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Tolu Wade
Senior Software Engineer | Cybersecurity Expert @ FiatMatch Inc
Toronto, Canada
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What is the hype about NFTs? (E)
But What Makes an NFT valuable?
People buy NFTs because they see them as collectibles and investments. Here are a couple of factors that give NFTs value:
☕️ If it’s the first of its kind: Just the way bitcoin is the most valuable coin because it was the first of its kind.
☕️ Utility: if it has Real-world benefits. E.g. membership community, monthly launch meeting, etc.
If it is Unique or Rare: e.g. Monalisa painting
☕️ Ownership History: People might want to buy an NFT if it has been previously owned by a popular person
😯Can someone copy your NFT?🤔
Yes, just the way someone can make a copy of the Monalisa picture. But you can trace the original NFT address back to the original creator since all NFTs have a log of their transaction history.
Bear in mind that the value of an NFT is not in the image. The value of the NFT is in the piece of data attached to it.
To be continued…
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