A non-fungible token (NFT) is a unique digital token that is recorded on a blockchain such as Ethereum (ETH). They are recorded as such to certify their authenticity and ownership. They cannot be copied, substituted, or subdivided. Unlike cryptocurrencies like bitcoin, each NFT token has unique data, which means that they are not interchangeable with each other. The non-fungible nature of the tokens also means their use cases will differ wildly from their fungible counterparts.

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What are the applications of NFTs?

NFTs are used to make verifiable digital scarcity. They are used in many clear cases that need unique digital items. They were initially used for blockchain games and collectables like CryptoKitties on the ETH blockchain. They can also be used to show in-game assets, which are in the control of the user instead of the game developer. A great thing about this is that the NFTs or digital items may outlive the game they were initially created for and sneak their way into different future games.

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Another yet potential use is in digital art, by helping prove authenticity and ownership. Artworks are another instance of how powerful NFTs can be. By letting artists create works on the blockchain as NFTs, their content now becomes available to everyone, on the decentralised markets. Thus, giving them a means to collect, earn, and make a living off crypto.

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NFTs are one of the best ways to earn crypto over time, without having to directly invest in it.

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What makes NFTs valuable?

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• Unique - Every NFT is unique, it's the only one of its kind.
• Copyright - Your NFT comes with copyright, which means that it's on the blockchain the owner of that token would have entire commercial copyright to use that image and asset.
• Rare - NFTs are rare since they are unique and cannot be copied.
• Collectible -  You can hold onto NFTs, and their value will only go up in price since there are few ways to dilute the collection. Buying them to resell can earn you thousands of pounds.
• Downloadable - On Mintable, only the present owner of the NFT can download the file attached to it, making it unlockable to the owner.
• Immutable - Nobody can alter the metadata on the token, nobody can remove your image or the name of the token, etc.
• Forever - Since the data doesn't change, the blockchain will always have that token if you buy it.
• Resellable - You can always resell your NFT and trade it.

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Are NFTs really worth it?

Well, that is the million-pound question that everyone wants to know. But unfortunately, there is no right or wrong answer for that. Some might say that NFTs are the same as picking a rock from the ground and claiming it to be worth something while others will join in to see how long they can drive this bull market to the top. But if you do choose to play the NFT game, always keep in mind to follow the golden rule of investing: Never invest money you can’t afford to lose.

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