No follow links basically means not following the links to search engines. It surely has effect on website ranking. If no follow links are more in amount then it will not help in attaining good ranking whereas if do follow links are there it will help in better ranking.
The use of no follow links doesn't provide the link juice, but still it is useful to create some no follow links if it is on any popular site. This will bring your site in front of new users.
Nofollow has been used to sculpt internal PageRank flow as websites continuously tighten our website's internal linking and navigation paths to focus on the most important pages of our websites. Further, the nofollow link attribute is built into many popular CMS platforms like WordPress and Drupal, so it's one of the most common and standardized outbound link attributes currently being used.
No follow also affects in page ranks because whenever a user comes to your site and if he or she stays at your site for such long time then it is also counted in your site's page rank's calculations.
No Follow links those links where you cant getting any backlink because different search engine do not count and crawl so its useless but if the website is popular then your website/services will be visible to new users even if no follow link
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