What are NFT’S?
Hey Coop!
We at the Coop want to share our thoughts on what NFT’s are as a lot of you may be new to the space!
Unique ownership: NFTs are unique, one-of-a-kind digital assets stored on a blockchain, making it possible to verify the ownership and authenticity of the asset. This means that NFTs cannot be duplicated or counterfeited, providing a high degree of security and trust in the ownership of the asset. Our NFT’s at the Coop are ERC 721’s, which means every single piece is unique on the Ethereum Block Chain! Our Art is dope and right now we are at a Disney level esque sort of place and we are incredibly excited to share this with you.
Scarcity and rarity: NFTs allow creators to limit the supply of their digital assets, creating scarcity and increasing their value. This is because the scarcity of NFTs makes them more valuable, as they are unique and cannot be duplicated. This scarcity can also make NFTs collectable, making them appealing to collectors and investors. Who knows, maybe we might be introducing collector editions as we love the joy of opening an NFT on reveal day, to discover that you might have a rare Crypto Chickens NFT!
Portability and easy transfer of ownership: NFTs are stored on a blockchain, which makes it possible to transfer ownership of the asset easily and without the need for intermediaries. This makes NFTS highly portable, as they can be traded or sold anywhere in the world with a simple transfer of ownership on the blockchain. NO lawyers, no accountants. Just us, the community. We at the Coop have specifically chosen the Ethereum Blockchain for liquity reasons.
Investment opportunity: NFTs have been seen explosive growth in value, making them attractive as potential investment opportunities. Many NFTs have been sold for millions of dollars, and some have even become valuable enough to be considered as alternative investments. January has seen a 35% increase in trading volumes. Could NFTs be making a comeback? We have indeed just come out of a bear market, and the Coop is always watching!
Community building: NFTs can also help build a community around a particular digital asset, increasing its value and fostering a sense of ownership and engagement. This is because NFTs allow creators and owners to engage with their audiences and build a following, creating a sense of community and shared ownership aroud the asset. And that Ladies and Gentlemen, is what the Coop is all about. We are focused on getting a community built, not for the financial aspect, but that is what Web 3.0 is all about.
TO give otheres a chance to build and grow together.
Automated royalty payments: NFTs can also automate royalty payments to creators. This is because the blockchain provides a way to securely and transparently track the usage of the asset, allowing for automatic payments to the creator whenever the asset is sold or used. As and when are able to franchise our animations, we will build the Coop DAO to allow our community to directly benefit from it, a first kind of Web3 led animation series, with rewards being shared with the Coop itself!
Overall, owning an NFT can bring a wide range of benefits, from unique ownership and scarcity to invesment opportunities and community building. However, it is essential to keep in mind that investing in NFTs can also be risky and that the value of NFTs can be highly volatile. As with any investment, it’s important to thouroughly research and understand the potential risks and rewards before investing in NFTs. We at the Coop do NOT provide any financial and investment advice, and you should always do your own research.