In this video, we discuss all about NFT, How it Works, factors affecting its cost, advantages, and disadvantages.
What is NFT?
NFT is also known as a non-fungible token; it is a form of digital data such as photos, videos, and audio presentations on a blockchain. The NFT can be sold and bought using cryptocurrency.
What are the factors affecting the cost of NFT?
– Value is wholly based on the market and the demand.
– More significant the need, the greater the price.
– More special the NFT, the higher the price.
– The popularity of the author
Advantages of NFT
– Beneficial for artists to monetize their art.
– Easy to create and sell.
– It provides exclusive ownership for the art.
– The buyer can re-sell it.
Drawbacks of NFT
– NFT are mainly unregulated.
– There is no guarantee for the value.
– High chances for frauds and scams.
– The profit of NFT is wholly based on the hype.
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