You may hear about the hype of NFTs and many people may have told you that it makes you rich, but before starting something new let’s have a look at some details about the NFTs and how they work.
NFT stands for Non-Fungible Token which means it is non-replaceable or unique. E.g. currency is fungible. If you could take an Rs.10 note and replace it with 5 Rs.2 coins, both of them have the same value. In this case, Rs.10 notes can be replaced by Rs.2 coins but this is not the case with NFTs.
Now, what are these NFTs? NFTs are the digital arts like photos, videos, or even more than that. These arts are sold by different artists. But why should you buy any of that art? Why should you pay for it, if you can download it from anywhere without giving a single penny? Let’s understand this by an example. Have you gone to your local bookstore? You might know that there are many pirated copies of a book available in the market but this does not decrease the value of the real version. I feel the more fake copies of something in the market the more valuable the real ones become. But NFTs can’t be copied as they have a digital certificate of ownership which provides the copyright and reproduction rights to the artist.
Who purchases the NFTs?
People have different opinions about NFTs. After paying you the amount you get the right to use the content in your blog, social media, or any other platform. You can set it as your profile picture and much more. Some feel NFTs are the future. Their opinion is that people should invest in this kind of stuff for higher returns. There are many examples out there that suggest that we should invest in NFTs.
Conclusion
There are many different possibilities regarding NFTs. NFTs are digital art that is sold and can’t be replaced by anything else. If you liked this blog then please share it with your friends and family. You can also subscribe to our website and YouTube channel.
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