blockchain technology. But what is an NFT, really? Simply put, non-fungible tokens are unique digital assets that represent ownership of a specific piece of content or media, such as artwork, music, or video. As these tokens are stored on a blockchain, this makes them immutable and verifiable. While some may see NFTs as just another digital fad, they have become a serious advancement as they offer a number of advantages over traditional physical and virtual assets, including: - Unique Ownership: As mentioned, NFTs are unique and can be verified on the blockchain, making it easy to prove ownership. This eliminates the possibility of duplicates or fraud. A number of industries have taken advantage of NFTs for this reason, including major luxury fashion houses, in a bid to address rampant counterfeiting. - Scarcity: NFTs are scarce, meaning that there is a limited supply of them. This makes them more valuable and desirable to collectors. - Transparency: The blockchain provides a transparent and public ledger of all NFT transactions. As such, all transactions are secure and traceable. - Potential for Value Appreciation: NFTs have the potential to appreciate in value over time, especially if they are created by well-known artists or are part of a limited series. - Access to a Global Market: NFTs can be sold and bought on NFT marketplaces from anywhere in the world, providing access to a global market for creators and collectors. - Programmability: NFTs can be programmed to have specific functionalities, such as unlocking content or granting access to exclusive events or experiences. - Royalties: NFTs can also be programmed, through smart contracts, to automatically pay the original creator a royalty fee every time they are traded, providing a recurring income stream for creators. - Versatility: NFTs can represent a wide range of digital and physical assets, including art, music, videos, virtual real estate, and more. Now that you know just how advantageous these tokens can be, let’s dive into the best strategies to consider when it comes to earning passive income with NFTs.
Best Fan Tokens You Need To Know In 2023
Buying fan tokens is one of the most exciting ways for investors to support their favorite sports teams. It allows them to access exclusive facilities, services, and rewards provided by sports organizations. Fan tokens have many of the typical characteristics of cryptocurrencies. And as with cryptocurrencies, they can be bought, sold, and traded. Fan tokens have no fixed value, i.e., their weight is derived from the value of fan participation and engagement. Fan tokens have an initial sale price on the market, which changes over time based on the number of fans and holders who decide to hold or sell the token. Fan Tokens are digital assets that unlock exclusive benefits for their owners while giving them new ways to interact with their favorite teams. Most of these digital assets have been built on the Chiliz blockchain, a sports and entertainment blockchain. To support direct engagement between fans and their teams, Chiliz (CHZ) optimizes the power of blockchain technology. CHZ can be purchased on Socios, which acts as a crowd-management platform for Chiliz. ## What Are Fan Tokens? Fan tokens are digital assets in blockchain through which teams offer their fans unique and exclusive benefits and prizes. The sale of fan tokens takes place within dedicated environments of the host platforms. To buy the tokens, it is, therefore, necessary to register on the platform and convert the currency used for the purchase, the euro, for example, into the cryptocurrency of the host platform. Through the latter, it is possible to purchase fan tokens. The weightage of fan token value comes from fan participation and involvement. While it is initially sold at a fixed price, its value keeps fluctuating over time. Fan tokens are similar to DAO governance token since it allows the token holder to have a say in tech issues. You can see the value of a fan token by knowing its market capitalization. ## Why Are Fan Tokens So Popular? As opposed to traditional fan club memberships that require ongoing fees, fan tokens require only one-time payment. Fan tokens may also provide governance benefits to the fans. For example, it may allow the fans holding the tokens to vote on a new logo for the team. Apart from that, many clubs provide access to raffles, drawings, and dedicated fan events. Some football fan tokens give the holders access to meet-and-greet events with coaches and players, team-specific NFTs, and special player-interactive events. Fan tokens gained popularity after prominent sports clubs like AC Milan, Inter Milan, Santos FC, and FC Porto started offering them for revenue generation. After their success with football clubs, sporting associations like NFL, NBA, and NHL also joined in the hype after reaching agreements with Socios. Fan tokens are mainly part of the excitement and hype around large sporting events like the World Cup and the International Dota 2 Tournament. ## Top Fan Tokens In 2023 While the best fan tokens are the ones that belong to your favorite team, you may also be interested in buying fan tokens of more than one team. We’ve compiled a list of the top fan tokens to invest in and how different factors can spur their price gains in 2023, so read on! ### Argentine Football Association Fan Token (ARG)
Who Is Beeple - And How Did He Become The Top Crypto Artist In The World?
