NFT simply means Non fungible tokens
Non fungible means it is unique and can’t be replaced with anything else . For example a 100 dollar bill is fungible it can be replaced by any other 100 dollar bill and the value will remain the same and no one will notice either. Similarly a bitcoin is fungible as is ETH.
In NFTs one card is totally different from another card. Bored Ape yacht club mania tells there are 10k bore app’s variations and all are different. No card is similar to another as all cards are unique and ownership is stored in the blockchain. We can easily prove the ownership of a particular NFT.
NFTs are generally part of the Ethereum blockchain . NFT store more information than a ETH coin. Now Other blockchains are also supporting NFTs .some of the prominent ones are Solana ,Matic and Enjoin among others minting their own NFT.
NFT can be anything music, blog, drawing, art of course but the flavour of the season is digital art using Technology.
The digital art is a digital file .You can copy a digital file basically that is what a digital art is but it does not give you ownership rights. NFTs give you the ownership rights to that digital art
It is becoming like art collection or something like that. There is implied belief and hope of increasing value in these pieces . Some NFTs were auctioned at mainstream auction houses also .video clips, and songs converted to NFT.
The NFT market is evolving like a real market and communities developed around it. Penguin communities, bored ape yacht community.
BENEFITS
The NFT is beneficial to the community as a whole . It benefits the artist as he can directly sell his creation without going through agent or paying commission. The buyer can buy by evaluation and feed back from communities. The collector can similarly benefit by easily accessing the market instead of going through the auction houses
NFT is a unique token on the blockchain it can be like a picasso as its only one and it can be like trading card also where there are 100s of numbered copies.
USE CASE
The future uses if NFT is what is driving the technology forward. It can be used as ID card to get access to networks, to real world uses like banking maybe voting too in future
NFT can be linked to prove ownership of Real estate assets. They can be linked to the deeds and deeds can be converted onto tokenized digital assets. All these will reside in some blockchain.
The use cases of NFT can be summarized as below
Art NFTs
The physical art pieces converted to NFTs apart from the digital art.
Gaming NFT
This has huge opportunities in the gaming industry which is expanding like anything. NFT can be cars , parts of car, parts of collectibles that power the game. Use cases in gaming industry is evolving every day.Only thing holding it back perhaps is long duration development journey of games .But with enough resources this too can change.
Finance
here the NFTs can act like tokens and participate and create token pools and move forward the defi . NFTs can be used as collateral for loans even fractional trading of the NFTs can be done. Opportunities are endless.
Fashion and wearables
luxury meets technology. Real world high fashion meets digital fashion. With insertion of augmented reality this is going to be one exciting area. As more people spend more time in digital world digital fashion will become equally important as real fashion.
Music NFT
any song can be converted into NFT. Musicians and music labels can release collectibles piece of music. The musicians can directly release their songs ,no need of any centralised market place like I tunes.
Logistics
The commodities being transported can be better managed with NFT containing all the details of commodities like, perishable date, time from farm everything built into it.
Domain name ownership
Domain name ownership can be sold easily and with sure shot authority about the ownership of domain.
Identification
NFT can be used as an id for use at online and offline purposes.
Events and ticketing
NFT will act as Tickets which can contain information like how much of the ticket value goes to artist and ho much to the support staff .what is the concert number. How can you be a part of the concert of your favourite artist in future.
NFT community and platforms
Metaverse
Virtual land
Social media
Health
Advertising
Fantasy sports
NFT search
Digitisation of everything physical
The uses are endless and once the market gets matured NFT can surely change the world of crypto and real world too.
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