What are NFTs? - Marvin Germo

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What are NFTs?

By: Marvin Germo | March 20, 2021

After you’ve invested in stocks, cryptocurrencies, mutual funds, and other common portfolios, now what? Do you stop from there? I suggest you diversify your portfolio if you can. If you have more money to put in investments, don’t hesitate to regularly top-up. As early as now, you should be working on your financial security. And, in terms of cryptocurrencies, it’s actually not only Bitcoin and Ethereum where you can invest. There are also NFTs worth investing in.

Let me share with you what NFTs are and how they actually work. I hope that by the end of this blog, you can already fully assess if this investment is worth the money!

What are NFTs?

NFTs are collectible digital assets that are currently of good value today. They form part of cryptocurrency. NFT stands for a non-fungible token, which is almost similar to cryptocurrencies like Bitcoin and Ethereum. However, unlike these cryptos, NFTs are non-fungible. This means that every NTF is unique and is unexchangeable. What makes it more unique is that it stores information that makes it a pure currency. NFTs varied a lot. There are those that form part of a music file, crypto, or any digital art. Its worth is like any other collector’s item but since we are talking about digital here, you don’t get any physical asset. Instead, you get a JPG file.

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NFTs and Ethereum

NFTs and Ethereum are connected to each other. NFTs form part of the blockchain Ethereum, as individual tokens that can store extra information. That information can be used in different forms of digital arts, music, video, etc. What’s more interesting here is that NFTs are valuable like those cryptocurrencies. They are sold like any piece of art and their value is set by the market and depending on the demand.

Where can you buy NFTs?

Like cryptocurrencies, you also need a platform where you can buy NFTs. However, not all kinds of NFTs are available on just one platform. You also need to consider what you are buying. For example, if you are interested to buy baseball cards, then you can head to websites like digitaltradingcards. There are other platforms but again, consider the type of NFT you are planning to buy. We’ve mentioned video games earlier. In video games, the ownership doesn’t shift to you when you buy it from the gaming company. This means that you are only allowed to use the game, not own it. But with NFT, the ownership transfers to you, which means that you can sell it in a gaming platform and buy a new one as an investment.

What makes NFTs controversial?

Well, people are more concerned that the creation of NFTs is consuming a huge amount of carbon footprint. NFTs are known to use a large sum of energy before they can be created. So even if an NFT is just a simple GIF, it can already consume so much energy that can equate to your annual consumption of electricity at home.

NFTs are investments. Don’t forget to research more on the types of NFTs so you can use your money wisely!

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