Every innovation in tech almost certainly has a name behind it. Steve Jobs was behind the smartphone, Bill Gates was behind the PC, and Mark Zuckerberg was behind social media. However, with the decentralized and anonymized nature of cryptocurrency and by extension, the blockchain, it made sense that there wasn't a singular prolific figure who pushed the envelope further. However, with the rise of NFTs, came Beeple, an artist whose art would transcend beyond what was seemingly thought plausible within the digital realm. Credited with creating pieces that ended up driving a boom toward the entire NFT space, the artist has quickly turned into the name behind NFTs. However, this begs the question, how has a singular artist been able to drive tons of dollars into the digital space? Moreover, how has his influence shaped the world of NFTs? Today, we're going to go explore all of that and much more! ## Who Is Beeple? Michael Joseph "Beeple" Winkelmann, born on the 20th of June 1981, is a US-based artist, animator, designer, and illustrator. Now hailed as one of the most valuable living artists, he's a man of humble origins, raised in North Fond du Lac, Wisconsin, and currently living in North Charleston, South Carolina. He is a Computer Science major who graduated in 2003 from Purdue University. While we aren't sure if his degree contributed to much, his eventual transition to digital art was definitely eased up with his general prowess and understanding of technology. Contrary to popular belief, Beeple wasn't really into blockchain technology or cryptocurrency, for that matter. For most of his life, Beeple's work remained unnoticed. In fact, Mike Winkelmann primarily focused on traditional art for most of his life. His primary job was to design corporate websites. But, it was quite clear that he had a passion for the art world from the get-go. Naming himself after the furry toy from the 1980s, Beeple's work had already been popularized to the extent he was working with artists like Nicki Minaj and Justin Bieber before the pandemic. In fact, Shakira's fiery wall of fire in the Super Bowl was all Beeple's idea. A testament to his art even before his eventual rise to fame.
Literary NFTs: What Are They And Why Writers Should Care
Literary NFTs are a game-changing digital technology for creative people, especially authors. According to statistics, NFT's weekly sales volume has risen from 100 in 2017, going all the way up to around 15 to 50,000 in 2022. This represents the huge popularity of NFT in recent years. This modern blockchain-based platform has opened a new avenue for book lovers. They can now publish and enjoy reading different literature formats using NFT technology. Literary NFTs are revolutionizing and bringing a paradigm shift in the traditional ebooks and physical book publishing processes. NFT platforms provide better monetization opportunities and help remove the earning imbalance between the authors and publishing parties. Hence, opening new doors for a direct reader-writer connection. This blog will cover the fundamentals of literary NFTs and their advantages and disadvantages for writers. So, let's get down and explore more. ## What Is a Literary NFT Digital literary work is any unique text like novels, poetry collections, scripts, essays, audiobooks, or articles that are written electronically. It can be read and viewed online. When such a digital asset is minted on the blockchain as a non-fungible token, it is called a literary NFT. Previously, writers had to approach publishers to print and sell their physical books in the traditional publishing industry. However, in the modern world, books are stored digitally using blockchain on a decentralized network of computers. The immutable feature of this technology makes the writer's work resistant to modifications, censorship, and alterations. Thus, the NFT books cannot be changed without the author's consent. Hence, people can approach an NFT marketplace to buy or sell digital books. ## Benefits of Literary NFTs For Writers Writers have mostly been underpaid and underappreciated for their written work. In the literary world, commercial publishers tell writers what's sellable and what genre is a flop in the market. Hence, writers often get fleeced and struggle to get paid what their work is worth. One such example was Blake Butler. In 2008, the publishing industry rejected his work by calling it "dense language and complicated structure" content. But this did not stop Butler. He transformed the book into a Graphics Interchange Format (GIF) of flashing pages and minted it as literary NFTs. Within a few days, some reading enthusiasts bought the NFT for five Ethereum, equivalent to $7,569.50 then. This is the reason behind creative people exploring NFT platforms. They use a tech space to sell digital collectibles directly to the readers. Therefore, the NFT market benefits writers as it helps bypass the traditional publishing process. Hence, they can earn a better reward for their time and effort. Some other advantages are that they can: ### Retain Full Creative Control Some agents do not like publishing books on controversial topics, no matter how good they are. Sometimes traditional publishers reject manuscripts. It is because they believe that this type of content and publication formats are not marketable. Their interests lie only in books written on hot topics that the public wants to read. Hence, this takes away the creative freedom of the author. That's where literary NFTs work. Independent creators can mint their NFT projects without worrying about censorship. Thus, in this way, they can cut out the role of publishing companies and can express their creative ideas with full freedom. ### Form a Direct Relationship With the Reader There is no role of commercial publishers in literary NFTs. Hence, you and your fans can directly connect with each other. They can buy NFT editions of their favorite books to show their support. Authors can now engage directly with their followers by commenting, tweeting, and Instagramming in community forums. Writers can publish limited copies of their literary works as NFTs. Hence, this allows them to create hype and increase the value of their work among the buyers. This blockchain-based technology is helping to remove the intermediary publishing bodies, therefore, the literary NFTs can directly reach the audience. Thus, NFT holders can form direct relationships with the readers. NFTs have helped build bridges between the author and the consumers. One of the new ways to connect and grab the attention of the fans is to offer limited edition versions of the