What are NFT collections and what can you use them for?

NFT means Non-fungible token. The world of NFTs is still new concept for a lot of people. It’s constantly evolving and changing. Today in a huge world with limitless possibilities. One of the things that can take up a lot of space in the world of NFTs is the concept of NFT collections. Read much more about NFT collections and what you can use them from here.

NFTs are becoming more and more relevant as their popularity and utility are increasing. They have become a popular investment and many of them are very sought-after. NFTs are a single digital asset that you can purchase, and they come in all shapes, sizes, and utilities. Some of them are a part of a so-called NFT collection.

But what exactly is an NFT collection and what should you know about them? An NFT collection is a group of a limited number of individual NFTs made by one artist or a group of artists. The NFTs have the same artistic expression often even the same motive in variations. NFTs are a risky investment just like cryptocurrency – they can suddenly crash. This is not something that should hold you back, but it is something to be aware of before investing.

New and iconic collections of NFTs

Some of these NFT collections are extremely famous and expensive. In the collection, there are often particular tokens that are rarer and more valuable than others. One of the most famous ones is the BoredApeYatchClub which consists of no less than 10.000 unique tokens. Some of these apes have special characteristics that make them particularly rare and therefore very sought-after and expensive.

All the time new NFT collections emerge. Some rise to popularity quite fast. One of the most popular NFT collections from the year is the Llamaverse. The Llamaverse is both a collection and a community. The collection consists of tokens with the motives of llamas. The Llamaverse has a range of utilities that makes it possible for holders to connect with other projects and unlock a bunch of NFT tools. Many of the new NFT collections offer much more than just holding an asset.

Why should you be interested in NFT collections?

First of all, NFT collections contribute to making the special tokens more valuable. The reputation of an artist with a collection makes all the difference when it comes to value. Furthermore, they have many different utilities and are a part of a community. The collection gathers a group of tokens that have similar utilities. This could be gaming NFTs for example. They are based on different blockchains which gives them different pros and cons that you should always take into consideration.

Before investing in a particular NFT, read up on whether it’s a part of an NFT collection and which blockchain this is based on. It’s important to be aware of scams in the world of NFTs. The great popularity has made it a very attractive market for scammers, so always consider this, when choosing an NFT collection to invest in. Choose one that offers the utilities that make the most sense for you and you will be well on your way to establishing an NFT collection.