NFTs stands for non-fungible crypto tokens that represent a unique digital item, such as images, videos, motion graphics, artwork, music, etc.
The NFTs are managed on a blockchain, which traces the ownership and transaction history of each NFT, providing it a unique code ID and metadata that no other token or user can duplicate. They are also impossible to counterfeit and immediately authenticated.
● What is the point of having a video moment as an NFT, if I could download it from Youtube and have it on my device?
You can download any video from youtube, but that will not give you its ownership, neither the blockchain agrees that you have the rights from that moment. All videos in the RealFevr Marketplace are backed by official intellectual property and RealFevr is legally licensed to create global video NFTs, therefore being able to assign the right of ownership to the buyer. Basically, when you buy a pack or an NFT in the marketplace, independently of where you are in the world, RealFevr is giving you the global ownership rights of that NFT(s).
If it’s still not clear for you, here is a real life example of physical goods that might help you to understand – there are many luxury brands counterfeit at fairs and on the black market at low prices. Nevertheless, most consumers still prefer to spend more and buy the authentic one that is certified and a guarantee of value.
Once again, you can download the videos available at the RealFevr Marketplace, but if you try to sell them on another marketplace they won’t have any value as the blockchain automatically authenticates the real ones and that’s impossible to break. Everyone in the world can easily check if an NFT is authentic or not and this is the true power of blockchain.
● How much is an NFT worth?
Each NFT has a set of specific features and properties that make it unique and exclusive (Rarity, Serial Number, Player, Club, Position, Nationality, Type of Play, etc). Taking into account those characteristics, the value of an NFT will always be determined by the market (supply and demand) and not by RealFevr.
● Where are NFTs stored?
The NFTs must be stored in compatible digital asset wallets and there are many available in the market. At the launch of the RealFevr Marketplace, it is recommended you get used to the MetaMask wallet, since you will need to understand its basics to buy and sell NFTs.