book. The scarcity of digital books will create curiosity and compel the audience to pay premium prices for the collectible edition. Moreover, new and independent authors should start a fan base community to become more visible in a sea of NFT writers. They can add variations like creating art or a signature text in every book version. In this way, consumers can get a unique copy of your work, which will arouse their interest in the book. ### Add format versatility to your content offer Authors can engage with their fans by adding versatility and value to different editions of literary NFTs. Some creators provide their readers with unique features in the NFT books like bonus chapters, glossaries, author's notes, illustrations, etc. Writers can offer content bonuses to their loyal fans. Moreover, readers can have the first digital NFT editions of the book. They can also enjoy digitally signed copies of their favorite literary NFTs. Hence, this helps writers connect with readers in a new way through content offers. Support the disruption of royalty structures Authors have historically been earning less due to the intermediary bodies in the publishing process. They have been given low salaries and receive less percentage of royalties. Retailers, publishers, and distributors capture the maximum profit by selling books. Thus, NFT has changed the game for authors. As it allows them to immediately earn money (royalties) for their writing projects. Due to smart contracts, the author can even continue earning when the person who bought your book decides to sell it. You'll receive a percentage profit or royalties on secondary sales. Hence, NFTs empower the authors, who can now dream of making a full-time living with writing. It can serve as a sustainable source of revenue generation every time someone buys or sells NFTs. ### Build a subscription around your content You can start an NFT community to attract maximum support and subscriptions from a relevant audience. Followers who buy your literary NFTs can post on social media about the quality of your work. This can allow others to interact to develop a better understanding, not just of the work but the literary NFTs overall. Moreover, fans directly communicate with their writers on NFT platforms so that they can spread hype about their one-to-one experience with the author. Any publicity is good publicity, and if more people know about the writer's thoughts, they will create curiosity among the masses. Furthermore, NFT memberships allow reading enthusiasts to access exclusive privileges like behind-the-scenes content. This way, you can promote your work in a new form in NFT social clubs. ## Downsides of Using NFTs For Publishing The book industry has not completely switched to NFT technology due to some of its drawbacks. It is a fact that literary NFTs are much more expensive than physical books, and they are almost inaccessible to the general public. Unlike libraries, not everyone can have equal access to information in the NFT space. Moreover, there are environmental concerns about NFTs. Until recently, the Ethereum network used a Proof-of-Work protocol, which relied on miners solving complex equations to add their digital collectibles to the blockchain. The calculations become more complicated over time and energy-draining to run the network. Thus, when NFTs were minted, it needed great computational powers causing environmental concerns due to the carbon footprint of such transaction. Thankfully, the Ethereum network recently migrated to a Proof-of-Stake protocol that has a considerably lower impact on the environment. Other disadvantages of literary NFTs include: ### Incompatible with traditional distribution In a traditional distribution system, books are printed according to the number of customer orders. They are then dispatched to third-party retailers for sale. However, literary NFTs don't work in this manner. You will not find NFT digital books in local bookstores. Only writers who understand the tech can put out their books in the online marketplaces of the blockchain. Moreover, NFT marketplaces like OpenSea don't allow the minting of a conventional book or text formats like PDF files. Unlike the traditional book distribution model, where retailers can sell millions of book copies, literary NFTs have only limited copies, around 100. This makes the NFT structure very different from the typical book distribution system. ### Limited audience: not everyone gets NFTs It's easy to purchase regular ebooks from online stores like Amazon, Nobel, etc. It's even easier to illegally copy, reproduce and distribute physical books to many people due to piracy. However, literary NFTs work differently. Many people can read digital files, but only one person can completely own the digital collectible. Only a limited amount of the writer's work is accessible at a given time due to copyright security. The NFT technology encrypts a proper blockchain-published title and stores data in a decentralized nature on multiple computers. The reader must first decrypt the book to convert it into a readable format. Unlike ebooks, literary NFTs don't exist as free downloadable files that anyone can access. Hence, it has a limited audience. ## How To Publish a Literary NFT NFTs have revolutionized the way authors can publish their creative work. This platform allows artists and writers to earn greater revenue for their skills. You can upload, store, mint, and sell unique pieces of writings in the NFT marketplaces. Below is a step-by-step guide on how you can publish literary NFTs. ### 1. Create your masterpiece The first step is to determine the type of content you want to create. It can be a novel with fictional characters or on-chain poetry. Your unique masterpiece will be regarded as a non-fungible token (NFT); something that cannot be owned elsewhere. These will be your cryptographic assets that cannot be traded or exchanged. ### 2. Load and mint it using a Web3 publishing platform The second step is to choose the blockchain on which you want to upload your NFT. You have multiple options like Ethereum, Solana, Flow, etc., Then you need to download a digital wallet that is compatible with your selected Blockchain. It will store your cryptocurrencies, and you can use it for transactions in the marketplace. Some of these wallets are MetaMask, Coin-based wallets, etc., Lastly, mint your individual NFTs on Web3 publishing platforms. This includes Mirror.xyz, Single.io, Orbis, etc. ### 3. Optional: list your NFTs on a marketplace The third step is to select the marketplace. You have multiple options like: OpenSea
What are Dynamic NFTs?
