Why are People Buying NFTs and Its Advantages

Talking about NFTs which is Non fungible tokens and Why are People Buying NFTs and Its Advantages. Since the inception of digital world it has changed how people think and behave for general. In real world people express themselves by their posture looks and assets, people buy all kinds of stuf to show their wealth and express it as look i got this unique piece. All the brand value revolves around that.

In physical world if you buy a product which of general use its a liability and its value degrade over the time but in NFT if create a unique product its Value will increase and it will be you asset not liability.

NFT(Non Fungible Token)

In the beginning of digital word in 80’s the web was just about text sending from one individual to another .As the technology advanced it the option to communicate in real time started with whole lot of platforms like Facebook, twitter, YouTube , Instagram ,websites etc where people was able to communicated easily which was called web.2.0.

Now its time for technological revolution and everyone is taking about web3.0 ,which means the digital world which used to be controlled by few people will be decentralized and no one one will be the owner. Like who owns crypto currency ? No one right . So its going to be exited digital world as it it totally decentralizing of power and money both.

There will be different currency in cryptoworld but counterfeit will be impossible as it will be based on blockchain technology. For every crypto minted there is some amount of times and electricity consumed and a genesis code is created and each times it is transferred it will generate unique code along with the previous code.

Why are People Buying NFT

Lets talk about why people are buying NFTs ?

As we see in the world people but branded products to express their money status and uniqueness. Same way in digital world you can mint NFT by paying in terms of Crypto coin and list that for sale. In real world if you buy any banded product like clothing , vehicle ,ornament etc then its devalue over the period of time, but if you buy a NFT its value will not devalue and it will increase over the period of time.

It is initial days of NFT but it is here to stay and early birds will have all maximum benefits. It allows the artists and content creator to mint their art world in the form of NFT and list them for sell. There are many buyers who are colleting NFTs so that they can juice out when the time is ripe for it.

Many people are Buying it out of curiosity and trust in the future technology . Web3.0 is here ,its changing every day bit by bit ,many will argue it will not happen but its happening it may take some time as crypto. When crypto came in 2014 many were skeptical about its future buy now its ruling the web3.0 and become the base to other decentralized market like NFT.

What are the advantages of NFT

  1. Decentralization – World have always discussed decentralization of power and how power to some group of people or individual is not good. In that way NFT has totally democratized the world digitally with no absolute power to single entity or individual. If you take other medium where you want to sell a product or service there is middle man who will have control on many things ,but here there is no middle man , Just you and the buyer or seller.
  2. Uniqueness – The NFT forms or minted is unique in a way that it couldn’t be duplicated. Some people can argue that its easy to copy the image but its not true. When a NFT is formed it has all the data stored with its time and date is its uniqueness.
  3. Date Safety – The safety is main advantages about NFT ,once the NFT is minted the data about the genesis code , its blocks data is safe and couldn’t be changed easily.
  4. Owners Copyright – In NFT if you have sold the property it is not that the copyright will also be sold. Its the best thing for content creator and artist as they will always retain the full copyright of the property.
  5. Resell able – Many people in the NFT business are not themselves creator or artist ,they are reseller as they collect many unique arts NFTs and other NFTs and sell it for higher price ,sometime hold for sometime and sell when price becomes higher.

Disadvantages

As many online process have disadvantage of online theft and corrosion of money in a sec . NFT process also involves these threats ,many instances of domain main with same wording with some extra letter caused many buyers to transfer money in the wrong place .So you need to be careful of the authenticity of the website

  • As it is new in the market sometime people end up losing money at wrong place knows.
  • Many instance of NFT theft are also seen.
  • Hacking of the wallet leads to loosing your wallet money so don’t put all your money in the Ethereum wallet.
  • It will take some time to reach the masses as it is in growing stage.
  • The initial account making money is high, so many would not be interested to involve into it.
  • Only person with initial investment amount will be able to be on the platform.

FAQs

Is it safe to buy NFT?

Its safe buy only invest money that you are ready to loose as its not sure that the product you buy , you will able to sell .So analyze all the aspect of the NFT you are buying.

What are prerequisite for Buyer in NFT

You should have Ethereum wallet with some eth in it , a buyer account and you are ready to go.

What is future of NFT

Its future seems bright ,as technology is moving towards web3.0 ,VR and metaverse digital asset will play a vital roll in that world.

What is the most beautiful aspect of NFT

The most beautiful aspect is that a normal artist or creator will get prominence without any discrimination .

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