7 Misconceptions About NFTs

Block3 Media • 2022-06-28

Digital goods have been around for a while now (think iTunes), but recently there has been an explosion of interest in Non-Fungible Tokens (NFTs). NFTs are unique digital assets that can be used as rewards for fans or customers to encourage repeat purchases from your brand or service. In this post we'll explore five ways brands can use NFTs creatively to grow their audience...

7 Misconceptions about NFTs


If you're interested in collecting NFTs, there are probably some misconceptions that have stopped you from buying them. You may not know how to buy or sell them, or you might think they're just another fad like Beanie Babies or Tamagotchis. The good news is that all of these misconceptions are wrong! Here are the top seven myths about NFTs and why they're still worth collecting:

NFTs are just another fad, like Beanie Babies or Tamagotchis.

NFTs are not a fad, nor are they here to stay. NFTs are not a bubble, and they are not a scam. They're not just for the rich and famous, or for speculators looking to make money off of NFTs' limited supply (like Beanie Babies).

NFTs have many applications across industries beyond gaming—from fine art to real estate—and can be used by individuals as well as large institutions like museums and galleries.

NFTs aren't real art and don't have any value.

So, what makes an NFT art?

The question of whether or not a blockchain is art is often debated. And while we may not be able to answer that here at Artnome, we can tell you that there are several reasons why they might be considered such. First and foremost, many NFTs are created by artists: The artist designs the item and then puts it on the blockchain as an NFT code. In this way, the creation of an NFT is similar to any other work of art—it's made by human hands (and brains).

Secondly, a digital object's value comes from its scarcity and uniqueness. For example: If you have one copy of Mona Lisa on your wall but someone else has another copy hanging in their living room too (or even online), then perhaps Mona isn't worth quite as much as if she was in only one place at a time? Same goes for digital items like NFTs—they're unique because no one else has them yet! This fact alone sets them apart from other types of "digital" goods such as music files or images where there can be multiple copies circulating around at once; hence why some collectors prefer physical copies over digital ones because they feel more special knowing that their copy is theirs alone!

NFTs can't be given away or donated to charity.

You can give them away. You can donate them to charity. You can sell them to charity, or you could even give the assets as a gift!

In fact, there are many ways of using NFTs and they're not limited to being held by one person at a time.

NFTs are only used in the art world.

  • NFTs are not just limited to the art world. They have been used in many different industries and can represent anything from land ownership, property and physical objects to events and experiences.
  • NFTs are also not only for big corporations; they're available for anyone that wants to create their own custom tokenized asset on the blockchain.

NFTs are only used by scammers.

It's true that the majority of NFT scams originate on a few centralized trading platforms that facilitate the sale of counterfeit or otherwise fraudulent items. As with any other kind of fraud, these scammers can be caught and prosecuted. If you're buying NFTs, check to make sure you're dealing with reputable sellers, who have been selling for a long time and have a history of positive reviews. If something looks too good to be true or seems fishy in any way, don't buy it!

But don't let fear or doubt stop you from getting involved in this exciting new world—if anything, people are more likely to lose money through ignorance than malicious intent when they're first starting out!

NFTs will destroy the environment.

The fact that NFTs are not made of plastic and don’t require shipping has led to a lot of misinformation about their environmental impact. The truth is, when you consider the energy consumed by all aspects of producing physical products—from mining materials to shipping them around the world—NFTs can actually be better for the environment than traditional goods.

First, let’s take a look at what makes an NFT different from a physical product:

  • Unlike Beanie Babies, which were stuffed with polyester pellets and had to be shipped through ports to stores around the world before they could be sold in America (and then shipped back again), most NFTs are digital assets living on blockchains. You don't need to mine bitcoins or ether or any other cryptocurrency in order to trade them; they exist purely within computers as 1's and 0's that can be traded without ever leaving the blockchain itself. This means they're much cheaper overall than traditional goods since there’s no need for packaging, manufacturing facilities or transportation costs associated with them (just keep your computer charged!).
  • When you buy an NFT like CryptoKitties®, it doesn't cost anything extra for someone else who owns another copy of CryptoKitty® anywhere else in the world–you don't even have to ship anything! Your new digital cat lives inside your computer just like all other forms of data do today: think iTunes songs or Spotify playlists vs CDs/vinyl records which would require shipping by mail every time someone wanted access

The market for NFTs is going to dry up soon.

The market for NFTs is growing, and will continue to grow. If you're thinking about buying an NFT but have the fear that you'll miss out on the opportunity to own one, then this is good news for you! The market for NFTs will only become bigger and more popular as time goes on.

If you're worried that there won't be enough demand in the future, then consider how many people currently want access to good content or products now. It's safe to say there are millions of people who want access to things like music (Spotify), food (Blue Apron), clothes (Threadflip) or even real estate investment opportunities (Airbnb). All of these industries are doing very well right now because they offer something valuable in exchange for money—and so does owning an NFT!

You don't need to be an expert to collect #NFTs

NFTs are easy to collect. It’s true that you don’t need to be an expert in blockchain, Ethereum and all the rest of it.

NFTs are easy to store securely. You can hold any NFT in your Metamask wallet or any other ERC-721 compatible wallet for that matter—including hardware wallets like the Ledger Nano S and Trezor One!

NFTs are easy to trade on a secondary market (like OpenSea). Just type in the name of your token and see what pops up!


I hope this article has helped clear up some of the misconceptions about non-fungible tokens. If you’re still on the fence about collecting NFTs, I want to remind you that it doesn’t take much effort to start! You don’t need to be an expert or have lots of money—you just need a little bit of curiosity and a willingness to learn more about what these new collectibles are all about. So go ahead: try something new today by clicking one of these links below!

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