Non-fungible Tokens (NFTs) have attained widespread adoption throughout the web3 community. Major media outlets and high-profile public figures have also jumped into the NFT world by launching their own projects and collections. Such non-replaceable tokens with unique identities are gaining exceptional momentum. Moreover, they are continually improving and expanding their limits; dynamic NFTs are a testimony of their radical evolution within the crypto realm. Such tokens integrate the verifiable and on-of-a-kind qualities of static NFTs and the dynamic data inputs. We will start off this guide by learning about dynamic NFT, its working, and potential use cases. Afterwards, we will dig deeper into the dynamic NFTs by comparing them with familiar static NFTs. ## What are Dynamic NFTs (dNFTs)? Dynamic NFT or dNFT is a blockchain token that can change its inherent properties based on external conditions. The changes are recorded in the metadata of the NFT. Take an example of tokenized real estate, if dynamic NFT represents a house, it will change the dNFT's metadata based on the situation, such as past sales and maintenance history. The varying conditions could also be a passage of time or information from sources monitoring real-world data, such as weathervanes or real-time sports scores. These tokens are getting considerable hype, both in the natural and digital worlds, as they can take NFT to the next level by expanding its design space. Metadata changes are initiated through encoded instructions in dNFT smart contracts, which regulate the data change. A smart contract is triggered by oracle, which gives access to on-chain and off-chain data sources, such as IoT data and web API. Moreover, dNFTs are not just limited metadata changes, they can also be minted when certain conditions are met, such as when you discover a hidden location in an augmented reality application. ## Applications of Dynamic NFTs: Dynamic NFTs have unlocked many innovative applications. A few examples of dynamic NFT use cases are discussed below: ### Gaming: Dynamic NFTs have extensive use in gaming apps, such as - In-Game Characters: When a new in-game character appears on screen, its various traits are recorded in the dynamic NFT’s metadata. If this character evolves and upgrades, the metadata updates the changes to validate its growth. Fantasy Sports: Another possible application is the transfer of NFT among players based on performance. For instance, if the owner loses a battle, then the NFT is automatically transferred to the victor. Play to Earn Games: P2E games have gained a lot of traction over the past few years. There is a need to create unique in-game objects using this dynamic feature of NFTs, such as in-game currencies, power-ups, and in-game virtual goods. Moreover, the add-on-trait feature can upgrade the NFT armor or weapon. For instance, the NFT sword could be made more powerful when it is frequently used in a battle. ### Sports: Sports can make use of dynamic NFT elements using sports collectibles. Candy Digital launched digital collectibles in the form of Major League Baseball (MLB) dynamic NFTs. When players' stats upgrade throughout the season, the dynamic NFTs are utilized on their respective NFT collectibles. With static NFTs, it is impossible to change the stats of a player as the metadata would be permanent when the token was created. For instance, we have a dynamic NFT representing a football player. The dNFT's metadata contains information such as speed, strength, agility, assists, goal scores, etc. If the player falls short in performance, the scorecard will get swindled. This means dynamic NFT can fetch off-chain data and upgrade the metadata accordingly. On the contrary, it would not be possible with static NFTs. Moreover, sports collectibles can trigger other possibilities using dynamic NFTs. The owner of dNFT can predict the possible outcomes, such as the player’s scores at the end of the season. The one with the closest guesses will see an evolved avatar. ### Art: Another possible dynamic NFT application is a digital version of artwork. Dynamic art evolves or changes its traits in response to varying circumstances. Besides ever-changing art displays, you can experiment with new ways of displaying digital art. For instance, you can consider a dynamic collection of an NFT artwork that changes colors or hues, having specific time-bound features depending on the location, season, temperature, lunar position, or time of year. Another example could be to associate the artwork