What Are NFTs?
A cache of thousands of non-fungible tokens (NFTs) of The Kiss by Gustav Klimt sold to art lovers are now worth a fraction of their purchase price after prices crashed by 87 percent.
Non Fungible Tokens can suddenly become worthless
Unlike tangible objects, NFTs have no real value other than what others are willing to pay for them. For example, even if nobody wants to buy your used car, you can sell it for its parts and get some money.
Scammers have started using NFTs illegally to make money. They are plagiarizing artists’ original work, building fake websites, increasing the price of the NFTs, and selling it to buyers at higher prices than its real value
Is investing in NFTs a good idea?
An NFT can be a legitimate investment if investors understand what the NFT is being used for. “Making sure that you have something that has utility is a better bet for the long-term life of what an NFT is,” Donaraski says.
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