Nft is a non-fungible token, that might be anything from music to games to videos, minted and sold on a blockchain system. Also, being a blockchain token, the approved currency for its purchase is crypto.
Nft is also a unique digital asset that cannot be duplicated or substituted, once an nft goes online it remains online for everyone to see and, purchase if interested while the details or record is stored on the blockchain.
THINGS TO KNOW ABOUT NFTs
NOT A REGULAR ARTWORK.
Nfts are different from physical artworks drawn with pencil. in the case of Nfts, they are digitally created and can therefore be curated. As an individual, you do not but Nfts in the physical marketplace, a museum or an art gallery
SECURED ON THE BLOCKCHAIN
Nfts are safely stored against malicious attack and as it is, blockchain has proved to guarantee security to users. Although not all nfts can have their records on the blockchain due to the large intake of space, however, it remains accessible to anyone yet difficult to be hacked.
One common fact about nft is that it cannot be duplicated. You can’t have two original copies of one thing, it is either you have the original or you don’t.
In the physical world, a celebrity designer can make several outfits that look exactly the same and sell it off to buyers but in the case of nft, this designer makes just one that he auctions for the highest bidder, whoever buys knows the worth and can sell it off at a higher price to another person, this could keep going on for years while the designer keeps getting royalties on that one piece.
IT IS WORTH INVESTING!
Big brands, celebrities and investors are currently investing in nfts. Realising that the nft marketplace is one of the valuable inventions the blockchain technology has built, why not invest in it?
Celebrities like Snoop dogg launched his ‘A JOURNEY WITH THE DOGG’ nft in 2021. The collection was centered aroun his career, personal interest and memories. He also bought nfts suggested by his followers.