But for many, let's consider the average man and woman on the street still getting to grips with what Bitcoin might be and what blockchain does - NFTs are some next-level confusion.
Is it just some trend for the funkiest virtual providers? Something Gucci, Kanye, and Nike are playing with to boost their SM figures?
Not in the slightest. NFTs are making a lot of people a lot of money. They're here to stay, and they're huge - with some huge problems with wasted or excessive transaction costs that you can solve with Queue-Fair.
What is an NFT queue?
An NFT queue is a website page that is shown to an nft buyer when the NFT becomes available for purchase, and sends them through to the buying system when it is their turn automatically.
So, what on earth are non-fungible tokens?
Let's start with a few basic blockchain terms and phrases that might help you wade through our first lesson in NFTs.
Fungibility is the ability to be exchanged. A pound (£) is considered fungible because we can exchange it for another pound. It doesn't matter which particular pound you have; it's all just pounds. Art isn't fungible, neither is music, because each creation is a unique one-off (or part of a limited edition, at least). Your house is non-fungible, so is your signed football shirt and even your toaster. There aren't any others just like it to represent the same precise value.
Each NFT is a unique digital token that offers some kind of value to its user, even if that's just 'cool points' for collectors. Typically, NFTs are utilised as a digital proof of authenticity, registered on a super-secure blockchain - a public record - where it's easy to trace their movement, activity, value, and ownership.
NFTs can be almost anything. They started as digital images and gifs; they progressed into digital art, music, social media posts, and into anything and everything virtual. Now they're being attached to physical items to dictate ownership of artefacts and commodities as well as becoming the centre of massive virtual worlds, where everything you own, buy, or wear there, is an NFT.
What's blockchain, then? The mythical world where NFTs are born?
Blockchain is a digital ledger made up of unchangeable, digitally-recorded 'blocks'. Each block is chained to the next using a cryptographic signature. The ledger is open for all to see and is synchronised between 'nodes'. All nodes must agree that a transaction is valid before creating the encryptions required for each new block.
Mining and minting
Mining is the process required to create blocks on the blockchain. 'Miners' use their computers to solve cryptographic problems that verify the block. When a block is successfully created, the computer earns a Bitcoin or other cryptocurrency as a reward.
Minting is similar to mining but where validators create or register the assets. Validators pay a 'stake' to authenticate the information yet receive transaction fees from the system users. Those transaction fees are known as 'gas fees'. Gas fees do not refer to energy consumption or carbon emissions, despite the name.
We'll drop a few more explanations as and when necessary throughout the article. Keep your eyes peeled.
“I've seen them sell for millions-why are NFTs so expensive?”
Our human 'need' or 'want' makes them that way. If enough people want to claim ownership of a unique work of art, item or property, an auction has each person bid against each other until the price seems quite incredible to the average working Joe.
so who's buying all of these digital acquisitions? People interested in being part of history with a lot of spare cash. And as NFTs develop into items with real monetary value, they're bought and sold as investments, reaping their owners vast profits along the journey. Early NFTs sell for millions of pounds on line, and new NFTs command just as high figures in specific cases.
Successful NFT projects
There are plenty of successful non-fungible tokens projects launching each day. 2022 is set to see even more breakthroughs and applications than in the last few years.
And if you think NFT isn't big business, think again. Here are some of the biggest earners in NFT of 2021, according to Business Insider. According to their data from nft marketplace research group nonfungible.com, the total NFT sales for 2021 reached a whopping $14.4billion.
- CryptoPunks - launched June 2017
Total trade volume $2.88billion, price per NFT: $288k
- Bored Ape Yacht Club - launched April 2021
Total trade volume $1.05billion, price per NFT $104k
- Decentraland - launched July 2020
Total trade volume $904million, price per NFT $9k
- Art Blocks Curated - launched May 2020
Total trade volume $805million, price per NFT $17k
- The Sandbox - launched October 2020
Total trade volume $490million, price per NFT $4.75k
Just like the release dates for concert and festival ticket access, new fashion lines, trendsetting toys or the latest Nikes, the demand from these much-anticipated releases and drops creates massive traffic. In just the same way, a non-fungible tokens drop can cause havoc on poorly-prepared websites.
Unlike these other queue use cases, queues provide additiional benefits for nft drops - because there are some probems that are specific to nft drops that you can't solve with bigger or more servers.
