First of all, what is NFT? NFT, also known as Non-Fungible token allow people to make digital creations and perform transactions in a decentralized environment.
In the following, NFT relevant facts and information is listed:
1. How NFTs work
First of all, NFT varies, it can be art, collectibles like game accessories. Most of the present NFTs are digital artwork and are part of the Ethereum blockchain. Each and every NFT has a unique token serial code, it is to identify the ownership of the unique items.
2. How are NFTs being valued
Just like in the real world, artwork is valued not just based on the face value, but also the sentimental value and more. To put it simply, the meanings and thoughts it gives or how appealing it is gives the art a value. Other than that, a game accessory or item is usually valued based on their usage in the game itselves.
3. What does NFT provide
Compared to the modern world, which arts are often being held by a museum and are under their possession. And there is really no actual proof to show that they actually own it, but they do possess it. But the NFT provides transparency by listing out a full transaction history of information regarding who has the ownership in which timeline and the original creator could earn commissions or interests whenever a trade happens. Thus, this could give the newer generation of artists a new opportunity to earn revenue and the collectors to have a clear proof stating their ownership.
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