NFT Related FAQs

What is an NFT?
A Non Fungible token or NFT, that as it is commonly abbreviated, is either a digital asset or a digital object that exists on a decentralized ledger. A Non-fungible token, as the name implies, is indivisible and unique. An NFT has a variety of applications including but not limited to provenance, record-keeping, elimination of intermediaries for artists etc. They can also serve as proof of authenticity for collectibles like original audio, video and digital images.
How is it any different from a normal art or image that I have?
The art that you have might not have inherent proof that it was created by the author except for the verbal claim. There are chances that the records might be lost in transit from one collector to another. However, with blockchain technology that powers the NFT, it is possible to prove the authenticity and also keep a record of the previous collectors.
Why can’t I just download or screenshot the image?
You can surely download or screenshot but it will be just the ‘image’ without the attributes and the properties that make the object unique, all of which is stored on the blockchain. While you may possess the ‘image’, it might not carry the properties and attributes that make it valuable, which means it is yet another image that does not carry value.
How do I prove that I have the original image or audio or video?
There is no separate effort required from your side to prove its originality. This task of establishing authenticity is adequately taken care of by the technology that powers NFT. In fact, this hassle-free process of proving makes the NFTs an ideal digital collectible asset.
Why should I even invest in NFTs?
NFTs represent collectibles in the digital space with provable lineage and value. It is to be noted that collectibles might be subjective in their value. Moreover, our goal with FireDrops is for NFTs to pivot around value and utility that are meaningful to the holders of the NFT.
Are NFTs considered assets?
Non-fungible tokens can be considered as digital assets that have hardwired lineage on the blockchain. They can be resold on secondary marketplaces or passed on to anyone you wish to, with full provenance like any original artwork in the real world that retains its value forever.
What determines the value of an NFT art, music or video?
The value of any NFT, as much as it is for any collectible, is subjective and it might not be possible to fit it into an equation. However, certain factors like the rarity of the NFT, the person launching it, the asset/collectible it represents, the underlying utility it possesses, and the profile of people owning other similar NFTs are  known to increase the value. For example, an NFT featuring the greatest and legendary comic character creator is probable to fetch high value, both at launch and at the time of resale. 
How will the authenticity of my NFT be determined and provable after I buy it?
Since the NFT is built on the Blockchain, all the attributes and properties associated with the NFT are carried forward. The inherent properties of the NFT Blockchain will take care to establish authenticity. In fact, the simplicity of provenance makes the NFTs a preferred digital collectible. Please read the Terms and Conditions for further details.
Does owning an NFT mean that I hold copyrights over the content?
Buying this NFT entitles you to certain rights and also restricts you from using the NFT in certain ways. Please read the terms and conditions to understand the details.
Can I display the NFT on a public platform?
You can display your NFT on certain public platforms for non-commercial purposes. You should not engage in any commercial activity using your NFT. Please read the terms and conditions to understand your rights, responsibilities, and restrictions.