It is obvious that NFT is everywhere nowadays, especially on social media. Even when you are scrolling through your Twitter feed, you must encounter the term NFT and it seems like you cannot avoid that. So, what does NFT stands for? NFT stands for non-fungible tokens, just like the name, it is non-fungible, and cannot be traded or exchanged for one another. Even in Malaysia, NFT has managed to become a sensation in this country. If you are looking for those who can design nft crypto malaysia, you can simply search for them on social media. Anyway, why are people so invested in NFTs?
Here are the benefits that you will gain from NFTs, does not matter if you are the creator or the buyer.
Copyright and ownership
As you know, NFTs cannot be traded or exchanged at all. This is the most significant benefit among the others because individuals are allowed to have their own piece of intellectual property. Since most cryptos use blockchain technology, it is a lot easier to detect ownership since it is embedded in the blockchain used. Artists and content creators too would not have to worry much about it since they are protected and they are able to retain full copyright.
There is no doubt that NFTs are usually occupied with top-notch security systems and software. Again, blockchain will always be the hero in any cryptocurrencies. You need to know that if anything happens to the blockchain, nothing will happen to the data. You don’t have to be wary about losing money or assets if protected by blockchain. Not only the creators will obtain the benefits but even the resellers and buyers.
Insurance and NFTs? Insurance in NFTs is because of NFTs’ uniqueness, which can also be used to provide insurance for anything that is valuable. Let’s take an example from a product which has an embedded smart contract on the blockchain used. There are many things that the smart contract is capable of such as tracking and recording anything on the product such as manufacturing date and serial numbers. In case the item is lost or even stolen, the smart contract can be used as proof that the individual is the owner of the item.
Basically, almost all NFTs can be considered collectables. As we know, NFTs are unique and there is no possibility of seeing the same collectable again. NFTs can function in creating digital collectables too. Collectables can bring huge profits to the sellers so this is one of the benefits that they have been aiming for.
If you intend to resell an NFT, that is a good decision if you are not into collecting arts or other NFTs. There is quite a number of people who actually make profits from reselling NFTs. Sometimes, the resale value can even top the original price, hence why many people started to resell them.
These are just a few of the benefits that you will acquire from investing in NFTs. There are many more to explore. If you are interested, you should just go on with your decision.