NFT or Non-Fungible Token is one among the digital assets that's on the increase. This quality is wide utilized by artists or content creators to sell their works.

Quoting Kompas, DappRadar information states that NFT sales reached the very best range, specifically US$10.7 billion or around Rp. 152 trillion within the third quarter of 2021. This price redoubled eight times compared to the previous quarter.

what's NFT? 
however will NFT work? 
Awhat ar the benefits and downsides of NFT?

What is NFT?


According to Forbes, NFTs ar digital assets that represent real objects like design, music, or things found in videos and games.

Simply put, NFT turns digital artworks and alternative collectibles into one-of-a-kind in order that they will be verified as authentic and simply listed via the blockchain.

For those of you UN agency do not know, blockchain may be a means of digitally storing information that's interconnected between one device and another.

NFT can't be duplicated or replaced therefore all you'll do is sell or go. quality possession will later be claimed from the digital tokens that you just have.

How does NFT work?


The way NFT works is like we do transactions in general, only through digital platforms or available marketplaces. NFT is now widely marketed in digital markets such as CryptoPunks, OpenSea, and Rarible. The currency used is in the form of dollars and ETH or ethereum.

What products can be traded on NFT?


 Digital objects that can be traded in the form of artwork, GIFs, videos or video clips of events from sporting events, virtual avatars or personas in video games, music, to tweets.

Twitter founder, Jack Dorsey, had sold his first tweet as an NFT for 2.9 million US dollars.

Advantages and Disadvantages of NFT


So if you are interested in NFT, before jumping into it, it's a good idea to know the advantages and disadvantages of NFT. Here's the explanation:

Advantages of NFT


NFT is unique and collectible. Because there is only one digital object, you can collect a number of digital assets according to your wishes and finances.
NFT cannot be erased, destroyed, or engineered
Scarcity that can affect the increase in the value of digital objects
NFT can be trusted because token usage is non-exchangeable
There is a smart contract.

Disadvantages of NFT


Cannot be divided into smaller values ​​so you have to pay in full
NFT can be stolen. If the marketplace where you bought it closes, there is no guarantee that the assets you own are safe because the assets from NFT are digital assets.
NFT is not set up and not user friendly
NFT belongs to the category of speculative market.