Millionaire NFT And More Now Available On Voice

Can an NFT be stolen?

A digital file  or computer file  can be copied any number of times, including the art that comes with an NFT. In contrast, NFTs give you something that cannot be copied: ownership of the work (though the artist can still retain the copyright and reproduction rights, just as with physical artworks). If we use physical art collecting as an example: anyone can own a Monet print. The original, however, can only be owned by one person. Each NFT has a unique signature that verifies authenticity and any transactions related to it — who created it, who owns it, who sold it and for how much, etc. Creating an NFT is called  minting.   When a digital file gets minted, an NFT is generated and stored on a  blockchain . Blockchain technology provides a record of ownership on a public, distributed database that anyone can see. This record of ownership also allows for the original creator to always be credited and paid royalties, no matter how many times an NFT is sold or who owns it. The history of ownership, from creator to current owner, is called  provenance , and it’s a concept already in use in the art world.

Are NFTs a good investment?

Buying an NFT because you like it, or maybe even to earn (or lose) a few quick bucks is one thing. But investing in NFTs is another. Again, it's a nascent space. Even a Van Gogh painting or a rare Babe Ruth baseball card required some passage of time before becoming very valuable.

Given the digital nature of NFTs, it's hard to compare them to prized physical artworks, such as statues and paintings. On the other hand, we live in a world where one Bitcoin is worth more than $30,000, so things from the digital realm can certainly be very valuable and even sustain that value over longer periods of time.

In any case, if you plan to invest in NFTs, you'll need to dive deep into this complex world because each NFT market is slightly different. It's also pricey — trading on Ethereum can be quite costly as the network's recent congestion is causing fees to rise. Finally, you'll need to think strategically and follow the often rapidly changing cryptocurrency trends.

In short, it's possible to earn money by investing in NFTs, but you'll have to do your homework.

Why are some NFTs more valuable than others?

Just like pieces of art in the physical world, NFTs can be rare and valuable. Generally, when an NFT is sold on a marketplace, there’s a bidding process where the price of the NFT is determined by how much demand there is for it.