with the creator’s life. For instance, Andy Warhol’s Marilyn Diptych can be experimented with by creating a calendar in which special dates are associated with Marilyn Monroe’s life. Specific hues or features commemorating these special events should be displayed on those days. Likewise, images and music can be changed according to the users’ wallet history or other factors. It means the owner becomes the co-creator of a dynamic art piece. ### Fundraising NFT fundraising can be more attractive using such tokens' dynamic nature. For instance, an ecosystem services company Regenerative Resources Co, which collects funds to conserve mangroves, is making use of dynamic NFTs. An NFT for a short film was released, containing a single frame in the initial stage. Later on, more frames were added each time the film was resold. The process goes on till the film is completed. ### Government Government can issue passports theoretically by using dynamic NFT elements that update the travel information of a person. No paperwork or stamp would be required as a person's travel history is stored in the blockchain. Moreover, the possibility of fraud is minimized as blockchain makes the information verifiable and immutable. ## How Does a Dynamic NFT Work? Dynamic NFTs enable both on-chain and off-chain data computations using smart contracts. When you request an NFT, on-chain and off-chain data sources are evaluated by smart contracts to determine the best choice for users. The response is generated, which is presented to the users. Here is a stepwise mechanism of Dynamic NFTs: - A request to smart contracts is initiated for an NFT - Smart contract receives the request to process it. - The contract makes a call for on-chain data to process the results. - The oracle is used to make a call for off-chain data, and results are processed. - Both on-chain data and off-chain data are evaluated. - The smart contract then offers suggestions to the users. It means smart contracts provide instructions to expand, update, and change the dynamic NFTs with the passage of time. Smart contract first gauges if the token is liable to change or not. If yes, then it alters the metadata of the NFT based on off-chain and on-chain data. ## Static NFTs vs Dynamic NFTs: What's the Difference? Static NFTs are more popular within the blockchain world than dynamic NFTs. Static tokens have immutable and permanent traits that make this token valuable. As mentioned earlier, dynamic NFT takes data from both on-chain and off-chain events to change its metadata after minting. At the same time, a static NFT cannot adapt to external conditions. Along the same line, use cases that require regular updates and modification of data are best suited for dynamic NFTs, while applications that deal with fixed data should opt for static NFTs. In short, these tokens lack adaptability in comparison to dynamic NFTs. That said, dynamic NFTs are liable to vulnerabilities because of the variable data structure of the token. Static data inputs, on the other hand, ensure increased security because the metadata is stored in the form of a single file. ## Conclusion Non-fungible tokens have become a focal point in the world of technology, particularly in the Web3 community. Amidst all the hype of possibilities and innovations, dynamic NFT has got a sheer volume of attention because of its ability to change its inherent properties based on external data. Dynamic NFT is still a new concept, but it is poised to upgrade the world of NFT by offering an extensive range of use cases and improved capacity of web3 spheres. With the success of such living tokens, dynamic NFTs might dive into more innovations and create new incredible use cases.
Best NFT Rarity Tools
The exponential growth of the NFT space is making even the most skeptical investors take an interest in this market. Aligned with this rising enthusiasm, demand for the best NFT tools seems equally affected as investors try to identify the next best non-fungible asset out there. Rarity reigns supreme when it comes to getting the most for your money in any collectible market. It is essential that you track trending NFTs if you want to turn a profit. Sniping NFTs is the act of buying NFTs that are priced below their value due to the seller's unawareness of their rarity. Fortunately, there are rarity tools, often referred to as rarity sniper tools, to help you with that. This article introduces you to the concept of NFT rarity and reviews some of the top NFT tools currently available. Let's get to it.
