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WP NFT Maker

What is an NFT?

Non-Fungible tokens (NFTs) are cryptographic assets based on blockchain technology with unique ID codes and metadata. Unlike other cryptographic assets, NFTs are non-fungible which means they can neither be replaced nor interchanged because they have unique properties. NFTs can also replicate real-world assets like works of art, real estate, etc. NFTs help make transactions involving these real-world tangible assets more efficient and reduce the probability of fraud.

What are the advantages of NFTs?

• While the use of unique ID and the idea of digitally representing physical assets is not unique, combining them with the benefits of tamper-resistant blockchain of smart contracts makes it revolutionary.
• While the use of unique ID and the idea of digitally representing physical assets is not unique, combining them with the benefits of setting member-access only and smart contracts makes it revolutionary.
• The biggest advantage of NFTs from an artist’s perspective is the improved efficiency and removal of intermediaries, and helps the artist to directly reach out to his audience with their artwork on the blockchain.
• NFTs are also extremely tamper-resistant and cannot be forged or otherwise manipulated as they have unique properties.

Are NFTs safe?

NFTs just like any other cryptographic asset generally tend to be extremely secure. Hacking NFTs is next to impossible and impractical, due to the distributed nature of the blockchain technology. NFTs’ unique data makes the process of verification and validation of their ownership and the transfer of tokens between owners very easy and without compromising on their security aspects.

What are NFTs used for?

NFTs can be used for transactions regarding a multitude of assets like:

• Digital Artworks: NFTs provide the artists an opportunity to sell their artworks and connect to their audience directly and securely without the need for any intermediaries.
  
• NFT Content Maker: Content creators have complete ownership of their content over the publicizing platform, powering a creator economy wherein their profits are greater.
• Gaming Add-ons with NFTs: While you could always purchase add-ons in games, NFTs allow you to regain the cost or even make a profit by selling them once they are done using them.