NFTs stands for non-fungible tokens which act as a digital version of artworks. An NFT can be anything that can be digitized, starting from images, videos, to even audio clips. Artists can also take a fair share of transactions from the future selling of their digital art online. The value of an NFT depends upon how rare it is or how it is a limited edition piece of something vintage or geographically important. For example, if tickets to an event are sold as NFT tickets then the auction for such tickets could be competitive while the value of its value reduces drastically then the more rare item its value.
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What Makes NFTs Valuable and Why Are Some Worth Millions?
Source: Trends Pinoy
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