## What Is NFT Rarity? Several new NFTs have hit the market, but how do they differ in trait value? What makes some NFTs sell for millions while others sell for less? It has to do with rarity. NFT rarity determines how rare and valuable an NFT is. Collectors highly prize truly rare NFTs, which makes them more expensive. Consequently, people want to know whether the NFT they own is rare or whether the one they plan to purchase is rare. ## NFT Rarity Calculation Methods It is possible to calculate the rarity of an NFT using several methods. By calculating the rarity of an NFT trait based on its rarest trait, taking the average rarity of traits, or examining rarity statistics. ### Trait NFT Rarity Ranking To compare NFTs, one can simply compare the rarest attribute of each non-fungible token. Yet, this approach has one significant flaw despite its simplicity and straightforwardness: it ignores the NFT's overall rarity, just focusing on the rarest one. ### Average Trait Rarity Another method that will help you check NFT rarity is to average the rarity of traits present on the NFT. If an NFT had two traits, one with a 50% rarity and one with a 10% rarity, then its average trait rarity would be (50+10)/2 = 30%. The problem with this method is that it stresses the overall rarity of every trait, which means the single super NFT rare trait does not receive enough trait value, and the overall rarity value is diluted.
### Statistical Rarity In this method, you multiply all of an NFT's traits together to determine the NFT's overall rarity. If an NFT has two traits, one trait has a weight of 10%, and the other has a weight of 50%. That NFT would have a 5% 'statistical rarity' (10% * 50%). These three approaches have different results when comparing the rarity of some NFTs. Average Rarity and Statistical Rarity tend to overvalue many of the traits in an NFT, potentially diluting the value of an ultra-rare, one-of-a-kind trait. Trait Rarity faces the complete opposite problem by narrowing the calculation to the single rarest trait. A solution? Rarity Score.
## How to Calculate NFT Rarity The value and rarity of NFTs differ even if you have thousands of them in a single collection. Therefore, a decrease in supply leads to a rise in demand, which drives NFT prices up. However, supply value is not the only factor contributing to NFT rarity. To get an NFT rarity calculated, you can opt for various methods, as we already mentioned. Different parameters, such as rarity based on the rarest trait, will be considered by assessing all NFT traits statistically or by calculating the average rarity. A Rarity Score is therefore used to calculate the rarity of an NFT. Calculating the Rarity Score does not need to be done manually since various rarity tools can do it for you. With the right NFT rarity tool, you can view the results in just a few clicks. Rarity Score stresses single rare traits while including overall trait rarities in its calculation. To date, this is by far the best way to calculate rarity. Here's the formula: > [Rarity Score for a Trait Value] = 1 / ([Number of Items with that Trait Value] / [Total Number of Items in Collection])
## Best NFT Rarity Tools Although the formula is pretty straightforward, there's no point in doing all that math on your own to estimate the rarity of all of your desired NFTs. There are several investment tools available to assist you. Investments in NFTs come with many risks. Using a reliable NFT investment tool can help you check NFT rarity and stay on top of the changes effortlessly. Needless to say, these tools shouldn't be used as the only criterion for buying NFTs. Make sure you research the NFT market and project in question well before making a purchase. ### Rarity.tools
Best PFP NFT Collections You Need To Know In 2023
NFTs are the new rave in Web 3.0. This crypto asset class gives digital artists full ownership of their work, allowing them to focus on creativity without fears of digital theft. Thanks to blockchain technologies, each non-fungible token is designed to be authentic. Art collectors also have NFTs to thank for providing a seamless means to buy and exchange digital art anonymously over the blockchain. There are different types of NFTs; some have use, while others are primarily owned just for the bragging right. We will examine the best PFP NFT collections, all 27 of them. But first, let us delve into a cursory overview of PFP NFTS. ## What Are PFP NFT Projects? PFP stands for Profile Picture tokens. These unique NFTs have rapidly grown in popularity, becoming the global rave they are now within blockchain communities. Like every other NFT, PFPs are tokenized digital art, except that they are primarily designed as online avatars. PFP NFTs are collectible, generative avatars used for profile pictures. As collectibles, they often come in large numbers. Like trading cards, PFPs also have varying degrees of rarity. Generative NFTs is an umbrella term describing any digital collection created using algorithmic tools. NFTs designed using such techniques have an increasing popularity in the web3 space, and PFPs fall under this category. Instead of making new digital art designs from scratch using tools like Adobe Illustrator, PFPs leverage algorithmic functions to generate multiple art designs. The algorithm takes input parameters–such as color, geometry, and size–and randomly produces a range of unique-looking characters. This property is called unique divergence. Since generative tools streamline digital art creation, PFP NFT creators have quickly adopted this technique to churn out extensive collections of high-quality pieces. Without further ado, we present to you our comprehensive list of the best PFP NFT collections: ### Bored Ape Yacht Club
Best NFT Land Projects In 2023
