As society dives deeper into the digital realm, non-fungible tokens (NFTs), have begun to take the investing and artwork world by storm as it has opened an absolutely new lane for fine art collecting.
NFTs have now come to be a hot subject that rich buyers and celebrities alike have begun to explore. Unlike cryptocurrency, an NFT is any non-replicable digital object (arts, music, etc.) like a one-of-a-kind trading card or even an iconic meme. Most NFTs are part of the Ethereum (ETH) blockchain, which is a type of cryptocurrency like Bitcoin (BTC). This blockchain is the place most NFTs are stored, though other blockchains can keep them as well. These blockchains can alsobput in force their own versions of NFTs.
Ownership gives NFTs their value. Anything on line can be copied and reproduced, however an NFT is designed to give you something that can’t be replicated (the artist can still retain the copyright and reproduction rights, just like with physical artwork).
An NFT can be listed for sale at any price. Many NFTs also come from the assumption that it will eventually become more valuable in the future, thus its popularity has exploded. Also, NFTs have a feature that you can enable that will give you a share every time the NFT is sold or changes hands. This means that if your work gets super popular and rsises in value, you’ll enjoy the benefits.
While some art purists worry the craft is venturing too deep into the digital world, NFTs allocated space for artwork that can’t deteriorate over time. NFTs can work like any different speculative asset, where you buy it and hope that the value of it goes up one day, so you can sell it for a profit. Selling and buying NFTs can be lucrative business that has possibly marked the future of collecting.
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