NFTs or non fungible tokens are cryptocurrencies or digital assets that represent a wide range of unique tangible and intangible asset. Some examples are artworks, sports cards, virtual properties and much more.
NFTs gained popularity because of their utility in the collectible and gaming market. The tokens make it easier to obtain and sell unique collectibles or in-game items.
The benefit of owning a NFT instead of a physical collectible is that each token contains unique traceable information which makes it easy to distinct and verify the tokens.
Digital artworks can be published with the use of NFT blockchain technology. When showcasing and selling your product using this tech the history of you work is saved and owners can have bigger profits by receiving commission on resold works. Buyers can also learn more about the product they buy by consulting the blockchain.
Tickets for sports games and events are a popular and growing NFT use case. By providing blockchain generated tickets every ticket is unique and contains the needed information stored in the blockchain. Nowadays institutions are expanding to collectible tokens which can be used to collect, trade or buy merchandise with.
Crypto Kitties is an online game in which you can collect, “breed” and sell virtual cats. Every cat is unique due to the genetic Algorithm saved in the blockchain. It’s “just a game” but the community is still growing and some NFTs are sold for staggering numbers. One of the most expensive is valued at 600ETH which is worth over 1 million at the time of writing this article. That’s no joke
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