What is an NFT
NFT’s or “non fungible tokens” are unique 1/1, digital assets that are secured on a blockchain (i.e Ethereum). Often take the form of an image, video or song, where the holder has full blockchain-proven ownership of the asset.
NFT’s have created a new medium for artists and collectors to share their art.
Why does NFT art have value? Why are NFTs so expensive?
Same as physical art, four factors contribute towards the value of an NFT art — how expensive it becomes.
The first is the “market-driven value”, which depends on the resale value and popularity of the artist or brand. The second is the “subjective value”. It involves the moral statement or political message that is conveyed by the art — how it makes you feel.
Another value determinant of NFT arts is the “objective value”. This involves the experience and technical skill by which it was created. Lastly is the “historical value” the piece of digital art has. All these factors contribute to how people value NFTs
What are NFTs used for?
NFTs can be used to indicate ownership of rare assets which represents real-world items like real estate and artwork. People can feel a part of something, much like a real life club.
What’s the point?
Well, there you go. It’s all subjective. There is potential to make a lot of money within the NFT space, and hold something unique. Whilst also, there is a lot of stuff out there that isn’t worth investing in. So it really is up to you. What BLANC would say is, if you care, do your research on it and get to know it slowly but surely. If you have an questions on this or these FAQ’s, give us a message.