Crypto tokens have been a lucrative investment. Time and again, the industry has been proving it as user-friendly and beneficial.
The investment market has also opened doors for various other schemes of investment. One such scheme is the non-fungible tokens. Trade Cryptos stable coins, bitcoins and other coins on the most trusted platform like the Dogecoin Millionaire app .
Understanding NFTs
Non-fungible token (NFTs) is a by-product of crypto. The token is developed on the same logic and programming model as crypto tokens. But, the similarity between NFT and cryptos ends here. Most NFTs work on the Bitcoin and Ethereum platforms. NFTs are different in their utility, features, and currency conversion.
Unlike cryptos, NFTs cannot be exchanged with another crypto. In cryptos, an investor can buy a token using fiat currency or another crypto. This utility is not feasible with NFTs.
NFTs are nothing but original digital tokens created with a purpose. In most cases, these tokens are created by developers or artists. Most common NFTs include gaming avatars, painting, sculpture, and poetry. Recently, the Bollywood actor Amitabh Bachchan created an NFT token. It was a collection of all famous poems written by his father. This poetry collection was then sold in the open market.
There are various artists and other small-time investors who gain from NFTs. the advantage with NFT tokens is that the creator gains every time during a sale. It is like patent recognition where the creator receives a part of the profit for each buy.
Should you invest in NFTs?
Like any other investment model, this is another confusing question in everyone’s mind. Recently, an artist gained close to $70 million by selling his painting through NFTs. the investment world is equally confused and anxious. The answer lies in understanding if NFTs are worth investing in. As mentioned above, the token creator gains profit every time the token is bought. It works differently from real-world sales. In case a painting is sold in a gallery, then the artist gains only through a one-time sale. But, in NFTs being virtual money, the logic works differently.
Since NFT is new in the virtual investment market, it may be worth trying luck. NFT investment is expanding meaning the demand and price is likely to go high. Like cryptos, NFTs also consume huge energy for mining and production. But with the market being responsive it is worth investing a small amount.
Cardano NFT: Wolves of Rome
Talking about NFT, let us look at an NFT that was recently launched by Cardano.
The concept of WoR was first conceptualized by a developer within its community. The developer created a backdrop to the story first. It includes a backstory to the entire universe, how the kingdom works, and history. The political agenda, along with their working model and religion followed. Once the concept was finalized, the development works were initiated.
The reason for building this token on Cardano is pretty simple. The pool of developers was already working on it. The community is steady and also allows for investment in research and development.
Cardano WoR is different as the developers first created a playable version of the token. Gaming enthusiasts from all over the world could play the game on the Cardano platform. It works on the proof of concept making it interesting for the gaming community.
The development team is working on launching this token. The release is planned as multiple seasons spanning 6 seasons. Each season will release in 3 months gap. And each season drop represents an empire. The developers are working on bridging the gap between regular games and Web3 gaming.
Cardano WoR works on a simple concept. The server works in sync with the crypto wallet of each user. It means the server can read the wallet details to identify if WoR is a card or empire. Based on this, the gaming strategy differs. The development team also brought up the fact that they use blockchain only where it is relevant.
Also, Cardano WoR aims to make the token accessible to every gaming community. Despite their presence in the crypto market, the token is open to use. Users or gaming enthusiasts can also opt for choose to mint option on the platform.
Using this model, gaming enthusiasts can choose to mint their tokens only if they wish to sell in the market. Alternately, minting can be for interaction on the network.
