NFT stands for Non-fungible token – a type of digital asset backed by blockchain technology. Each NFT is encrypted on the blockchain to uniquely authenticate real-world objects such as artwork, music, in-game items, videos, or even a Twitter tweet. NFT assets can be bought and sold online, usually with cryptocurrency.
NFT has a lot of great features:
- Each NFT is unique and can’t be copied or duplicated, can’t be destroyed, and can’t be faked or stolen. As a result, NFT assets are often rare and very valuable.
- Founders can write their programs to make the NFT how they want.
- People can check the copyright information on the blockchain to see if someone owns it. They can buy, sell, give, and so on, just like they would with any piece of property.
- NFT assets can be checked by anyone (because blockchain allows for traceability of products without going through a third party).
Practical application of NFTs
Blockchain games that encode in-game characters and items into NFTs are one of the most popular uses of NFTs in the Crypto industry.
Decentraland (MANA), for example, allows players to buy, sell, and own virtual lands (encoded into NFTs) in the game. A piece of virtual land in Decentraland was recently sold for more than 2 million USD, which is a huge sum – many times larger than real estate.
Axie Infinity (AXS) is another example, a fighting game in which the characters and in-game items are encrypted NFTs. Players complete quests, level up animals (NFTs) and sell them for a profit.
The growth of NFT usages in Decentraland (MANA) and Axie Infinity (AXS) has aided the token representing these platforms in growing on cryptocurrency exchanges. You can also consider investing in other tokens of other NFT-using projects by following this category.
Well-known NFT platforms
- The Sandbox (SAND): A blockchain game in which players can participate in the creation of a unique virtual world – integrated as NFT items – and monetize by holding SAND (the platform’s governance token).
- My Neighbor Alice (ALICE): A blockchain game that incorporates NFT, allowing players to play as amusing characters tasked with purchasing and collecting rare items or various NFTs in order to build and design their own islands or land blocks.
- Theta Network (THETA): A decentralized content sharing platform based on blockchain that allows anyone to create video content (encoded into unique NFTs) and receive rewards based on video performance.
- Chiliz (CHZ): The platform functions as a miniature social network for sports fans. Fans of sports teams have the right to vote for their preferred team. Teams, leagues, and events in the sports world, on the other hand, can make money by selling voting rights to fans.
Along with Bloktopia (BLOK), Radio Caca (RACA), Bunicorn (BUNI), and many other potential NFT properties.
The #NFT category is currently available in the ONUS application, making it simple to look up assets, monitor market fluctuations, and conduct buy and sell transactions.
