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What Nobody is Telling You About NFTs…
There’s no doubt that NFT’s, or Non-Fungible Tokens, are growing in popularity and power. What are NFTs? It’s like selling art — digital paintings, drawings, songs or sounds — but that art CANNOT be copied. That’s right, once you buy it, you OWN that image. With that said, the uniqueness of these digital assets make them quite pricey.
Just recently, a digital art piece sold for $69 million and Twitter CEO Jack Dorsey’s very first Tweet is currently selling for millions.
So, you can potentially own Jack Dorsey’s first Tweet… or can you? What exactly do you own when you purchase an NFT?
Nn NFT isn’t itself the asset, but if you own one, you have a sort of “deed.” In fact, there exists NFTs for physical, tangible objects — REAL paintings that exist in real life. So you could have ownership over an oil painting the same way you can own a digital one.
The unfortunate thing is that not everyone knows how this actually works.
The asset and the digital file that represents that asset are two completely different things and are therefore stored in different places. This raises concerns, since websites that host these images or sounds can actually be changed while you still hold ownership of it. You have the NFT, but not the piece of art.