In the past year, Non-Fungible Tokens have taken the world by storm. From digital art to in-game assets, there’s an NFT for just about everything. And now, we’re seeing a new trend emerge: NFT land projects. NFT land projects are exactly what they sound like: projects that involve the creation of digital land that can be bought, sold, or traded as an NFT. And while the idea is still in its infancy, there are already a few notable projects making waves in the space. In this article, we’ll be taking a look at the best NFT land projects to keep track of in 2023. So whether you’re looking to invest in an up-and-coming project or just want to learn more about what’s possible with NFTs, read on! ## What is NFT land? NFT land is a new type of digital asset that allows users to own, buy, sell, or lease virtual land on a blockchain-based platform. NFT land can be used for various purposes, including gaming, virtual reality, and social networking. There are several different NFT land projects currently in development, each with its own unique features and offerings. ## Things to consider before buying NFT land When it comes to buying NFT land, there are a few things you should take into account before making your purchase. Here are a few things to keep in mind: ### Project behind the virtual land Before you dive headfirst into investing in NFT land, it's important to properly vet the project behind the virtual land. What is the purpose of the project? What is the team behind it? How does it plan to generate revenue? These are all important questions to ask before investing any money. Another factor to consider is the size and scope of the project. Is it a small, niche project or is it a large-scale operation? The former is often riskier but can also offer higher rewards if things go well. The latter is generally more stable but may not offer as much upside potential. ### Tokenomics of the project The next factor to take into consideration is the tokenomics of the NFT land project. The tokenomics of a project is one of the most important aspects to consider when investing in any project, let alone an NFT land project. The tokenomics will determine how the project functions and how successful it will be in the long run. Aspects to pay specific attention to: - The total supply of NFTs: This is important to know because it will determine how scarce the NFT land is. If there is a large total supply, then the NFTs will be less valuable. If there is a small total supply, then the NFTs will be more valuable. - The distribution of NFTs: This is important to know because it will determine who has control over the project. If the NFT land is distributed evenly, then everyone will have an equal say in what happens with the project. If the NFTs are concentrated in a few hands, then those people will have more control over the project. - The use of funds raised: This is important to know because it will determine how the funds raised by selling NFT land will be used. If the funds are used wisely, then they can help make the project more successful. ### Land appreciation mechanisms When you purchase land in the real world, the hope is always that over the long term your land will appreciate in value. This is often through development. With virtual land, appreciation mechanisms should be in place for the NFT land to appreciate in value. Appreciation mechanisms for virtual land in the metaverse include: - Gamification by allowing NFT land owners to "develop" the land by building estates and infrastructure - Monetizing land by allowing brands to advertise their products or services - Appreciation by macroeconomic events over time. For example, in 2017 land from Decentraland cost $20. That same land now sells for $6000. ### Land utility within the project A blockchain and Web3 project should always have utility - aka a use case. An NFT land project is no different. It should offer the investor some kind of utility. Virtual real estate could have various use cases such as: - It could be used to build a gamified app or dApp. - The user could build their own decentralized world. - The user could earn rewards in return for NFT land. The user could use the NFT land to harvest other tokens. For example, an investor with a few pieces of NFT land might have access to harvesting some kind of token that is not available to the general public. Or, the user might be able to sell their NFTs for a higher price because of their increased value. In return for being part of this ecosystem, the user gets some kind of benefit from it - utility. How to buy virtual real estate NFTs Now that you know what to consider when investing in virtual real estate, let's go over how to actually go about buying NFT land. Luckily, the process isn't very complicated. 1) First, sign up for a digital wallet 2) Fund your account through your preferred payment method 3) Buy Ethereum. You will need at least 0.53 ETH in your wallet to cover the cost of purchase and associated gas fees. 4) Purchase your real estate NFT from the chosen online marketplace or via your wallet ## Best NFT Land Projects In 2023 Now that you understand more about the virtual real estate industry, it’s time to explore some of the best NFT real estate projects to invest in right now. ### Real Estate Investment Club
What are PFP NFTs? Here's All You Need To Know
