WHY NFT ARE NOT JUST JPEG

The prevailing word ‘NFT” is known lately to the world as it takes attention.

It is not news that NFT has been in existence since 2014 but became the national anthem in 2021, where virtually everybody shares their view about it. And some buy the assets.

What is NFT?

It stands for Non-Fungible Tokens. It appears in digital and physical assets with unique properties. For example; art, collectibles, watches, sports cards, and others.

The notion of being “non-fungible” means these assets are irreplaceable as they are original and certified by the real owner.

Why NFT are not just JPEG?

No doubt it sounds ridiculous to buy an artwork worth millions of dollars which we all can download. Right?

Why then do celebrities, investors, brands, and individuals invest in purchasing a piece of art?

Pretty simple — entitlement, proof of ownership, and the full right to resell at a higher cost make it weigh different from just a JPEG.

The future of NFT

NFT is already the certificate of originality and authentication and will be for physical assets.

The Canadian entrepreneur Kevin O’Leary talks about why he thinks NFTs are going to be huge.

He says, “I believe the biggest opportunity in this digital industry is tied to physical assets such as watches and that NFTs can become their certificate of authentication.”

He also states that he will be investing in NFT as he wants all of his collection to have NFTs for every single watch.

In conclusion, we can all see the world is moving fast? And its waits for no one to scale out?.

It is about time we keep ourselves in touch with the advancement to scale out.

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