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Why invested In NFT's

NFT stands for u2018Non-Fungible Token-Non-fungible means something is unique and one-of-a-kind; something that is non-fungible is made up of individual units that are not interchangeable. <br>So, unlike cryptocurrencies, which have a hard supply of millions of units, NFTs only have a single unit. While they cannot be reproduced or interchanged like exchanging currencies, they may be traded like any other artistic work.<br>Blockchain technology is used to validate the uniqueness of NFTs, which means that a counterfeit one will be noticed right away. <br>For example, when friends borrow a car, they canu2019t re

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Why invested In NFT's

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  1. What Are NFT's? Why invested In NFT's? www.assetfinx.net

  2. NFT stands for ‘Non-fungible Token.’ Non-fungible means something is unique and one-of-a-kind; something that is non-fungible is made up of individual units that are not interchangeable. So, unlike cryptocurrencies, which have a hard supply of millions of units, NFTs only have a single unit. While they cannot be reproduced or interchanged like exchanging currencies, they may be traded like any other artistic work. Blockchain technology is used to validate the uniqueness of NFTs, which means that a counterfeit one will be noticed right away.

  3. For example, when friends borrow a car, they can’t return with another car to replace each other even if they have the same model, make, and type of car. NFT works the same. To explain how NFTs work, assuming we have a single picture, we can mint it into NFTs and later sell it on the NFT marketplace. Anyone who finds your NFT on the market attractive could purchase it using cryptocurrency. At this point, the picture mentioned above will belong to the buyer, with certified ownership, and will be stored in buyers’ digital wallets.

  4. How Does an NFT Work? While the current buzz around NFTs is mostly related to their incorporation into the blockchain gaming industry, you would be surprised to learn about how NFTs can be utilized. A non-Fungible Token or NFT is a cryptographic token leveraging blockchain technology to allow ownership of any asset. Each NFT is unique, just like collectibles and art.

  5. Think about it like this; if you had to buy a Picasso painting, you wouldn’t buy a replica of the painting. The replica will never be the same as the original painting, and it wouldn’t hold the same value in the market. Similarly, each NFT is unique from the other. If you buy or create an NFT, say an NFT art, it cannot be duplicated. On acquiring the NFTs, the records of transfer of ownership become immutable and unchangeable. You solely are the asset owner unless you plan to part with it by transferring it to another person.

  6. The Benefits of NFTs Being a digital version of rare assets, NFTs opened doors for both collectors and artists to make a living by selling and buying or even trading for profits like a crypto investment. Other perks of NFTs as digital assets include fewer maintenance costs and greater asset security. This allows investors and collectors to trade NFTs with lower accruing fees or perhaps entirely revolutionize the way we amass rare collections in the future.

  7. Proof of Ownership: The ownership of NFTs is secured by blockchain, where the asset is tied to one ledger only. Indeed, NFTs are indivisible, which heavily strengthens the notion that each of them belongs to one owner only. Proof of Originality: Apart from ownership, blockchain also records the metadata about NFTs’ authenticity. This is the main reason why NFTs can’t be duplicated, replicated, and replaced with another one.

  8. Transferability: This NFTs’ benefit is apparent mostly in the gaming industry. In the past, if we decided to quit playing a game permanently, the in-game items we bought were left there for nothing. In NFT games, we can own in-game items in the form of NFTs, which can be further traded in the marketplace for profits, or stored in the digital wallet once we quit the game.

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