Since 2021, digital collectibles have been catapulted to the forefront of the crypto space. It is undeniable that profile picture NFTs (PFP NFTs) have spearheaded this move. Indeed, PFPs can take a lot of credit for the success of the broader NFT market as most projects that have seen mainstream adoption are profile picture NFT collections. You’ve probably come across several such NFTs as public figures and NFT enthusiasts in general often use PFPs as profile pictures on their social media accounts. Twitter is a hot spot for these tiny NFT profile pictures, especially collectibles from Yuga Labs' Bored Ape Yacht Club (BAYC). This is one of the crypto community’s most popular PFP NFT collections. Other NFT projects that function as social media profile pictures are CryptoPunks, Meebits, Doodles, and Cool Cats. Here's a beginner's guide to the world of profile picture NFT collections starting with; ## What are PFP NFTs? Let's break down the entire term. PFP (profile picture) is a popular social media acronym. NFTs on the other hand are non-fungible tokens, assets that exist mostly on the Ethereum blockchain with a unique, digital identity. Generally tagged PFPs, profile picture NFTs are digital collectibles, often static, 2-dimensional images that were created to be displayed on social media profiles. Notably, however, as blockchain technology continues to evolve, one new trend after the next emerges with ties to NFT projects. Developers have created full-body profile picture NFTs and even animated PFP projects. The majority of these assets are generative artworks. Computers create these pieces usually through a generative algorithm, although hand-drawn PFP NFT collections are also quite common. Generative PFP projects often comprise thousands of NFTs, usually up to 10,000. PFPs generally feature a character which could be a myriad of things, an ape, a robot, an alien, or a person. These profile picture characters are often shoulder-length or neck-length figures with a variety of traits that differ from piece to piece. Among these traits are background color, accessories, hair or fur color, or even changes in the character’s expression all of which help make each piece unique. PFP NFTs typically have rarity rankings which depend on the traits each token has, and the rarity of a PFP NFT usually drives up its value. ## A Brief History of PFP NFTs PFPs were some of the first non-fungible tokens in the NFT space and the CryptoPunks project debuted the concept of NFTs as digital avatars. As the first PFP NFT, CryptoPunks played a major role in the expansion of the NFT market. While NFTs may seem like a relatively new trend, founder duo Matt Hall and John Watkinson launched their NFT project in 2017 under their product studio Larva Labs. They were able to create thousands of pixel art images of stylized humanoid figures dubbed punks. The duo initially believed they had uncovered a new entry into smartphone apps or games. However, Hall and Watkinson's release revolutionized the digital art industry, and also redefined the idea of ownership. Larva Labs introduced some of the initial prototypes of non-fungible tokens as a way to represent ownership of the Punks. Hall and Watkinson began with slightly altered renditions of the ERC-20 tokens on the Ethereum blockchain. This opened the door for a specialized digital coin, the ERC-721 token standard was created specifically for non-fungible tokens. Soon after the launch, NFT collectors began using their CryptoPunks characters as profile pictures on Discord and Twitter. It took a while before the Punks saw mainstream adoption. NFT profile pictures began experiencing massive popularity as celebrities and other members of the NFT community came on board. The massive popularity the Crypto Punks experienced ultimately paved the way for many PFP projects (including the popular bored apes) to emerge. ## How do PFP NFTs Work? For both avid NFT collectors and persons new to the NFT space, it is pretty easy to obtain a PFP NFT. Users can either mint tokens directly from the project website or buy a PFP NFT on a secondary marketplace. Post-purchase NFT owners can view their PFP NFTs through a compatible crypto wallet. Following this, like many others in the NFT community, they can display their newly acquired PFP NFTs on their profiles. Twitter, Instagram, and other social media platforms support the use of NFTs as profile pictures. ## How to Use PFP NFTs Of course, there's the basic functionality for a PFP NFT, which is a role as a profile picture (PFP). A core aspect of the NFT space and broader crypto community is prestige. Digital collectibles thrive on rarity and exclusivity and PFPs allow NFT owners to showcase their assets. However, some PFP NFT projects allow NFT collectors to gain access to a wider range of utility. Artists walk a fine line when introducing utility to their projects as creative art monetization is a key driver for NFTs. Most artists and developers prefer not to sign away the intellectual property rights (IP rights) to their works, however, there is the need for substantial utility behind PFPs. Features like community orientation encourage the popularity of an NFT project. With most projects, NFT owners get to be part of a community where beyond using their PFP NFTs as profile pictures they can vote and make important decisions. A strong community can also mean the chance to network. Some PFP projects offer users metaverse utility. The metaverse, that is the idea of a virtual world grew into popularity alongside NFTs. Virtual worlds contributed to the avatar craze as a PFP NFT could double as an avatar in a digital world. Also, a collection such as BAYC provides exclusive access to personalized utility, a feature that extends to its sequel project mutant ape yacht club. PFPs may also allow owners to enjoy perks that exist in the real world. ## PFP NFTs vs Other NFTs: What’s the difference? NFT profile pictures distinguish themselves from other NFT projects in one way. For a PFP project, the central feature is the avatar that makes up the piece. Other tokens in the NFT market could feature other forms of art. Also, generative art is mostly a trend with PFP NFT projects. A lot of other NFTs are often one-offs. ## Popular PFP NFT Projects
### CryptoPunks
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