So, how do we navigate a sizeable NFT drop? Selling NFTs on line fairly is what users want, as traditional selling leaves them open to substantial price hikes for 'gas fees' during the 'minting' process.
What's the answer to all of these NFT complications? A non-fungible tokens virtual waiting room, of course.
The NFT virtual waiting room
Fairness for NFT buyers relies on each vendor being prepared for overwhelming traffic with website-crashing potential.
If, on drop day, traffic surges crash your website, you're not going to sell anything, and you'll earn nothing but a trail of unhappy community users around the world, missing your NFT from their collection, disappointed in your brand and unable to access your website.
Don't think that's an exaggeration in this day and age of tech - some of the biggest operators have had NFT crashes when they didn't use an nft queue. The smart ones are utilising virtual waiting rooms - just like Queue-Fair - to solve a whole host of possible issues.
The solution to massive traffic surges - the NFT virtual waiting room, of course
The beauty of filtering off all of that damaging unpredicted and unpredictable on line traffic with an nft queue means that you don't lose a single visitor. Instead, you maintain operations, access is controlled and you can keep all of your traffic safely lined up, ready to filter back in, to complete their purchase.
Solving the problem of excessive gas fees
Each new NFT requires gas fees to activate - even on a fixed price NFT. It takes some form of payment to validate new purchases on the blockchain. As buyers fight for their NFTs, they bid against each other, driving up these transaction costs. They're also driven up by whales and bots programmed to win the bid at any cost. The final cost of the NFT is often far greater than the original price, in some extreme cases, thousands of percent more.
Gas fees depend on how busy the underlying crypto network is. The more transactions per minute on the underlying crypto network, the more competition there is for validators, and the higher the gas fees. At the time of writing, the Ethereum network processes on average just 15 transactions a second. That's only 900 a minute. So, if you have even a small drop of just 1,000 NFTs, that's 1,000 people trying to buy your NFT at the same time, unless you use Queue-Fair to spread the purchases over time. That means that without Queue-Fair, the transaction rate on Etherium will more than double just from your NFT drop, with a corresponding increase in gas fees. On Bitcoin, it's only 3 - 5 transactions per second baseline, and an NFT drop of just 300 NFTs will double the transaction rate of the whole Bitcoin network, driving up gas fees for your visitors and anyone else trying to write access the ledger. You can see now why NFT drops - typically thousands or tens of thousands of NFTs at a time - create such excessive gas fees when the NFT drops without a queue.
By placing your buyers in a queue - in a Queue-Fair virtual waiting room - each purchase is removed from any gas-war bidding. Limiting the outflow of the waiting room delivers the appropriate number into the purchasing system, using the queue to avoid raising the transaction rate of the crypto network, and avoiding the bidding that hikes up prices.
Virtual queuing doesn't just keep your website safe; it eliminates your visitors from unfair charges and delivers a far fairer system for all.
With Queue-Fair's advanced security features, you really can restrict it to one queue position and NFT per customer, and stop bots from snapping up all the NFTs at the expense of your legitimate human fans and buyers who are still waiting to buy - and keep gas fees low in the process.
Solving the problem of wasted gas fees
When you don't have a queue to protect your NFT drop, and everyone is trying to mint or purchase at the same time, driving up the gas fees, the risk of mint failures increases dramatically. For example, if the NFTs are limited quantity (which is kind of the point with most NFTs), then when there is lots of competition for the validators, minting takes longer - resulting in a tense period of waiting for your customers. If you have 1,000 people trying to mint 100 NFTs, and there is a hard limit on the number of NFTs available, then 900 people are going to miss out on collection - and on many crypto networks, gas fees are payable whether the transaction succeeds or not - so all those people will pay them, but only 100 will get the NFT. It's estimated that the combination of failed minting or purchase gas fees and excessive gas fees recently cost cost $175 Million in wasted gas fees on a single NFT drop! So, using Queue-Fair helps your Web 3 technology run smoothly, efficiently and stay cost effective.
With Queue-Fair, you have fine control over visitor access, the sale process and progress through the line. If you only have 100 NFTs for sale, you can ensure that only 100 people get access to the NFT purchase mechanism with Queue-Fair. When you're down to your last few NFTs left for sale, you can put the queue on Hold and use the Admit One button to let buyers through one at a time, ensuring your buyers won't have to pay gas fees for transactions that fail because the NFT has sold out - and keeping the gas fees low too.
