WHAT’S AN NFTs?
NFTs- Non-fungible tokens,
Fungible means replaceable, tokens mean proof of ownership (digital contract)
Nonfungible tokens are built on a blockchain with the smart contract after being created there is a name and token known as nonfungible tokens. Like I have a selfie-and I will ask blockchain to give me a token of ownership for it. Once data is stored in the blockchain cannot be changed, you cannot change the name of the NFT owner. While creating the smart contract, I can add a clause to gain royalties from it being the creator and owner so the NFT world is an advantage for the artist and they can protect their art.
WHY DO PEOPLE PURCHASE NFT?
1- Celebrity – Amitabh Bachchan would buy his NFTs or any nonfungible tokens associated with a big growing brand.
2- Due to the popularity of NFT, people are buying out of fear of missing out on any opportunity.3- People generally have a habit of collecting stuff such as NFTs 4- Flipping of Non fungible tokens is a major reason NFTs have assumed value.