What is an NFT Part 2?

It's the hottest digital trend powered by Blockchain technology, and it just recently exploded in value over the past six months. The NFT trend is drawing attention across all the entertainment, media, and publishing industries. Through 2021, the value of each NFT will more than triple, from roughly $ 250 million to more than a quarter of a billion dollars. A token is a digital asset that can be converted into an actual cash value once ownership is achieved. With the power of a computer-generated contract, two parties may enter into an agreement whereby the NFT will act as a security for certain tokens that have been transferred between owners. Once an agreed upon number of tokens has been reached, then ownership can be transferred, legally giving the new owner total control of the asset, including the rights to transact on its value in any way they see fit. There are many uses for digital assets. They can be traded like stocks on an exchange like the NASDAQ or NYSE. They can also be used like money in a digital wallet, where the holder will receive periodic payments for owning the asset. Digital assets can also be used as membership cards or prepaid debit cards. However, digital wallets and cards are often viewed as the best use of tokens, because they offer more flexibility than paper currency. How do you know if you want to invest in the future of an NFT? NFTs are currently being utilized by hundreds of thousands of people all around the world as a form of digital asset exchange. You will find that NFTs will be issued along with original artworks. The issuing of the nfts is part of the evolution of the future of the blockchain, which has many interesting applications. Some of the major benefits that will come from the future of the blockchain are a global market place, a much lower cost of doing business, improved security, privacy protection, and instant confirmations. The digital art industry will be one of the first sectors to benefit from these technologies. Several years from now, if you buy nfts, you might be able to sell them at a profit, but right now they are more of collectibles. People will be interested in owning these works of art, but it will take years to grow the industry into what it needs to be. In the mean time, if you collect paintings, you could be collecting the future of the blockchain, along with future digital art. Beeple, the maker of Beeple.com, did not invent the idea of selling digital art. However, they did make a product that is very easy to use, has low overhead, and makes a great investment for any investor. Artists who decide to sell their work through Beeple are doing the "right thing" and this company is destined to take off and be very successful. COMMENT AND SHARE BELOW πŸ‘‡

Leave a comment