NFT - Non-Fungible Tokens
Alright wait, let me explain these, Fungible means an asset individual unit that can be Exchanged and more importantly must have the same properties and unit with each other. For example Fiat currencies are fungible because each unit currency can be exchanged with any other equivalent individual unit, so far it is genuine. A 5 dollar bill is the same as any other five dollar bill, even if it is given in cents. This is Important for an asset that it's aim is to serve as a medium of exchange.
Okay NFTs - This is a type of cryptographic token on a blockchain that represents a unique asset. These can either be entirely digital assets or tokenized versions of real-world assets. As NFTs are not interchangeable with each other, it can only exist as an address, but can't be replicated or transferred without the owners permission.
Pioneered by CryptoKitties, ERC721 was the first standard for representing non-fungible digital assets. ERC1155 is the most recent improved standard of the NFT, it enables a smart contract to trade both fungible and non-fungible tokens.
There are so many use cases of NFTs, as so many people coming to embrace this new branch in the crypto space, such as, gaming, art, music, digital identity and certificates. This basically means that, you can buy or create a unique crypto asset in any category named before, and sell in different established digital market place.
Uses of NFTs
1. Nfts can be used by DApps to issue unique digital items and cryptocollectibles.
2. Tokenized gaming assets : The use of NFTs could potentially solve or reduce to the minimum, problems of inflation that many games have.
3. Nfts can represent fractions of real world assets, that can be stored and traded as tokens in a blockchain. This could boost many markets that otherwise would not have much, such as fine art, rear collectibles real estate and many more.
4. Digital identity: that is, there is a strong identification and ownership data stored on the blockchain, these would increase privacy and data integrity for a lot of people around the world.
You Can Get NFT by :
- Acquiring NFTs from playing a game or interacting with a dApp
- Purchasing NFTs on a marketplace
- Have an NFT traded to you by someone else
Here are some examples of NFT platforms :
1. Known origin - a Rare digital artwork and collectibles platform, with over 406 qrtist and 13000 pieces of art sold since inception.
2. Cryprograph - users sells collectibles in form of drawing, designs or painting. Most of these contents are made by celebrities. The aim is to raise charitable funds.
3. NFT games - this is basically Gaming + blockchain. Users earn when they purchase more game characters and add-ons while playing.
4. Cryptokitties- You can't mention NFTs while omitting cryptokitties. This is a gaming platform also, whee virtual cats are reared, sold, bought and grown. This is the breakthrough of NFTs In 2017, a kitten was sold for $600 million in ethereum.
5. Sorare- this is a fantasy football trading card game. Where users can trade the card of real-world football players and manage your team to win prizes.
There is still more to come through NFT because of each NFT unique properties.