The Power of Social Proof - NFTs
Have you ever walked past a restaurant and seen it packed with diners and a line down the street of people waiting and thought, "That place is really popular - it must be really good"? That's Social Proof in action - when people can see that demand for a product or a service is high, it reinforces the value of the product or service in question, resulting in more sales. With Queue-Fair, you can show your NFT buyers how many people are ahead of them in the queue, reinforcing the notion that the NFT you are selling is of value, and generating the kind of buzz about your NFT that money can't buy.
The biggest NFT drops and most successful brands have entire communities of web users behind them, each building a collection and participating in a marketplace. This marketplace and community can be a powerful tool to promote your NFT, but only when your drops run smoothly. A sizeable vocal community with a collection of your NFTs is a double edged sword on twitter when things go wrong - and a queue from Queue-Fair is the key to ensuring every sale runs flawlessly, and that your community can see that they have engaged in a secure, fair process. Our transparent fair system keeps your community happy and engaged while it's protecting your sale.
NFTs are new and your buyers will always want to see that your NFT is in demand, as a highly sought-after NFT is more likely to grow in value over time on any nft marketplace. A Queue-Fair Virtual Waiting Room is the best way to show the community while they are in your nft queue that your NFT is in demand - so the more tweets you see about the queue, the better.
Unique Queue-Fair features that make life better for everyone
Queue-Fair's virtual waiting rooms provide countless ways to protect you and your visitors waiting in line from an unsuccessful visit, with many advantages thrown in to keep everyone in the queue and on your team informed and in control. We've got all the collection of features you would expect from a Virtual Waiting Room - However, we've got a few added extras that set us apart from the competition.
Receive visitors at the rate you want
Queue-Fair sends visitors from the line through to your purchasing site at the queue rate that you specify in the Queue-Fair Portal - and with Queue-Fair everyone's place is saved and they can't miss their turn. We're the best in the business at giving you the exact number that you want each and every minute from the front of the queue - and you can change the Queue Rate setting any time in the Portal to ensure your system is selling NFTs as fast as it can, but no faster.
The change is applied instantly to your queue, even when there are hundreds of thousands of people waiting in the queue to proceed to your buying pages. This means you can keep selling your NFTs consistently throughout the drop.
The Hold Page
With Queue-Fair, you can put any queue on hold whenever you need to.
Why would you need to do that? Well, you might need to take a break in the queue activity while products clear from abandoned baskets, allowing them to be inserted back into your unreserved inventory to sell to the next person waiting in line.
Keeping visitors informed at every step in the queue process is imperative to a stress-less operation, and messaging is simple with Queue-Fair. Preparing a selection of messages for any eventuality will make life easy, and our preview option will give you the peace of mind that everything's exactly how you'd like it to be before you proceed to take things live.
Additionally, any new visitors arriving at the queue from your site or link while a queue is on hold are added at the back of the line. Everything remains the same first-come-first-served fair system your users demand.
The 'Admit One' button
What about when your drop is down to the last few NFTs for sale?
The Queue-Fair 'admit one' button delivers the greatest control of queue admission to your purchase pages ever. As it states, only the user at the very front of the line will be permitted to proceed into the transaction area and nobody else.
This level of control is incredibly advantageous when you're down to the last few items of stock.
No other virtual waiting room provider offers this feature-for total queue, gas fee and sale control, it has to be Queue-Fair.
Be prepared for any eventuality, with safer systems and fairer processes
Queue-Fair's integration experts will walk you through the best ways to prepare for any NFT drop or NFT pre-sale with a queue. Our system offers unique access advantages that other virtual queues don't, ensuring vendors are selling non-fungible tokens fairly, leaving nothing but happy users at the end of each sale.
We're excited about what the NFT business world will bring to our community lives, in both business and leisure, in the future. So keep checking back to our blog for updates and articles about the NFT business, NFT queues, their operations, successes, and integrations - and we'll keep being the original Web 3 enablers.
Whatever you need from your nft queue, waiting room or line, we hope you've found this article helpful. We're here to help deliver an effortless system for your buyers and community, one that takes the issues out of every NFT drop, sale and line, keeping your sales systems rolling and reaping the rewards of nfts.