What are NFTs?

I am sure you have heard this word like a thousand times and still wonder what it is. In the very short term, you basically own a hash that represents a certain art like images for example and everyone agrees that you own that hash code. But the art itself is something that can be copied or used by anyone.

But then why it’s being sold very expensive you may ask? Imagine if I told you I will sell you some sand, you will say no thank you but if I told you this sand was in the hands of let’s say Queen Elizabeth or Elon Musk, probably you would assign some value to it, let’s say $10 and then you go to sell it to someone else to make a difference and so on.

That’s why it’s just another type of speculative asset. The bread you bake is worth to you a hundred times over the one you buy from the bakery because it has a story to you.

You can watch this video to get more details if you are interested