NFTs

NFT Trading

Every NFT has no fixed value, and its value is entirely based on demand. This means that your gaming NFT could either be seen as worthless or it could be something of value depending on whether anyone else wants to buy it

The aim is to either earn the top NFT tokens or buy them at a low price and then sell them on to someone else at a higher price – therefore making a profit. As such, we can see that NFTs are simply digital assets and you can trade them like you would a cryptocurrency, a stock or a commodity.

What is NFT (ETH)

A non-fungible token (NFT) is a financial security consisting of digital data stored in a blockchain, a form of distributed ledger. The ownership of an NFT is recorded in the blockchain, and can be transferred by the owner, allowing NFTs to be sold and traded. NFTs can be created by anybody, and require few or no coding skills to create. NFTs typically contain references to digital files such as photos, videos, and audio. Because NFTs are uniquely identifiable, they differ from cryptocurrencies, which are fungible. The market value of an NFT is associated with the digital file it references.

Proponents of NFTs claim that NFTs provide a public certificate of authenticity or proof of ownership, but the legal rights conveyed by an NFT can be uncertain. The ownership of an NFT as defined by the blockchain has no inherent legal meaning, and does not necessarily grant copyright, intellectual property rights, or other legal rights over its associated digital file. An NFT does not restrict the sharing or copying of its associated digital file, and does not prevent the creation of NFTs that reference identical files. The NFT market grew dramatically from 2020–2021: the trading of NFTs in 2021 increased to more than $17 billion, up by 21,000% over 2020's total of $82 million. NFTs have been used as speculative investments, and they have drawn increasing criticism for the energy cost and carbon footprint associated with validating blockchain transactions as well as their frequent use in art scams. The NFT market has also been compared to an economic bubble or a Ponzi scheme. By May 2022, the NFT market was seen as beginning to collapse.

What are the advantages of Trading NFT with Bluesky Brokerage?

When you trade NFT with Bluesky Brokerage you can find advantages that you wouldn’t necessarily find when working with an exchange. These include:

• Ownership
  The foremost advantage of non-fungible tokens is evident in the proof of ownership. Since NFTs are on a blockchain network, they can help in associating ownership to a single account. Most important of all, NFTs are indivisible and could not be distributed among multiple owners. At the same time, the ownership advantages of NFTs ensure that buyers are safe from the concerns of fake NFTs.
  NFT critics have openly stated that people could just take pictures of NFTs and sell them or even offer them for free. Well, you can have an image of the NFT. However, it is important to ask whether you own the asset. For example, downloading a picture of the Mona Lisa from the internet does not make you its owner.
  NFTs, ensure that you own the real thing and therefore have possession overvalue. In simple words, NFTs can transform the conventional norms of verifying and managing the ownership of assets. As you can find NFTs on a blockchain network, it is possible to transfer ownership of NFTs easily. Therefore, you can also find the advantage of the easy transition of asset ownership with NFTs in many real-world scenarios.
• Authenticity
  The benefits of non-fungible tokens rely largely on the uniqueness of the tokens. NFTs are created on the blockchain, thereby implying the association of unique records with them. The unique traits of NFTs showcase their potential for contributing value. At the same time, NFT creators have the privilege of issuing only a specific number of NFTs to introduce scarcity of supply.
  In the case of some NFTs, creators can opt for creating multiple replicas like in the case of tickets. On the other hand, the immutability of the blockchain on which NFTs are stored also provides the assurance of authenticity. Immutability in blockchain-based NFTs ensures that they are immune to modifications, removal, or replacement. Therefore, NFTs can easily showcase their authenticity as the most valuable quality.
• Transferability
  The next prominent answer to ‘what is the benefit of NFT’ is evident in the transferability of NFTs. It is easy to trade NFTs freely on particular markets with a wide range of options for trading. For example, NFTs could solve the problem of ‘walled gardens’ in the case of games.
  Many games issue in-game items, and players purchase them to improve their gaming experience. However, the in-game items are restricted only to the environment of the games, and players could not use them anywhere else. Furthermore, players could lose their investment in the in-game collectibles or items when the game goes out of fashion.
  In the case of NFTs, game developers could issue in-game items as NFTs, which players could hold in their digital wallets. Subsequently, players could use the in-game items outside the game or even sell them for a profit. Since NFTs are based on smart contracts, ownership transfers become easy by incorporating the use of smart contracts. Ownership transfers can be completed upon fulfillment of specific conditions between buyer and seller outlined in smart contracts.
• Auto trading
  This refers to using software called Expert Advisors that creates automatic orders and submits them to a market exchange. These systems can perform repetitive tasks at high speed. It can also come in forms of social trading via IPCSocial and copying the positions of experienced traders with a proven success record, like Zulutrade does.
• Regulation
  Most exchanges are not regulated, which means no protection for you as a user. Bluesky Brokerage gives you the knowledge that you are working with a transparent, secure brokerage firm when you trade NFTs and other CFDs.

Trading NFT with Bluesky Brokerage doesn’t require a wallet, since the trades are performed though our SSL secured online trading platform, this is a big advantage in avoiding potential hackers and theft. From the same platform you can trade Forex pairs and other assets as well.