What are the use of NFTs? Explained in detail

As NFT does not allow you to reproduce a particular digital asset, you might wonder what is the use of NFTs at first place.

NFTs can be used to represent real-world items like artwork and real-estate.

NFT is used to provide a digital asset that is not available in the real world. NFTs can be used as collectibles, such as trading cards or stickers.

NFTs can be used to distribute content, such as digital magazines, newspapers and comics.

In the future, NFTs might be used to create digital assets that are not currently possible with any other medium.

"Tokenizing" these real-world tangible assets allows them to be bought, sold, and traded more efficiently while reducing the probability of fraud.

NFT comes with a value of its own. If you are a collector, you will benefit significantly if the value of the artwork increases in the future.

Currently, NFTs are mostly used for digital assets because of convenience, but we might see them used for physical assets as well in the future.

Pro Advice: Don't buy NFTs just because everyone is buying them. Only buy NFTs if you understand the goods being sold and use them.

Disclaimer: Cryptogurukul has no relationship to these projects, and there is no endorsement or investment advise. Please seek professional advice before taking financial risks.