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RE: Steemit Crypto Academy Contest / S2W4 - What are NFTs. By @ellabae

in SteemitCryptoAcademy2 years ago

Examples of areas where NFTs are being used are games, digital collectibles, domain name, and the metaverse

This days nfts are used literally everywhere in the world. I think every industry is coming to terms with the fact that people are really loving the nft space and that is what they are providing to the fans . We can see it in the football world, entertainment industry and Infact our movie industry.

So far it is difficult for an NFT to be stolen. However, your NFT can be stolen if you are careless with how your operations. For instance, you risk your NFT to get stolen when you click on bad links, make your secret phase known, or become very careless and make an error

I’ve heard people claim it is difficult for nfts to be stolen but to me I actually think they are easy to still considering the number of theft cases we hear week in well out of how nfts have been stolen . The suprising this is that it happens to the people you think it can’t happen to , the ones who are well informed about the nft space.

As of the time of writing there's no regulatory framework regarding NFTs as it is yet to be designed. And the reason why it is so is because there's no clarity on how NFTs should be treated.

Yes but I don’t think the regulations will curb how people are using it to fraud. We might just have to deal with that aspect because we want a decentralised work thus bringing in a lot of centralisation makes it looks bad.

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