A product, like a work of an artist by a well-known artist, is unique. There is a ready market for such products. These collector items were and continue to be bought and sold in auctions. However, the prospects of unscrupulous people creating fakes from such things are always a lingering threat.
Blockchain technology-based digital tags placed on a valuable original piece of art help prevent the creation of duplicates. NFT tags are cybersecure, extremely difficult to duplicate.
Bidders can now bid for NFT tagged pieces of art in safety and security. Price of any asset – NFT tagged or other- reflects a customer’s perception of its value. The more secure the investor feels, his willingness to pay is higher.