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Why Do NFTs Have Value

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Why are celebrities spending so much on NFTs lately? What even gives them value? NFTs are a special type of crypto asset made for unique or individual items, like baseball cards for example. Most NFTs are stored on a public blockchain called Ethereum. This means that ownership and authenticity are publicly available and easy to verify, for anyone with an internet connection. Compare this to baseball cards, where you need to pay a trusted third party to authenticate and grade your card before you can even attempt to put it on the resale market. Clearly, NFTs can store value but what gives them that value in the first place? Lets take a look at a couple of examples. First up, we have the mutant ape yacht club. These NFTs cost tens of thousands of dollars because they grant you access to the bored ape yacht club network - filled with celebrities and other high net worth individuals. Other NFTs can represent ownership rights, IP, or maybe even a share of the revenue from your favorite artists' new song. You can program NFTs to do almost anything your imagination can come up with. Learn how to make your own NFT, purchase an NFT, or just browse the ever-growing list of celebrities who are collecting them, All on Benzinga.com

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