Many experts describe non-fungible tokens or NFTs as modern-day collectibles. They represent a digital proof of the authenticity and ownership of various physical and virtual items, including artworks, music, videos, and even real estate, bought and sold online. The creation, transfer, and storage of NFTs occur on the blockchain, ensuring the assets are one-of-a-kind. The blockchain also ensures greater security, making it extremely difficult to counterfeit or manipulate NFTs. The decentralized blockchain platform also means anyone can create, buy and sell non-fungible tokens. However, each digital coin has unique properties that give it a considerably different value from the other. Even NFTs such as art with similar features can never attract the same value propositions since every token has unique identifiers. NFT marketplaces operate similarly to a crypto exchange system, requiring people to buy NFTs with cryptocurrencies. However, they serve entirely different purposes. While crypto users can exchange the funds for other assets, you cannot trade NFTs. Start using the Bitcoin Smarter app to improve your trading.
How to Use Non-Fungible Tokens
NFTs have increasingly caught the attention of artists, gamers, content creators, luxury consumers, and digital enthusiasts worldwide. The applications of NFTs have significantly expanded over the years, creating new markets and investment opportunities. The NFT revolution has also streamlined various fundamental business processes, for example, smart contracts. The following are some of the places you can use NFTs and how to utilize them.
CryptoKitties
CryptoKitties was one of the first successful digital collectible platforms that gained immense popularity among NFT enthusiasts. The platform offers digital cats’ NFTs for sale, allowing users to interact with third-party applications to customize and play with them. Its success has inspired several similar venues, including KittyHats and NBA Top Shot. KittyHats offers outfits and other accessories for personalizing CryptoKittie, while NBA Top Shot provides a collection of NFTs with animated highlights from basketball history, such as memorable dunks.
Digital Art
NFTs offer robust benefits to digital artists and collectors. The inability to verify the digital artist’s authenticity in the past made it challenging to monetize the industry. Thanks to NFTs’ underlying blockchain technology, artists, content developers, and collectors can now easily authenticate unique digital artworks more conveniently. The most popular NFT marketplaces for digital art include SuperRare, Nifty, MakersPlace, and Gateway. The mainstream art industry has also taken notice of the NFT revolution, with prestigious art auction brands such as Christie’s New York now selling NFTs.
Gaming
Gaming platforms are among the leading NFT users today. Established game developers are exploring blockchain technology integration to improve gaming experiences and efficiency. Sorare is one of the most popular gaming platforms, with more than 100 officially licensed soccer clubs. The site allows users to buy NFTs representing professional soccer players that they can use to play fantasy games against other gamers. Gods Unchained is a collectible card game with NFT cards that depict different events, characters, and powers. Gamers can purchase the NFTs to customize the gaming experience and boost their prowess.
Other NFT Uses
Other ways also exist for using non-fungible tokens. For instance, linking a domain to an NFT can be a great way to increase traffic to your website and boost the exposure of your business to online audiences. Web developers can use that strategy to market, sell, and trade domains without intermediaries. NFTs can also help producers and manufacturers of consumer products to prevent counterfeits. They facilitate the tracking of every tokenized item’s journey and lifecycle throughout the supply chain, eliminating product manipulations and counterfeits. Overall, NFT adoption and use are growing as technology advances. However, the above article has discussed the most straightforward and profitable ways to use NFTs.
