So think of NFTs that way; you are buying the digital certificate of ownership of that artwork that proves you are the new owner.
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NFTs are different from crypto tokens. Crypto tokens such as Ethereum and Solana all have the same price at a given point in time. So for example, if the spot price of Ethereum today is $2,000, then everyone who holds one Ethereum has that same spot price for today. Not so with NFTs. Just like a particular house, car, watch or artwork has its own unique price, so does each NFT.
The thing to remember is that NFTs are actually digital certificates of ownership. So in the future, if a jurisdiction allows it, the land title of a property might have both a paper certificate and a digital NFT that you need to possess to be called the owner of that land. NFTs track provenance, or the sequential chain of ownership.
where many of our transactions that involve asset transfers are done on the blockchain. It is one good way to mitigate — if not eliminate — fraud and fake certificates of ownership, since the provenance is on-chain and cannot be faked. NFTs are definitely alive. They are more than just digital images of apes, dogs, cats and other amusing animals. On the contrary, some of our future transactions involving our major assets and possessions such as physical art or land may involve holding the NFT of that asset to prove that we are the owner.
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