![]() Not just that, it contains built-in authentication which serves as the ownership proof.Ĭollectors value these digital rights of ownership more than the item itself. Why are people spending millions of dollars on something which can be easily found on the internet and downloaded? The reason is NFT gives the buyer ownership of the original item. Many NFTs are old video clippings or digital creations that already exist in some form or the other on the Internet such as NBA game clips, images, etc. The price of any commodity increases if the supply decreases, the same fundamental is applied in the case of NFTs. These are absolutely in contrast to most digital creations that are generally present in abundance. NFTs are generally one-of-a-kind, limited digital creations. ![]() Here is a detailed overview of NFT vs DeFi. Well, NFT is a concept entirely different from DeFi although both the projects utilize blockchain technology. An amount of $174 million has been spent on NFTs since November 2017. They are encoded with the same underlying software which is used for the creation of many cryptocurrencies.Īlthough NFTs have been in existence since 2014 they have gained mainstream attention in recent years. They are created digitally and thus one can buy and sell NFT online through various NFT marketplaces. Non-fungible tokens or NFTs are digital assets that often represent real-world objects such as music, art, in-game items, and videos. Top 5 NFT tokens by Market capitalization.
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