Top 7 Doubts Every NFT Buyers Have In Their Mind (With Answers)

NFTs are non-fungible tokens that commonly represent digital assets that are tokenized on the blockchain in order to increase their liquidity and make them easy to trade. Any kind of digital assets ranging from art to media, images, designs, content and even music can be tokenized into NFT for easy trading online.

Each NFT is unique and gives complete ownership rights to its holder/buyer. Blockchain is used to securely store and verify NFT ownership.

If you are planning to buy NFTs and have doubts about buying or trading NFTs, here are all your NFTs questions answered.

1. How do I make money with NFTs?

You can buy and trade NFTs for a profit. But remember, choosing a high potential NFT with a good demand is the key. You may need to research a little to find the right NFT for you. Then, you can buy and hold or trade it for a higher price than you bought it for.

Some NFTs also reward you in other ways. For example, you can win Ethereum for buying and holding Dr. Shank’s Eagles NFTs if you happen to be holding one of the winning team members (in selected golf tournaments).

2. Which NFT should I buy?

You should try and buy NFTs that particularly fascinate you. For example, as an avid fan of golf, I would gladly invest in Dr. Shank’s Golf NFTs (called Eagles) to buy and collect unique golf art. It rewards NFT holders with free ETH for selected golf tournaments. There are many options you can choose from.

3. Is it safe to buy or invest in NFTs?

NFTs are built on blockchain technology, which is accurately the definition of safety. All NFTs are encrypted and securely stored on the blockchain along with their ownership details and metadata. They cannot be hacked or corrupted and are easy to verify in case of a dispute.

4. Do I have to pay a fee when trading NFTs?

In most cases, yes. NFTs are like crypto tokens and trading them will incur a gas fee, which the trader has to pay. In addition, you may also need to pay platform fees, marketplace commission, etc. when trading NFTs.

5. Where do I buy and sell or trade NFTs?

Normally, you can buy a particular NFT from its official website. Then, there are third-party platforms called NFT marketplaces where you can buy, sell and trade all the popular NFTs.

6. How do I create my own NFT?

If you have a unique digital art or content that you would like to tokenize into NFT, you can do it by using an NFT-enabled blockchain like Ethereum. The process to create NFT is somewhat technical, which you may need to learn on Google.

7. How do NFTs work?

NFTs are unique blockchain tokens representing real digital assets. They can be traded online, but cannot be exchanged with each other. Each NFT can have at most one owner at a time. By purchasing an NFT, you get exclusive rights to the linked asset, which you can sell, hold and use as you want.

NFTs are often linked with digital art that can be further used in games, in the metaverse or for other purposes. In the case of Dr. Shank’s Eagles NFTs, the NFT tokens represent unique Eagles art, which acts as the digital image/s of owners in the metaverse.