Non-Fungible Tokens are popular because they are digital assets that retain identifying information about their owners that is stored in smart contracts. Each NFT is genuinely unique since it cannot be substituted by another token, is easily verifiable, and can be easily tracked back to the original issuer, allowing them to be recognized as having originality certificates. If you own NFTs, their value stems from scarcity, much like real-life fine art, and they have the potential to appreciate over time. NFTs can also be configured by their owners to help them make royalties. There is even a marketplace for NFTs where the owner may make a trade with his NFTs to purchase or sell and make a specific amount of profit. In a nutshell, NFTs provide:
- Their scarcity defines the NFT's value, which has the ability to increase in value over time.
- Such as baseball cards, artwork, and antiques NFTs are popular digital collectibles that provide collectors with a distinct niche.
- Some NFTs, such as in-game things (avatars, weapons, trinkets), and even virtual real estate, are useful.
- NFTs are the fad in the digital market, providing lucrative prospects when exchanged.
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