Breaking 5 popular myths about NFTs

Breaking 5 popular myths about NFTs

Tokens, NFTs — all this is a fairly new and in many ways incomprehensible direction. And there are already quite a lot of misconceptions. Let’s figure out what is hidden behind the myths, and how things are.

Myth 1. Only the rich can buy NFTs

This is not true. The cost of NFTs is set by the owner. There are tokens worth tens of millions of dollars. And there are quite affordable for everyone to buy. The more famous the author of the token, the more expensive the lot will be sold. But unknown NFT projects are also popping up in such a way that they bring huge profits to the first buyers and their authors. So buy NFT or create your own and sell it to everyone.

Do not forget about the various free giveaways. Often, popular brands not only sell tokens but also raffle them off.

Myth 2. NFT is a scam and selling air

This misconception appeared almost immediately, as soon as the first tokens began to rise sharply in price. In fact, yes, they are not tied to any real object and exist only in the blockchain. And their cost is not fixed in any way but depends only on the author’. In this regard, non-fungible tokens are like art. Only in the case of NFT, it is just a set of numbers, bits on the Internet, and not a real canvas with paints.

For this reason, NFTs were created for collectors and online gamers. They gave some advantages, they were a manifestation of fan love for their favorite author, brand. But it quickly became clear that NFT was going to be something more. Already they give quite real bonuses: access to private clubs, invitations to events, the opportunity to get acquainted with previously unpublished works and scenes (we remember the same Tarantino). In addition, quite real physical objects are converted into NFT. And this is not the sale of air.

Myth 3. I bought an NFT picture, now the original is mine

The issue of copyright for non-fungible tokens is quite complicated. On the one hand, yes, the owner of the token is its full owner. On the other hand, he owns only a digital copy of the same painting.

Let’s take pictures as an example. In 2021, the Hermitage sold several NFTs of its popular paintings. Only token holders own only the digital copy. That is anyone who wants to still be able to come to the museum and look at the original painting. No one from the Hermitage will take it away. This is like a reproduction — anyone can print a Van Gogh painting on a printer, but the original will still belong to someone else.

Also in 2021, renowned artist, Banksy digitized one of his works as an NFT. And then burned the physical original. That is only a digital copy remained, the owners of which have full rights to the virtual picture.

If the token was created by the original, there is no first tweet or popular GIF behind it, all rights to use the image/video belong to the one who owns the NFT.

Myth 4: Only celebrities create tokens.

Everyone is capable of creating and selling NFTs. Anyone can go to the marketplace, and place their picture or video there. Another question is how to sell it?

Naturally, large brands and famous personalities have more opportunities to sell tokens for large amounts. But practice shows that not even a well-known, but well-thought-out project can bring enormous profits. Create and earn.

Myth 5. It is expensive to make your NFT

In short, there will be costs when entering the marketplace to sell the token. To register an NFT, and conduct sales transactions, you need to deposit a certain amount to a crypto wallet. This is the so-called gas. But these are not astronomical sums of hundreds of dollars.

Thus, do not believe that NFTs are only for the rich and successful people. Everyone can create and sell tokens.

And on the Cifris platform, tokens are easy to create, place on the marketplace and sell to make a profit in just a couple of clicks.

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