Pros and Cons of NFTs | ADVANTAGES AND DISADVANTAGES of NFTs

Pros and Cons of NFTs

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Beginning in 2021, when various digital artworks and memes were auctioned and sold for hundreds of thousands to millions of dollars, there is a surge in interest in non-fungible tokens, or NFTs. NFT-based video games, such as Axie Infinity, have also become increasingly popular, with more startup and established studios releasing NFT-based game titles. To begin with, an NFT is a data unit. This data is recorded on a digital ledger and added or ascribed to a digital file or a digital representation of a physical thing to certify its uniqueness and document its ownership using the same blockchain technology that underpins cryptocurrencies. As a result, the term "NFT" is now used colloquially to refer to a class of digital assets that have been validated as unique. Remember that the blockchain ledger can be used to verify the legitimacy and ownership of NFTs.
Nonetheless, despite the fact that NFTs have been existing since 2014, converting digital files into digital assets utilizing blockchain technology has grown in popularity due to the variety of benefits and particular uses.

🕒 Timestamps 🕒
00:00 Introduction
01:37 The Pros of NFT
01:41 A Solution for Licensing Digital Creations
02:36 Possibility of Profiting from Digital Assets
03:39 Collectibles, Fundraising, and Gaming
04:42 Investing and Trading NFTs
05:51 The Cons of NFT
05:56 NFT Hype and Concerns Over Uncertainty
07:09 Environmental Issues of Blockchain Technology
08:17 Final Thought

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