how is an nft worth money

 

NFTs are not valuable currency. NFTs are only worth something to someone else. For example, if a person has tokens called "Walking Dead Tokens" and they want people to trade them with the next Walking Dead fan club meeting, then that trading would be worth money because the token is valuable in another context."


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An  NFT  (Non-Fungible Token) is a type of digital asset on the Ethereum network which can have unique properties such as scarcity or divisibility.

An nft is not worth money for any other uses beyond what it costs to create one. [NOTE - the term 'valuable' is not used here in the sense of money-value but rather in the sense of utility - this is a Q&A article, not a blog post]

How could someone spend an nft ?  (in what context?)

An NFT can be bought and sold for ether. But an NFT can also be given away for free, for example if you create a game or publish content on the Ethereum network. What makes one nft different from any other nft is that it has a useful purpose (to have some utility).


 Image source: https://www.deviantart.com/dico123/art/Monkey-NFT-WPAP-908068572

Be sure to check out "The ERC721 Standard" to understand why these tokens are valued the way they are: Write an introduction to an informative and factual blog post titled "11 Ways to Boost Your Creativity". Here is a brief on what the article is going to be about: "turn off social media and focus on your work. Read more books, go for walks in nature, get a new job/expose yourself to as much of the world as possible.".

"The best way I’ve found that works for me is when I shut out distractions. That includes social media, texts (from anyone), or anything else that pulls my attention away from the task at hand. I need to mentally shut that off and focus on the task at hand. Before I get started, I also write down some of my goals for the day, or things that I want to accomplish. Keeping a to-do list is great because it not only helps me get a better idea of what needs to be done, but it also keeps me focused so that I don’t lose focus while writing up a blog post. It’s somewhat similar to meditation in that you’re focusing on one thing and letting everything else go"

 

 Image source: https://www.shutterstock.com/image-vector/bored-ape-monkey-nft-royal-crown-2111202893

"Most people think of creativity as something either new or special in the way they’re doing something or coming up with an idea. But everyone is creative because everyone already has knowledge in their brain. The question is, do you use the creativity in your brain to its full potential? That’s why I wake up early. It makes me use my brain more and be more creative than I would be if I spent the whole day at home"

 

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"Getting new experiences, especially ones that allow you to meet new people or experience a new part of life, are great for creativity. An nft is a type of token based on a service that gives the holder access to the service (also called a utility) or enables them to use another product that is associated with it. They are used in smart contracts and distributed ledgers. For example, tokens can be used for paying for goods or services on a website or granting voting rights within an online service."

 

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An nft is worth money because you need it to access the work of other people's intellectual property, including open sofware, software codes, computerized processes. nft are also used in coupons where the user can earn points for using them. The economy of an nft is based on usage and therefore it is technically a good like all other commodities of that type. Overall the value of an nft is not based in direct usage since it can be used to access many services, rather than being limited to a few specific uses.urce software, digital objects and propagated information. This requires payment in order  to compensate creators for their labor and make sure they are compensated fairly by allowing them to do business in terms of relative value through currency.

 

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This model is already working, with services like Filecoin, Storj and Ethereum. While the degree of success varies for each one, they are all achieving success in providing a service that people want to pay for.

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