NFTs (Non-Fungible Tokens) is a digital asset that has gained much traction in the cryptocurrency community. According to Wikipedia, these are unique digital assets in that they are not fungible.
Fungibility is the property of a good or a commodity whose individual units are identical or exchangeable with one another.
If you have $1 in your wallet, you can’t use that $1 to buy a $1.00 item at the store.
Buying NFTs or any other cryptocurrency for that matter is an excellent way to diversify your portfolio, but the question remains: is it worth it?
What are NFTs?
In the world of finance, NFTs or Non-Fungible Tokens are digital assets that have their unique identifiers and cannot be traded or duplicated. These tokens are being used in the gaming world and by other industries, such as the real estate industry.
Why should you buy NFTs?
To decide whether or not you should buy NFTs, you should first consider how you plan on using them. If you plan to use them for your business, you should buy them. If you plan on using them for personal purposes, you should not buy them. Second, you should consider what type of NFTs you want to buy. You should buy the cheaper ones if you’re starting. If you’re looking for more expensive ones, then you should buy the more expensive ones.
What are the benefits of buying NFTs?
Uniqueness is the main reason for buying NFTs. Since an NFT can be generated from one template and pop out a unique version of that template, you own it when you purchase it. Of course, people will copy-paste your NFT on social media, but that’s just it; they are just a literal photocopy of your purchase.
Think of it like Dolce-Gabanna releasing the latest bag design. It looks so good, right? You want that bag, so you buy it.
However, 3rd world countries hear a word about this bag and make a counterfeit version of it. Sure, there may be duplicates of that design, but none are like yours: original and unique.
Additionally, you get to be part of something bigger with an engaging community that appreciates your purchased NFT. Whether you want to trade it in the future or not, you supported the artists and developers behind it.
NFTs are an investment, so before you spend your money on one, you should first think about whether or not it is worth it. You should also consider the type of NFT you are looking to purchase. There are many different types of NFTs, and they are not all created equal.
For example, you cannot play a game on a physical board like you can with an NFT.
It all depends on what kind of game you are looking to play. However, you can play games on an NFT similar to traditional games.
It would be best if you also considered the cost of the NFT. Some NFTs are cheaper than others, but that does not mean they are better. For example, a board with a simple design may be cheaper, but it won’t be as interesting as a board with a complex design.