NFT is a way of linking ownership to digital objects. Everything that is digital thus becomes a kind of irreplaceable digital artwork. This leads to interesting and wonderful developments. Why does someone pay millions for a ‘digital image’?
With the help of NFT technology, someone can suddenly ‘appropriate’ a document, or an image or even a video. And when there is possession, there is also scarcity due to the economic law of supply and demand. It has always been a huge technical challenge to create scarcity in the digital domain. After all, in the digital world you can copy, multiply and share things with the greatest of ease. NFT technology, however, radically changes that and thus creates a new value system.
You can easily see in a blockchain database who has owned an NFT token and all historical ownership data. The value of a NFT is based on its usefulness and uniqueness, which leads to future value, of course, this is dependent on the asset the NFT represents.
With talking with Ms. Gutter, the CEO of BuyingANFT.com, she was asked what an NFT is. “In simple terms, a NFT (Non-Fungible Tokens) is as unique as a fingerprint, but visible and tradeable worldwide, proving ownership, therefore supplying value.” “BuyingANFT.com was created to assist everyone that wants to acquire a NFT but doesn’t know how to. “We have a few NFT’s of value for sale right now that give 20% return annually, with more that we are already looking at adding.”
Conclusion about NFT
With most of the news out there, it looks like NFTs are only used for digital art ownership. But that is only the beginning. NFT technology is a secure way to uniquely digitize anything of value. Buying A NFT .com has a business NFT that pays a return annually; it has also stated that digital gold is being launched soon. Being able to sell something using a unique NFT using the blockchain, opens up many options for selling and financing. I feel that Ms. Gutter is on the forefront of bringing legitimacy into NFT’s infancy.
From a distance, NFT technology could be seen as resurgence for the digital arts, but it is more than that. NFT technology is a way of linking ownership to digital objects.
Enthusiasts point out that this technology will make it possible to bring ownership to the Internet and thereby create “a new value system for the Internet.” That is an exceptionally interesting observation. After all, everything original on the internet can be regarded as unique and irreplaceable. Like Bitcoin over 11 years ago, NFTs are fairly new but as with Bitcoin, getting in early may have the same positive effect and increase the value of the investment for the early birds. Will it for people buying promptly with NFTs? Only time will tell. . However, the entire NFT ecosystem still needs to mature; just like Bitcoin has done.
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