If you are someone who has been spending time on the internet, then it is safe to say that you have already heard about NFTs. NFT or non-fungible tokens are the hottest in the blockchain industry, and they are slowly proving to be not only useful but also very exhilarating. However, with all the excitement that is surrounding them, a lot of people are still wondering what they are and how they can benefit them, in the first place.
Whether you are a seller, a buyer, or an investor, it is important to understand what NFT is. This is not just for those who are into NFT gaming or some other form of NFT, as it can benefit everyone equally.
The Market is Decentralized
One of the biggest benefits here is that the market is decentralized. This means that creators can make money directly from their work. A good example here is art; normally, you would need an agent to sell and market their work, NFTs do not have to do that as you are taking out the middleman and allowing the artist or the original creator of the artwork to directly transact with the customers.
They Are Unique
Another benefit here is that NFTs are rare and unique, which means that only one of them can exist at a time and cannot be easily forged. In most cases, an artist or seller will have a number of NFTs with them as opposed to thousands, therefore, this makes them unique, which also drives up the prices of these assets, and make them highly desirable in the collector market.
Overall, NFTs have started to take off, and judging by the landscape, they are only going to become more and more prominent.