This is a database that is shared amongst the nodes of a computer network. Each block in the chain contains data and constantly check and update the data. This makes any assets on the blockchain immutable, which ensures the data is extremely hard to change or delete. These are decentralised networks, meaning there is no third-party involved and all data is freely available for view and tracking.

Rarity and / or status help an NFT achieve value. So, for example, an NFT created by established artists such as Beeple, Damien Hirst, and Takashi Murakami will be worth a lot.
But NFTs are breaking the rules. New artists are finding new ways to ensure NFTs differ from traditional art valuations. Community and utility is a major factor. Think of an NFT such as a Bored Ape Yacht Club as a ticket to a club, and that club will have exclusive events, chat groups and projects to be involved with; these community driven NFTs have great value.

An NFT jpeg is worth so much because it’s not the jpeg that is being bought, but the hash token on the blockchain. The Crypto Punk art is the visual ‘thing’ we can find easy to understand, but the true value of the NFT is its token and the benefits it can bring by being on a blockchain. This can include being invited to exclusive in real life events.

It can be free, if you use lazy minting. Standard NFTs can vary wildly in the cost of gas fees to generate and register on a blockchain, and the costs rises and falls as the blockchain is being used. A typical NFT can cost anywhere from $10 / £7 to ¢$200 / £170. We have known of fees to reach $2,000 / £1,700.

Disclaimer: The opinions expressed in the article are for general informational purposes only and are not intended to provide specific financial or investment advice or recommendations for any individual for any investment product. The article is only intended to provide general information and opinions about NFTs. The views reflected in this article are subject to change at any time without notice.

Yes, to a degree. Newer NFT crypto blockchains such as Wax enable you to set the gas fee limit you’re will to pay to mint an NFT. It will be processed and minted at a time when the gas fee matches your set level. Also, consider avoiding minting an NFT on Tuesdays and Thursdays as these are historically the busiest days and so the costliest.

NFTs that have utility will always sell well as they embrace the full functionality of the blockchain. This is why you will find the below NFTs are some of the most popular.

1. Bored Ape Yacht Club
2. CryptoPunks
3. The Sandbox
4. Art Blocks
5. Doodles
6. Cool Cats
7. Decentraland
8. World of Women