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What is the utility of NFTs?

NFTs can be viewed as a digital version of art collecting. This means they offer similar benefits. NFTs act as a way for artists and creatives to make money off their works. Many artists would no longer have to rely on auction houses and galleries to sell their works. Instead, these works can be sold digitally as NFTs directly to customers. In addition, NFTs also create a market for unconventional art that might otherwise have no value. For instance, without NFTs, someone that makes a new sticker or a creative GIF may not be able to sell these items.

Furthermore, NFTs allow artists to program in royalties on items. This way, they receive a cut every time someone resells their art. Also, NFTs can be used to raise money for charity the same way we have charitable art auctions. On the buyer’s side, the main benefit of NFTs, like art collecting, is the bragging rights that come with ownership.

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