What makes NFT valuable?
Here are 3 Reasons why NFTs are so Valuable.
1. They are Non-Fungible
Once they are created on the blockchain (minted), you cannot recreate them.
They are not interchangeable.
#NFTCommunity #Crypto
Here are 3 Reasons why NFTs are so Valuable.
1. They are Non-Fungible
Once they are created on the blockchain (minted), you cannot recreate them.
They are not interchangeable.
#NFTCommunity #Crypto
2. They have a Verifiable record of ownership.
You don't even need to look far to see it, even before you purchase an NFT from marketplace like Opensea, you can go through the record of ownership and see all about the NFT.
You don't even need to look far to see it, even before you purchase an NFT from marketplace like Opensea, you can go through the record of ownership and see all about the NFT.
You can see a list of everyone who's ever owned it, how much they bought it, how much they sold it and the time and date of all the transactions.
3. They are scarce.
Eg: Only 10k pieces exist in the 'Bored Ape Yacht Club' collection and everyone wants to have one.
That creates a huge demand, and it makes BAYC NFTs very valuable.
Eg: Only 10k pieces exist in the 'Bored Ape Yacht Club' collection and everyone wants to have one.
That creates a huge demand, and it makes BAYC NFTs very valuable.
These in my opinion makes NFTs valuable.
Is there anything you think I left out?
Comment and tell me.
Is there anything you think I left out?
Comment and tell me.
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