NFTs are often one-of-a-kind. At least one or a very limited number.
It has unique identifying codes. “Originally, NFTs are creating digital scarcity,” says Arry Yu, president of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.
This is in stark contrast to most digital creations, which are almost always in unlimited supply. Hypothetically, cessation of supply should increase the value of a given asset, assuming it is in demand.
Anyone can view individual images or even entire image collage online for free.
So why are people willing to spend millions on something they can easily screenshot or download?
Because an NFT allows the buyer to own the original item. Not only that, it includes built-in authentication that acts as proof of ownership.
Collectors value these “digital bragging rights” almost more than the product itself.
