Blog Getting started How You Can Score An NFT on MyConstant

How You Can Score An NFT on MyConstant

date September 16, 2021 time 3 min read 932 views

On MyConstant, we believe that no achievement is too small to celebrate. 

Which is why you’ll now receive unique NFTs when you pass major milestones—a thank you for your participation on our platform.   

These milestones include: 

  • When you make your first deposit.
  • When you invest or borrow with us for 5 years.
  • When you invest or borrow at least $100,000.

Each NFT that we issue is a piece of digital art inspired by your astrological sign. For example, if you’re born in early January your sign is Capricorn, which is represented by a Water-Bearer   

But what are NFTs exactly and how do you buy and sell one? If ever there was a time to learn about NFTs, now would be it! 

What are NFTs? 

Your NFT (non-fungible tooken) is a unique digital token that uses the Ethereum blockchain to digitally record transactions. It’s not a cryptocurrency like bitcoin or ethereum, because those are fungible and exchangeable for another bitcoin or cash. 

NFTs are recorded in a digital ledger in the same way as cryptocurrency, so there’s a record of who has ownership.  

What makes your NFT unique is the digital asset tied to the token. In your case, the asset is a piece of digital art—your astrological sign. But NFTs can also be videos, tweets or a piece of music. 

The technology has been around since 2015 when unique tokens were created for the Ethereum blockchain, but only started to become popular in early 2021.  

With the suspension of art galleries and live auctions brought on by the Covid-19 pandemic, artists were looking for new ways to monetize their art. 

In March 2021, the artist Mike Winkelmann (aka Beeple) sold his collage, Everydays: The First 5000 Days, at Christies for $69 million. 

The catch? 

The artwork was sold as an NFT and from there, catapulted NFTs into the mainstream.  

Buying an NFT means I own the asset, right?

Yes!

The NFT we give to you includes complete ownership of the artwork. Once it’s in your account, you’re free to keep it there or sell it on an NFT marketplace.  

That said, it should be noted that in many cases, when you buy an NFT (outside of MyConstant), you often don’t own the asset. What you own is the token that has a record and a hash code showing ownership of the unique token associated with the particular digital asset.

Information relating to ownership is usually stated on the NFT sellers’ marketplace page. 

What can you do with your NFT? 

After getting your milestone NFT, you can do the following: 

  • Keep it on your MyConstant account.
  • Withdraw it to your digital wallet. 

Or

  • Head over to a marketplace and sell to potential buyers. 

If you choose to sell your NFT, you’ll have to withdraw it first to your personal digital wallet using Polygon (MATIC). And then sign up to a marketplace like OpenSea or Rareable to auction it off. These two platforms—among others—function a lot like eBay. Customers bid on your NFT or pay you the requested amount with the Buy Now function. 

Remember though, artists who sell their NFTs in these marketplaces often spend a great deal of time promoting themselves in order to draw attention to their work. The more popular an artist or seller is, the more bids he or she gets and the NFT surges in value. 

Unless you have this publicity, your NFT might be best as a collectors item or something to show off to your friends and family. 

Reach milestones to get your custom MyConstant NFT

The world of decentralized finance evolves daily, which is why we’re always looking for ways to reward you and introduce you to the newest trends in the DeFi sphere.  

Cash rewards are easy to come by, but a customized NFT that’s just for you? Not so much. 

Just remember, when you reach these milestones:

  • When you make your first deposit.
  • When you’ve been with us for 5 years.
  • When you Invest or borrow at least $100,000.

You’ll receive a unique NFT that’s made just for you.

Once you receive your NFT, you can keep it on your MyConstant account, or you can withdraw the NFT to your digital wallet and sell it on an NFT marketplace.

If you want to learn more about NFTs and how to create one on your own, check out the two blogs below which link to our Alternative Investment podcasts. 

What are NFTs and should you buy one?

How to create, market and sell your own NFT for a (possible) tidy profit
As always, if you have any questions about our new NFTs, don’t hesitate to send us a message on Live Chat or email us at [email protected]

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Trevor Kraus

Trevor Kraus

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Tags: investing nft

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