5 Wrong Beliefs About NFTs

Hello, NFT lovers! In this article, we would like to mention some myths about NFTs because NFTs are getting more and more popular day by day, so we do not want wrong manipulations to happen in the NFT world.

First Wrong Belief: NFTs are damaging the environment

Various cryptocurrencies, like WAX and ETH, are used for selling, buying, and minting NFTs. Some cryptocurrencies have high carbon footprints that affect the environment negatively, but you can choose blockchains with less carbon footprint. For example, you can use the WAX blockchain for dealing with NFTs because WAX is eco-friendly. In other words, WAX utilizes Proof-of-Stake (PoS) protocol that is more energy-efficient than Proof-of-Work (PoW) used by other blockchain technologies. Hence, all blockchain technologies that are used for NFTs are not harmful to the environment. After the information, we suggest you view the amazing NFTs in the WAX blockchain.

Second Wrong Belief: NFTs are a type of cryptocurrency

As we mentioned above, different cryptocurrencies can be used for selling and buying NFTs, but a lot of people think that NFTs are cryptocurrencies, like Bitcoin, Ethereum, or WAX. However, NFTs are digital arts that are improved on the blockchain, and they are non-fungible tokens. In other words, cryptocurrencies are fungible, and they can be traded places with the same thing at the same value while NFTs cannot be replaced. For instance, you can exchange your WAX with another WAX or a different cryptocurrency at the same value. On the other hand, NFTs are unique and have their own value. In summary, we must use cryptocurrencies for buying and selling NFTs, but we cannot say that NFTs are a kind of cryptocurrency because they are digital arts that can be found in the format of photo, video, and so on.

 Third Wrong Belief: Each NFT must have only one copy

You can buy or sell your tweet, drawing, video, or another thing that is thought of as art in the NFT world, and the digital items do not have to be just one copy. In other words, there can be 500, 100, or 20 same digital items, but each item must have a different ID because NFTs are unique, as we mentioned above. In general, most NFTs are found as collectibles, so one NFT can have more than one copy.

Fourth Wrong Belief: Everyone can access NFTs on the internet easily

NFTs can be sold or bought by a blockchain, and each blockchain has its own NFT standards with a coherent wallet and marketplace. Let’s say one person created an NFT on the WAX blockchain. The person must sell her or his NFT on the platforms that support WAX-based assets, so everyone cannot access the NFT without the WAX blockchain. Hence, every people with the internet cannot reach NFTs easily and quickly. Also, some individuals think that the screenshots of NFTs can be bought and sold, but it is a big misconception; no one can emulate an NFT by taking a screenshot or any other method. In summary, the ownership of NFTs is recorded in a code on the blockchain network making it harder for users to return to the network afterward.

Fifth Wrong Belief: NFTs have a complex nature

Lots of people think that the digital items have a complicated nature, so they prefer to deal with physical art instead of buying or selling NFTs. However, the thought is a big myth. In the beginning, you can think that buying, selling, collecting, and storing NFTs are difficult for a person who is not dealing with technology long time, but you should delete the thought because the real situation is the opposite! The value of NFT collectibles is based on quality, uniqueness, authorship, scarcity, and cultural relevance, and you can understand one NFT’s value by analyzing these factors. As you can understand, thinking about these factors is not difficult. Also, there are a lot of applications and resources that give information about NFTs. Moreover, you can visit your favorite digital artist’s website, and you can reach the necessary knowledge from the website. Hence, dealing with NFTs is not hard, so if you have not joined yet, you should participate in the NFT world as soon as possible.

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