What Are NFTs?
What is an NFT?
NFT stands for – Non-fungible token.
Non-fungible means – it is unique and can’t be replaced with something else.
Basically, an NFT is a record (digital certificate of authenticity) of a digital asset that is either a one-of-a-kind item or part of a limited collection say 1 of 50.
Some NFTs are collected or traded by investors and speculators, other NFTs provide the owner an income or yearly APY. In the future, NFT ownership will represent so much more both online and in the real world.
Why is the NFT revolution so important?
NFTs enable anyone anywhere to purchase an asset (sometimes worth millions) with a cellphone (within seconds) that is 100% verified on the blockchain with a transaction cost of often only a few dollars! No borders, no middlemen, completely anonymous, and with no currency fluctuation issues.
NFTs (within reason) allows the transfer ownership of an asset (P2P) with complete transparency of who created the NFT, the entire history of the NFT (including past ownerships) the ability to add stipulations to the NFT (how it can be used, profit share, legal requirements, penalties, etc) all without the need for lawyers/middlemen.
The Future of NFTs
Although NFTs are more commonly known as digital art pieces, over-time the NFT sector will evolve and the real value of NFTs is being able to validate ownership of something important to your everyday life. For example, the deeds or legal documentation of a vehicle, boat, house, or anything of value. This includes being able to use NFTs to create fractional ownership of an investment such as an apartment building or company. The NFT owners would share the income and ownership of an asset.
Precious metal & jewellery
Real-life art pieces as well as digital art
Property, commercial, residential, rentals
Digital land & in-game items
Any asset digital or physical
We wish you the best of luck with your NFT investing journey!
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