NAMO: The New Social Economy for NFTs

It’s an exciting time for digital art, and the culture surrounding the Non-Fungible Token (NFT) phenomenon is exploding. However, the banter surrounding them has mainly occurred on traditional social networks.

NAMO, an NFT art & utility rental app, is changing the NFT social atmosphere with the launch of its new platform. The mobile-first experience will provide an end-to-end solution for people to rent and display art on screens as well as to rent NFTs for use on 3rd party platforms to access services, tickets to venues and experiences or even to video games.

To give you a better idea about what NAMO will be, we’ll explain NFTs, the problems NAMO’s new social economy will solve, and what you can expect to experience through it.  

What Is an NFT?

NFTs have become extremely popular in the online world in the last few years. Pop culture and online communities have evolved surrounding NFTs. However, many people are still a little unsure what they are. 

NFTs are digital art, collectibles, music, and other items that are available to buy, sell, and trade online. They can sell for as little as $13. However, the most expensive NFT in history, “The Merge” by Pak, sold for $91.8 million.

NFTs have evolved alongside other crypto and blockchain technology. While fungible tokens like bitcoins are identical and interchangeable, each non-fungible token is unique and not divisible into smaller parts. 

How Are NFTs Different From Traditional Art?

Unlike traditional art, NFTs only exist digitally. While the original piece of physical art can only be viewed by people who visit a physical gallery, NFTs can be displayed in a digital art gallery where anyone with access to the internet can see them.

Anyone can see all the listings of all transactions between owners of an NFT since its creation. So, it’s easier to verify ownership and authenticity.

Art has always been a status symbol for the rich, but the internet has allowed people to know who has what piece of NFT art without ever having to visit the owners’ homes. In fact, ownership of some NFTs, like those from the Bored Ape Yacht Club provides entry into exclusive parties frequented by celebrities.

Anyone can become an NFT artist, and some even receive royalties from future resellings of their art, unlike traditional artists.     

How Do You Buy, Sell, and Trade NFTs?

Getting into the NFT marketplace and delving into the world of NFT ownership is easy. Here are the steps to follow to get started buying, selling, and trading in the NFT marketplace:

1. Get a crypto wallet: A crypto wallet allows you to store and transfer any digital assets like cryptocurrency and NFTs. Cold wallets rather than hot wallets are more secure.
2. Buy cryptocurrency: Some NFT marketplaces allow you to use traditional payment methods. However, others require cryptocurrency, with Ether (ETH) being the leading cryptocurrency for NFTs.
3. Find an NFT marketplace: Find an NFT marketplace to buy, sell, trade, and even mint new NFTs.
4. Buy or sell NFTs: Sometimes, you can buy the NFT you want outright. However, other times, NFTs go to the highest bidders. Once you own an NFT, you can buy, sell, or display it however you like.

The New Social Economy

People who create and collect NFTs enjoy the company of other like-minded people. So, why not have a social platform that combines socializing with the NFT economy?

NAMO is a new community-driven Social-Fi network for NFT art and music. Its social interact-to-earn economy and rental aggregator allows users to:

• Earn rewards for interactions, community engagement, and content creation
• Gain recurring income through NFT rentals or subscription services
• Loan out NFTs for hours or days

Art rental has always been a part of the traditional art world, so why not offer it within the NFT art world?  

Problems NAMO Solves

There are several problems that exist in the current NFT community that NAMO is able to solve:

• NFT social exchange: There is currently no native space for NFT social exchange to combine social media with the NFT economy. While people are able to talk about their NFT hobbies on traditional social networks, they can’t make NFT transactions there. 
• Community consensus: Traditional platforms don’t allow participation in collective decision-making. The ability to vote on initiatives has proven popular, allowing people to rally to a cause, especially when there’s a financial incentive.    
• Price discovery: Current social platforms like Discord and Twitter don’t allow for NFT price discovery.
• Recognition: As more and more people create NFTs, discoverability has become more difficult. NAMO not only allows organic discoverability but also allows viral discoverability.

Benefits for Creators

Digital art creators face the same challenges as the music industry with technology allowing vast competition within the marketplace. Creators who aren’t as adept at using digital marketing strategies may struggle to find the right market for their work or access exposure to the right buyers. 

A social art rental service helps both new and seasoned creators get their products into the market and gain more exposure. Plus, they are able to create recurring income through NFT rentals. 

Benefits for Collectors

NAMO allows collectors to put their illiquid NFT assets back into the spotlight and earn money from renting out works they own. 

While it’s nice to have a high-value piece of digital art, the ability to rent out your art allows you to have your cake and eat it, too. You may still own a coveted piece of art, but you can rent it out occasionally to give others bragging rights without relinquishing your ownership.  

Benefits for New Consumers

If you’re new to NFTs, NAMO allows you to learn more about the hobby in a safe and friendly environment. 

Once you’re ready, you can start acquiring NFTs risk-free through rentals to gain the experience you need before plunging into a full purchase.

The knowledge and rental experience you gain on NAMO can help you make better investment decisions in the future.

Summary

Are you ready for the new NFT social economy? Whether you’re new to the world of NFTs or a seasoned hobbyist, NAMO promises a place to discover and be discovered. Would you like to rent a famous piece of digital art for the day? Do you want more exposure for your NFTs? Or are you just curious to learn what pieces of art are out there? Maybe you’ll even find yourself creating and buying NFTs for fun. 

NAMO is building a friendly social economy platform that is open to anyone with the tiniest bit of curiosity to rabid NFT fans. Make sure to join and take advantage of all it has to offer.