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FAQ 14 – What is an NFT used for?
Definition of a NFT
NFT, English term meaning “Non Fungible Token”.
An NFT is a cryptographic token, i.e. an authentication token. An NFT can serve as a certificate to justify the purchase of a material or a digital good.
Thanks to an NFT, its owner can justify that a property belongs to him.
In addition, an NFT has a system that allows us throughout its duration to know all the previous owners throughout it’s duration.
It is stored and can be authenticated using a blockchain which gives it value.
Why buy NFTs?
NFTs allow you to make significant profits.
Your digital wallet will allow you to store your cryptocurrency and your NFTs.
Buy the NFTs you like the most and then it will go up in value on its own depending on the demand around it.
Moreover, it is interesting to have NFTs for 2 good reasons:
The urge to collect: NFTs are like cards and can be exchanged as much as possible between individuals for cryptocurrency
The rarity of NFTs: an NFT can have only one owner
How does an NFT increase in value?
This value given to an NFT depends on its supply and demand. Indeed, the higher the supply will be with little demand, the lower the value will be.
Conversely, the more demand there is than supply, the higher the value will be.
What can NFTs be?
NFTs can be several things: – tweets, – work of art, – GIFs, – musics, – etc.
