Blockchain & NFTs

Blockchain & NFTs 1

Commonly referred to as NFTs, non-fungible tokens represent tokenized certificates of ownership of non-fungible assets, digital or otherwise. Non-fungible assets have unique properties and attributes that make them rare, valuable, unique, and irreplaceable with something else. These assets can range from virtual collectibles, game items, and digital artwork, to concert tickets, real estate, identity documents, and many more. The current crypto market revolves heavily around fungible assets like Bitcoin and other cryptocurrencies but with the introduction of non-fungibility, come many benefits.

Benefits of NFTs:

NFTs are strongly gaining traction and their rise in popularity is opening a wide range of possibilities for real-world and virtual assets. Namely, NFTs offer the ability to take part in a new way of monetizing the internet with digital collectibles. Since practically any digital entity can be represented as an NFT, it can be used for a wide variety of purposes. This includes actual ownership of songs, GIFs, films and movies, photos, digital artwork, news articles, game assets, and even tweets.

NFTs can also be tied to physical (off-chain) assets and can serve as a way to verify the authenticity and track the sales history of fine art or luxury items. In any case, the non-fungible token is backed by a social contract from its creator and a surrounding community.

Tickets, passes, and documents can now be turned into NFTs to ensure the originality and authenticity of information they store or carry.

Current NFT use cases are concentrated in the main categories of collectibles, art, gaming, and virtual worlds. But other categories like sports, fashion, and real-world assets are steadily developing.

NFTs Use cases:

Blockchain & NFTs 2Proof of ownership – The digital tokens can be thought of as certificates of ownership for virtual or physical assets;
Blockchain & NFTs 3Actual ownership of virtual assets – This allows gamers to actually own their in-game assets; fans to own songs, tweets and creators to sell their GIFs, artwork and articles;
Blockchain & NFTs 4Fractional ownership – If one can afford a whole artwork, NFTs allow partial ownership;
Blockchain & NFTs 5Hold, deny, restrict rights – By being the owner of assets you have certain rights;
Blockchain & NFTs 6Ensure exclusivity – Non-fungible means one of a kind;
Blockchain & NFTs 7Easier verification of originality and scarcity of information – Everything is transparent and easy to check.
Many experts have pointed out the potential of NFTs in shaping up the future of blockchain. As a result, they have been gaining profound attention from users as well as enthusiasts from all circles. Non-fungible tokens have a unique role in the blockchain landscape on the grounds of their uniqueness. Most important of all, NFTs have a larger significance in context of the radical shift towards the next era of blockchain digital transformation. As enterprises slowly open up to the idea of blockchain and integrating blockchain tech in their operations, NFTs can serve as revolutionizing entities for many aspects in industries as  Art, Fashion, Sports, Collectibles and Virtual Worlds.