Straight Fire Brings your NFTs Alive
The last few years have been a dream run for the blockchain and Web3 space. The crypto adoption across the globe has been phenomenal, with millions of new investors, traders, and collectors joining the ecosystem. One of the biggest implosions has been the NFT industry, with the market size reaching a mammoth $41 Billion in 2021 (Source: Business Insider). Moreover, the list of NFTs that have generated sales in seven figures is also growing.
From artists creating NFTs of their digital art to someone adding dog pictures on the blockchain, the NFT market is hot. But what exactly are NFTs, and why should you care?
What Are NFTs?
The term non-fungible token means a non-interchangeable unit of data stored on a digital ledger (blockchain). Each NFT has a unique identification code and metadata, ensuring that the item is unique and not interchangeable. For example, Bitcoin is a fungible token. Two bitcoin are precisely the same, interchangeable, and fungible. NFTs, however, are unique and non-fungible.
Why Are NFTs Famous?
NFTs have emerged as an exciting investment opportunity among traders and investors. But why are NFTs famous? The key factor that makes NFTs worth your attention is the fact that NFTs can be anything. NFTs can be digital art, videos, music, concert tickets, in-game items, profile pictures, death certificates, domain names, and even real estate sale deeds.
NFTs are unique, and they can be anything you can think of that needs to be unique to function. However, the current trend is swaying towards NFT art and gaming NFTs. We are witnessing millions of NFT transactions every week, and the numbers keep on piling.
How Are NFTs Valued?
Much like any other piece of art in the physical world, the value of an NFT can be determined by certain factors, which are:
- Scarcity: The number one factor that makes an NFT rare is how hard it is to get. The NFT rarity goes up if the NFT collection features only a few pieces of art. For example, a collection with just ten NFTs may be more valuable than one with 10,000 NFTs.
- Utility: Another factor that affects the price of an NFT is its utility. The utility of an NFT pertains to its real use, rather than just storage as an artwork. Some NFTs can be used as in-game items, tickets to special lands in the metaverse, and even membership passes for real-world clubs.
- Provenance: History of ownership or provenance can be critical for the value of an NFT, similar to a physical art piece. Ownership by notable traders or celebrities can increase the value of an NFT.
- The ‘Human’ Factor: As is the case for any perceived value asset, the human factor can be a huge price driver. An emotional connection to the art or the artist can be someone’s motivation to bid on the artwork, thus driving the price higher.
Presenting Straight Fire — The First NFT Social dApp
Why keep your NFTs bound to your wallet when you can share them with everyone?
Straight Fire is the first NFT social dApp for creating and sharing NFT stories with a push of a single button. To share NFT stories, simply select the NFT you wish to share, choose from premade filters or AR lenses in the Straight Fire Library, personalize your NFT with music and text to create a story, and share it on your preferred social media channels. And to top it off, users, Straight Fire rewards their top sharers with exciting rewards, including free filters and NFTs, as well as their SFIRE token.
The platform also enables filter creators to build NFT filters and share it with other users. Creating NFT filters is extremely easy with Straight Fire, and filter creators can work with NFT creators to build unique NFT collections built for their social media following.
Future releases will also enable users to mint their favorite NFT stories into new NFTs. To ensure that the creators are rewarded generously for their creations, Straight Fire takes a creator-friendly approach to sales.
In a unique create-to-earn model, sales proceeds are split between the user, the NFT artist, music producers, filter creators, and Straight Fire. No transaction fee is charged by the platform. Moreover, gas fees for minting NFT stories on Polygon are between 0.02 USD to 10 USD.
Straight Fire NFT Lab
In the Straight Fire NFT Lab, the team works with a network of NFT creators to develop the original IPs and licenses into novel NFT collections. With unique NFT collections, Straight Fire is providing interactive and immersive experiences that are beyond traditional NFTs.
Creators can also join the Straight Fire NFT Lab, which then assists them in creating an NFT collection, promoting it, and selling it to investors. The team of experts shares insights and advice on how to build NFT collections that can resonate with the audience, how to publish those NFTs on the Straight Fire NFT Marketplace, and help them reach collectors with end-to-end marketing support.