Ways to utilize Novatar NFTs
Many are already interested in buying the NFT-avatars by “the Novatar” – those who did not manage to purchase one on Wishlist Sales will be able to do so during the main sales soon. At the same time, not all owners of such assets understand what to do with them. Let’s look at how you can utilize an NFT-image like “Novatar.”
Many believe that the value of NFT pictures is exaggerated. The reality is that some traders artificially indeed inflate prices for non-fungible tokens. Nonetheless, crypto investors continue to spend millions of dollars to buy them.
Although the practical use of non-fungible tokens is limited, NFT images are more than useful. Here are the options of utilizing Novatars:
Use it as a profile picture
In 2022, Twitter introduced the functionality to set non-fungible tokens as profile pictures. Many celebrities hustled to take advantage of the new functionality. Likewise, services for working with non-fungible tokens will shortly appear on the Instagram social network. Instagram’s CEO Adam Mosseri said the social network is “exploring NFTs and how we can make them more accessible to a wider audience,” according to Insider. “Nothing to announce yet, but we are definitely actively exploring NFTs,” he added.
“Onlyfans” also allowed to establish NFTs as the main profile photo. Eligible avatars will display a network icon to confirm the authenticity of the NFT. According to Amrapali Gan, chief executive of “Onlyfans”, their mission is “to empower creators to own their full potential. So far, the platform only supports tokens on the Ethereum blockchain. This feature is the first step in exploring the role that NFTs can play on our platform”.
Furthermore, do not forget about the plans to add NFTs to Facebook. The potential for NFT-avatars is huge – Meta’s two major social media platforms have over four billion active users. Even with active users on both platforms, these are astronomical numbers compared to the current number of active NFT holders.
Resell it on the secondary market
Many tokens that sell for millions of dollars today were much more inexpensive at the start. If we are talking about a digital asset from a hype collection like Novatar, it may be possible to sell it several times more expensive in the future.
Developers use non-fungible tokens, among other things, to supply the metaverses. Digital worlds are one of the main trends of 2022, so we can assume that NFTs will be in the spotlight for a long time.
Crypto investors can use the hype around non-fungible tokens to promote their business (if they have one). For this purpose, companies hold contests and giveaways of digital assets among users. Such campaigns allow you to attract an audience. Many large companies use the scheme for the distribution of digital assets. For example, in the fall of 2021, the famous crypto exchange Coinbase launched a giveaway of NFTs from the Bored Ape Yacht Club collection.
Use as security for a loan
Non-fungible tokens have a market price. Valuation of assets allows them to be used as collateral for loans. There are several platforms on the network that offer users NFT loans. In particular, the famous Kraken crypto exchange team actively develops such an initiative.
Is it possible to rent out Novatars and earn money on them?
There are many ways to profit from NFTs. For example, some non-fungible tokens can be staked or leased. Novatars are not among them.