Non-fungible Tokens are unique kind of cryptocurrencies with data stored on blockchain. There are said to be unique and special because they can never be replaced by any other thing and that's what the word "fungible" means(replaceable). When an asset is said to be non-fungible, it means that the value of goods differs thus cannot be exchanged or traded while fungible can replace an asset of it's equal value.
Every NFT is attached to a specific class of data, so y'all can agree with me that NFTs are simply one of it's kind as they take many forms depending on how they're created or designed, these tokens can represent goods, services and other forms of value, each of these tokens have it's transactions well spotlighted and recorded on the blockchain. Simply put, these tokens are digital assets based on cryptocurrencies and of course is worth thousands of dollars. I'm sure what you've seen above is convincing enough but then let's dig deeper
In what aspects is NFT popular?? Let's find out
- Arts/Crafts Industry:
The uniqueness associated with NFT reshapes the digital art landscape simultaneously. With blockchain technology, artists are guaranteed ownership of their work, so the introduction of NFT had helped artists struggled against plagiarism and content fraud. Artists are now supported without Intermediaries or third-parties, NFTs is a new avenue to publicize the works of creators, with NFTs, digital artists are now opportuned to earn profits directly as cuts are no more shared with agents as it were.
NFTs in Commercial context
- Assets, Goods and Licence certification:
With NFTs, physical assets are being linked to a blockchain network as it appears to be a legalized proof of ownership. Since valuables such as houses, jewelries, cars are being certified on blockchain technology there's less risk of losing them as the ownership proofs are intact on blockchain. Although NFT development is limited due to the market structure, we're sure that it's implementation in the commercial structure will be highly embraced and appreciated with time.
- Online membership/Ticketing Industry:
Major problems has been noted in the ticketing industry, recently it has been observed that brokers/ agents accumulates as many ticket slots within their reach with the aim of reselling them at exorbitant prices, fraudulent activities are imminent as well. In the aspect of online membership, NFT plays the role of digital identity representing one's membership. Of course this is greatly beneficial to companies with high membership rates as members relevant details are kept safe with no fear of getting lost or being stolen. With NFT, ticketing problems are being curbed due to an unchangeable verification/Identification system
- Athletics/Fashion Industry:
NFTs promotes consumer participate opening up digital markets
for trending Fashion/sports industries. For instance, the first NFT, NBA Top shot entered the sports industry via collectible cards. Belgian soccer league partnered with Ubisoft gaming company and a soccer game was launched. All these were possible only with the aid of NFT as a digital collection. Looking at the Fashion Industry, the promotion of a fashion product online is only made possible through NFT. Important information about a product comes in form of NFT, vital informations like date of manufacture, ingredients, expiry date etc are well highlighted thus, digital products can be purchased in physical form.
Gaming/Entertainment:
NFT based gaming is now one of the most popular emerging markets when it comes to crypto The most popular ones in the market right now are the Axie infinity/ Cryptokitties. Cryptokitties demands that you accumulate, raise and breed digital cats. Many NFT based games adopt an earning system whereby tokens are accumulated by just playing the game. The fact that these tokens can be exchanged with other cryptocurrencies endears people to play more
The many aspects in which NFT plays vital roles are appealing huh? But you might be wondering, how do I buy NFT? Here's the info:
There are different marketplaces where NFT could be bought or sold across the digital space. NFT are offered for sell in different forms by these marketplaces. Also, the cryptocurrencies used in purchase of NFT differs depending on the platform choosen. While some accept payments of strictly US dollars and Etherum, others gives its users the freedom to use Fiat money or cryptocurrencies. Below are just few examples of popular NFT marketplaces:
- Open sea: this appears to be the largest NFT marketplace based on Etherum with lots of NFT collections
- Looks Rare: this is another Etherum based trading space launched 2021, it offers the LOOKS token as rewards
- Super Rare: this is another NFT platform but deals only on digital artistic collections invented by professionals
- Immutable X: Immutable X is a layer2 NFT known being incredibly cheap
Note: The marketplaces outlined above isn't for referral or advertisement purposes but for more insight on the topic deliberated, the decision to try out any of these marketplaces is strictly personal, but I would urge that concrete research be done before venturing into business with any of these platforms
Finally
Recently, the implementation of NFTs still seems limited but keen observation of the crypto globe shows that there's a great potential of it's adoption and growth in the nearest future
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