What are NFTs and why are some worth millions?
With the evolution of technology, various new things that we would have only imagined now exist. Terms like cryptocurrency, blockchain and NFT are not just terms anymore. They are revamping the world, and the word that is trending the most right now is NFT.
NFTs are non-fungible tokens, i.e. they are non-exchangeable assets. Unlike cryptocurrencies or real money, you cannot interchange them for one of their kind. It is unique and one-of-a-kind. For example, a famous painting is out for display. Various people can have photographs, print or copy, but there will always be only one painting.
Since NFTs are based on blockchain technology, they allow artists to monetize their works of art. It also provides them massive opportunities to gain a great profit through their work.
For an artist who cannot afford an exhibition or auction, NFTs are the best option. In the real world, if he would sell his artwork he would get profit only once. But in the case of NFTs, the owner receives a percentage every time his work is sold. It makes NFTs very profitable and has increased their worth. Hence, NFTs are the future of the crypto art market.