Non-fungible token

 Non-Fungible Tokens(NFTs): Buy, Sell & Discover Internet of Goods

3 August 2023
No Comments

NFT is the newest platform that can empower artists with the accessible and easiest safe tools.NFT allows new ways to manage and transfer digital materials such as artwork and music.

Non-Fungible Tokens(NFT)

NFT is a digital asset or token that is unique and not interchangeable with another digital token.NFT can be used to record ownership of virtually any digital item.NFTs have revolutionized the art world. Ethereum has a wide range of NFT platforms.

Features of NFT

  • Uniqueness-  NFTs make it possible to produce a limited number of tokens with individual identities. They are based on uniqueness. No one can interchange NFTs representing two different artworks.
  • Traceable- Each NFT has a record of transactions from when it was created including sold and resold. They can be easily traceable.
  • Indivisible-NFT cannot be divisible they cannot be split into smaller denominations.
  • Programmability- Like all the digital assets built on smart contract blockchain. NFTs are fully programmable.

NFT Use Cases

1. Art and Collectibles- Many artists use NFTs to sell their digital creations as unique. The creator of digital assets can tokenize their asset using blockchain platform to create a unique token associated with the asset.

Platforms like OpenSea support marketplaces for tokenized digital collectibles.

2. Borrow Money- NFTs can represent debt. A loan agreement can be tokenized as an NFT. Brightvine is a platform that is tokenizing mortgages for investors to buy, sell and trade.

3. Gaming- NFTs are getting significant growth in gaming industry. Players can own digital items which are stored on the blockchain. Decentraland is a platform where players can buy, sell and trade assets.

4. Social Tokens- Social tokens are released by content creators, celebrities and influencers as a way to reward their fans and followers. These tokens can be used to purchase exclusive content and special access event.

5. Donations- It’s difficult to track where charitable donations go after they are given. It can be used to show how donation was used. 

NFT Platforms

  • OpenSea- OpenSea is the first and largest NFT platform. It is a platform for all kinds of digital items. It allows gas-free minting. It is built on Ethereum blockchain.
  • SuperRare- It is one of the best places for CryptoArt and music NFTs. It is built on Ethereum blockchain.
  • Mintable- It is the platform where you can buy and sell anything from art and music to game items. It provides gasless minting.it is built on Ethereum blockchain. 
  • BuyUCoin- It enables users to buy, sell and trade 33 cryptos including Ethereum, Bitcoin and many others.

 Why NFTs?

NFTs present a great investment opportunity and have numerous use cases. NFTs are cost-effective and time friendly. NFTs can be used as a record of ownership on blockchain where artists can get the moment of their items and how they were minted, sold and resold.

Related: How Smart Contracts Facilitate Trust, Transparency and Automation

Conclusion

Non-Fungible Tokens are a new type of digital asset that is unique and non-interchangeable. They can be used in various ways from art and collectibles to virtual worlds.NFTs change the way how artist share their idea and creation.