Talking about these names, Beeple, Axie Infinity, CryptoPunk, and Bored Ape Yacht Club. NFTs are grabbing more attention as their sales reached around $21 billion just last year. Yes, the NFT space had grown almost tenfold, but as well the myths surrounding it. We’ll talk about some of it, but here’s a disclaimer.
We are not financial advisors. The content on our website is for educational purposes only and merely cites our own personal opinions.
Moreover, at the end of this article, you’ll discover that despite Polygon being way Then, at the end of this video, you’ll find out the most talked-about NFT myth, that perhaps is the number one reason why many avoid getting involved with NFTs. So, right away, let’s begin.
NFTs Easily Copied
Digital art forgery has been the number one problem of all digital artists since the beginning of the web. Anyone could copy their art by a simple right-click and save and re-upload it somewhere else. But NFTs had solved that problem, and here’s how. NFTs are digital assets that are stored in blockchain, and data kept inside blockchains are immutable and have a permanent record of when it was created and by whom. So with a simple review of the records of its transactions, you could easily determine if it’s a real deal.
NFTs are a waste of Investment
Well, it’s not uncommon for NFT collectors to stumble upon some interesting NFT creations they know would be a good investment. And the secret to that is, of course, diligence in research and experience. Since, just like any investment portfolio, you’d never exactly know if its value would jump up, will skyrocket, or flatline. However, one thing for sure in NFTs, you’re assets are secured more than ever, and in case you make the right decisions, you’ll surely profit from your investment.
NFTs are just a fad
There were several strange predictions about the internet 25 years ago. Like nobody would spend their night staring at a box with a moving picture, but now almost everyone owns their tv, mobile phone, and PC. So, some people made predictions that NFTs would be going away soon. But despite that, there are rising levels of interest with giant enterprises and mega-corporates in investing with NFTs. Also, well-known individuals, celebrities, and famous CEOs are shifting to the NFT space, so perhaps some NFTs would lose value over the years, but there’s no way that the entire NFT space would be affected by it.
NFTs are used to Launder money
In fact, even before bitcoin existed, the cartels and syndicates had already been laundering their money without problems. And they’re really good at hiding it. And base on data, only 1% percent of laundered money was sent thru crypto and NFTs, versus the 99% to their more effective channels such as huge offshore banks.
NFTs are a Scam
Sadly, as the NFT space had grown to a $41 billion market in just a year, so as the underhanded schemes surrounding it. And that’s the number one reason why the starters were avoiding the NFT space.
But think about this, email scams are still plenty up to this day. However, that doesn’t mean that it’s no longer useful or legitimate for communication. Just like NFTs, the fact is there’s a well-established community of famous verified artists backed by their solid reputation, which means that there’s a visible line we could look at. As it’s always best to do your research and verify things firsts in dealing with NFTs, and the only way we could get duped is by not checking things thoroughly.
To be continued…