Better understanding on Initial NFT Offering (INO)
The initial NFT offering is an emerging fundraising technique particularly useful for various decentralized platforms. Let’s begin with some basics and a general explanation of the industry.
An Initial NFT Offering also referred to as an ICO for Non-Fungible Tokens is a fundraising project wherein a new crypto token is created and subsequently offered for sale for crypto investors. Unlike the traditional Initial Coin Offerings (ICO), INOs just offer investors with a specific type of asset instead of anything or everything sold in a conventional ICO.
INO (Initial New Offering) is a new cryptocurrency crowdfunding innovation that is based on the concept of (ICO) Initial Coin Offering. It can be defined as a new fundraising approach to help kick-start a project based on market demand.
How does it work?
To have a strong grasp of the whole concept of blockchain, it is essential to know what it means and how it works. NFT or non-fungible tokens are the digital representation of any asset on a blockchain for all transactions. The blockchain domain has many applications in finance in order to provide a decentralized ecosystem with its own benefits. The most popular blockchain platform which supports NFTs is Ethereum (ETH) along with the role of other blockchains on transactions made on Ethereum network.
One way of defining a Non-Fungible Token (NFT) is by the use of digital representations of real-world, or virtual, items. These items could include collectibles, music, videos, art pieces, GIFs, designer sneakers and sports highlights, virtual avatars and video games. Some rare items such as tweets have also found recognition in the world of NFTs.
As the number of platforms and applications created on the blockchain technology grows, it becomes easier for developers to work on products that will be used for real-world purposes. Therefore, non-fungible tokens could easily become the standard in acquiring ownership rights to physical goods. The non-fungible token is a future collector’s item, which will be easily traded or even spent.
Advantages of INO
NFTs are increasingly being adopted by enthusiasts, who are diving into the NFT market. As such, there has been a rise in Initial NFT Offerings, which provide the NFT market with lots of advantages. Here are some:
- INO enables anyone with little formal training in the NFT space to quickly launch projects, raising funds through INO’s secure Initial NFT Offerings.
- Artists interested in building NFT projects can raise the needed funds through INO before creating the projects.
- Investors who engage in Initial NFT Offerings are rewarded with higher investment returns, as the unique features of these offerings help to minimize transaction fees.
- Creators and inventors also benefit from reduced transaction fees due to the supply scarcity of Initial NFT Offerings.
For all these reasons, INO provides a solution for these problems with their innovative NFT issuance and fundraising platform. INO makes it much easier for creators to issue NFTs, market them and fundraise from investors. It also serves as a turnkey platform for investors to participate in the NFT economy.