Non-fungible tokens (NFTs) are unique pieces of information written onto a blockchain that hold the description of an asset, including its name or title, ownership, and special features.
The uniqueness represents the token’s values because each NFT exists as a single piece, unlike any other.
It’s worth noting that NFTs are representations of actual art, not the art itself. Think of it like a car title that holds information about the car’s details and ownership but not the car itself.
The same example applies to property titles where the property deeds have information about the owner and the property. The same can be said of NFTs.
What is Meta.Rose?
Meta.Rose is a unique collection of hand-drawn Rose flower-shaped symmetrical art created by cryptocurrency review website CoinWut. Only 50 pieces of the collection will be created on the Ethereum blockchain, each representing a unique shape of the Rose flower.
Each Meta.Rose ‘flower’ will have a profile describing its features and attributes and showing who owns it or whether it’s available for purchase.
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The initial listing will be hosted on the popular OpenSea marketplace, but since it is an Ethereum-minted collection, it can be listed on other platforms, including the Binance NFT marketplace.
See the collection on OpenSea here.
What makes NFT valuable?
There are four aspects of NFTs that dictate their value. These are:
NFTs may seem like art, and most of them are. You will see NFTs used as profile pictures if you scroll through crypto Twitter.
However, some have more utility outside the esthetic value. For instance, in-game merchandise can be minted as NFTs making them more valuable within their host gaming environments.
Demand and supply are economic market forces that often determine the value of most goods and services. NFTs are no exception, and the more limited the production of an NFT, the higher their perceived value.
The opposite is true, whereby if the creator of an NFT mints lots of tokens, their value will be degraded. Therefore, the rarer an NFT, the more valuable it becomes.
Provenance is the history of a piece of art. This includes who created the art, who has owned it previously, the art’s backstory, etc. The pieces with a good backstory will be considered more valuable than others.
A good example is the first Twitter tweet by Jack Dorsey, which was minted onto the blockchain as an NFT. The token sold for millions because of who created it and the backstory – being the first tweet on the popular social media platform.
Liquidity is a measure of how easy it is to convert any asset into spendable cash. NFTs can be created, bought, and sold on public and private marketplaces, but the more liquid ones can be considered valuable.
NFT liquidity can be gauged through factors such as the host blockchain or the marketplaces on which they can be listed.
NFTs on the Ethereum network have proved more popular given that Ethereum is the leading smart contract blockchain with the broadest support meaning that NFTs minted on it are much more liquid than those minted on less popular networks.
Why buy NFT?
There are several reasons to buy an NFT. Some of the more common ones include:
Identity – among the several uses of NFTs is profile pictures on social media. Since NFTs are currently trending, most buyers are using them as a way to identify with the blockchain community.
Investment – NFTs, like offline pieces of art, classic vehicles, or paintings, have shown that they can appreciate in value, especially over a brief period. People are now buying them as assets to store and hold for the long term waiting for their value to appreciate.
Supporting artists – NFT buyers can invest in these new art pieces to support digital artists who are creating them for a living.
Utility – some online games have created NFT in-game merchandise enabling players to buy and sell these items within or without the game environment on some public marketplaces. Some NFTs can also be used within the DeFi ecosystem to function as security for loans.
Hobby – some NFT buyers consider it a hobby to collect rare NFTs to keep.
How to get a Meta.Rose?
To buy yourself a Meta.Rose NFT, here are the steps to follow:
Step 1 – Get an Ethereum web wallet such as MetaMask, Coinbase, or Trust Wallet. Deposit some ETH into your wallet before you proceed to the next step.
Step 2 – Visit OpenSea NFT marketplace and connect your wallet.
Step 3 – Search for Meta.Rose collection or click on this link here. Browse through the collection to identify the flower you want to buy.
Step 4 – Click through to the description page to read about the flower and make a bid. The flowers are all listed for sale using the auction system. The highest bidder gets to own the NFT.
If your bid wins, the platform will automatically deduct the sum you placed as the bid from your wallet and transfer the NFT to your account.
Meta.Rose is just the beginning of a journey for CoinWut. There are more collections to follow, so make sure to follow us on Twitter.