Why NFT Your Asset?

8 Reasons to Add an NFT to Your Asset

1)

There isn’t a good reason not to. Minting an NFT only adds value, it doesn’t take anything away and it can be free.

2)

Enable auctioning. Don’t set a price and risk undervaluing. Let the market pay more.

3)

Earn royalties. First owner to NFT can get paid with every resale.

4)

Instant flipping. NFT just need to be created once. You can relist anything you bought right away.

5)

New assets. Sell things you didn’t realize had value.

6)

More bidders. NFT marketplaces bring more buyers to your sale/auction.

7)

Instant payment. No messiness of haggling/negotiating since it’s pay or go away.

8)

Bookkeeping. No one likes keeping records, let blockchain handle all of it.

Get Started Minting Your NFT

NFTs started primarily for digital assets, but are quickly expanding to ALL assets. and valuables. In many ways, NFTs are better suited for what we refer to as “real assets” like physical items, intellectual property, services and rights because both are unique or finite. Whereas digital assets like a picture or a song file can be copied infinitely, a house, a car, a membership, a guitar lesson or a unit of your time can’t.

Making an NFT for your assets and valuables open up the possible things you can do with them, which instantly increases their value. Gold, for example, has value in and of itself but having additional usage in manufacturing makes it even more valuable. Also, NFTs can open up the realm of things that can be valued.

Instead of replacing anything that you can currently do with your asset, think of an NFT as enabling everything you can do with only some assets to all your assets. You can get the price history of your home, but not your car. You get a title for your car but not your lawnmower. You get a receipt when you bought your lawnmower from a store but not from a friend. You can rent a lawnmower but not a trophy. You can auction off a trophy but not characters in a book you wrote. You can make royalties from those characters but not the house you built.

When you create an NFT for any asset, you enable all of these functions, instantly! We’re not talking about unlocking the potential in some distant future. The infrastructure that exists for NFTs right now (i.e. the standards, smart contracts, blockchains and marketplaces) allow you to enable these things for any asset in the next 15 minutes if you really wanted (go here for details).

Biggest Benefits of Creating an NFT for Your Asset

Let’s put it this way, if you don’t create an NFT for a valuable you own right now, whether your house, your car, an engagement ring, a painting in your hallway, there is a chance the owner after you will create an NFT for it and reap in the benefits.

It adds auction capability, so you can sell for more. You can think less about whether you are asking the right price because in addition to setting a sell price, NFTs allow an auction process, letting buyers bid up to what they think it’s worth. You sell for the listed price in the worst case, and have no limit on the price in the best case.

It creates a secondary market where you can keep making money from royalties. Imagine you make fine tables or bought one from a maker whose tables become valuable in time. If you sell that table you lose out on all the subsequent price appreciation. However, if you attached an NFT to your sale, whether as make or early buyer, you can get royalties every time that table is resold.

Your NFT or “listing” only needs to be done once. Because most NFTs abide by a standard, NFT marketplaces can automatically share the inventory of NFT assets. Think of it as creating a website for each item you own, just once. Once up, it can now be searchable and found forever. Even better, when you buy and NFT, you can instantly relist it for a higher price.

It opens up what assets can be sold. Assets that can be NFTed aren’t limited to physical or strictly digital ones. It can represent time, services and intellectual property like rights or ideas! Bet you didn’t think you could sell your unsubmitted midterm paper or an hour-long guitar lesson. NFTing these allow you to write a “promise” receipt which anyone can buy.

It adds your assets to new marketplaces so more people can discover it. Imagine listing your items on craigslist, but it automatically shows up on eBay, Etsy or a platform you didn’t even knew existed. Your NFT can currently be listed on any of the NFT marketplaces like OpenSea, Rarible, etc. and can be automatically listed as new marketplaces emerge.

It adds another way people can pay you (in addition to cash and services like Paypal/Venmo). NFTs also allow smart contracts, so when paying with crypto, there’s no need to negotiate on price or fear a bait-and-switch. If they pay the amount you list it for, the NFT automatically gets transferred. If not, the transaction doesn’t happen.

At its most basic, an NFT adds a receipt system to your asset eliminating the need to write up a bill of sale or entering it into a spreadsheet. Simply send the NFT to the buyer and that item now has a record of the ownership change. If they pay via crypto, the price paid will be recorded on the blockchain forever so the next buyer could see the price history.