As an investor, rarity is important as it makes an NFT more valuable. Consequently, these non-fungible tokens can be scrutinized for rarity by applying something known as a rarity check.

The concept of the metaverse has risen to prominence, even though it’s not a new term in the tech and gaming worlds. This newly found popularity could be attributed to the rise of blockchain technology, which has made it possible for investors to own virtual land and other goods in the metaverse.

Axie Infinity is an NFT-based blockchain game filled with creatures, called Axies, that players can collect. The game allows players to battle, breed, collect, raise, and build kingdoms for their Axies.

NFTs are a diverse asset class, and particularly challenging to value. There are many ways to purchase and trade NFTs. Most NFTs are sold on specialized NFT marketplaces.

In their most basic form, NFTs are smart contracts on a public blockchain. But how do they work? And why are some of them worth millions of dollars?