The notion of non-fungible tokens, or NFTs, is still relatively new and often shrouded in mystery. As a result, there are many misconceptions about NFTs and how they work.
This blog post will bust 5 common myths about NFT development.
Myth 1: NFTs are Only for Digital Art
One of the most common myths about NFTs is that they’re only suitable for digital art. This simply isn’t true. While NFTs were initially designed for digital artworks, they can be used for various other applications, including gaming items, collectibles, and even real-world assets like property or tickets.
Myth 2: NFTs are Complex and Difficult to Develop
Another myth about NFT development is that it’s complicated. This couldn’t be further from the truth. NFTs are easy to develop, and there are many platforms and frameworks available to help you get started.
Myth 3: NFTs are Expensive to Develop
Another common misconception about NFT development is that it’s expensive. But, again, this isn’t true. While the initial cost of developing an NFT may be higher than other types of tokens, the ongoing prices are relatively low. Moreover, once you’ve created an NFT, it can be reused multiple times without additional costs.
Myth 4: You Need to be an Expert to Develop NFTs
Another myth about NFT development is that you need to be an expert to do it. While it helps to have some technical knowledge, many resources can help you get started with NFT development, even if you’re a complete beginner.
Myth 5: NFT Development is Only for Large Companies
Finally, another common myth about NFT development is that it’s only suitable for large companies. This isn’t true. While large companies initially developed NFTs, they’re now being used by many businesses, from small startups to major corporations.
NFT development is a great way to create unique and valuable tokens that can be used for a wide range of applications. So if you’re thinking about developing an NFT, say goodbye to these myths and get started today with Flexsible!