Magzoid Magazine - Leading Art Magazine of MENA | May 2021

What are the risks associated
With NFTs?
NFTs, as any modern quality
within the early stages of growth
and acceptance, bear some risk
as a result of they are quite a great
distance from thought adoption. If a
customer decides to get an NFT and
competition in commercialism them
eventually stalls or even declines,
rates can fall, exploit the client with
giant losses. Non-Fungible Tokens
(NFTs) aren't exempt from fraud.
NFTs purporting to be the work
of well-known artists have sold for
many thousands of greenbacks
solely to be discovered to be
fraudulent. NFTs, together with bit
coins, perhaps hacked supported
how they are stored.
What is the importance of NFTs?
NFTs will be accustomed
purchase and sell possession of
physical properties in a digital
marketplace because they are a
digital archive of a real-world asset.
This has the ability to launch the
NFT revolution in rare and valuable
item shopping for and sale.
One might be interested in NFTs
because it gives one a way to sell
work that there otherwise might
not be much of a market for. If one
comes up with a really cool digital
sticker idea, what would they do
with it? Where would they sell it?
Also, NFTs have a feature that
enables one the opportunity that
will pay them a percentage every
time the NFT is sold or changes
hands, making sure that if their
work gets super popular and
increases in value, they would get
some of that benefit.
One of the obvious benefits of
buying art is it lets one financially
support artists they like, and
that’s true with NFTs (which are
way trendier than, like, Telegram
stickers). Buying an NFT also
usually gets one some basic usage
rights, like being able to post the
image online or set it as their
profile picture. Plus, of course,
there are bragging rights that they
own the art, with a block chain
entry to back it up.
Ah, okay, yes. NFTs can work like
any other speculative asset, where
one can buy it and hope that the
value of it goes up one day, so one
can sell it for a profit.
So yes, if you have any
photograph, artwork, designs that
you own digitally, you can actually
start making crazy money out of
it. NFTs could be an option you
can explore as enthusiasts have
already started trading everything
on NFT which also includes
virtual real estate properties which
doesn’t even exist. Yes, you heard
it right!
- ib@magzoid.com
www.magzoid.com May 2021 39