NFTs, or Non-Fungible Tokens, are exactly as they sound; tokens that are not fungible with one another and are unique unto themselves. NFTs have been on the rise over the past year due to their potential in gaming, real estate, finance, and other industries beyond collecting physical items. The collectibles industry alone accounts for over $400 billion annually. The growth of NFTs has proven that this industry will continue to grow exponentially over the coming years.
What are Non-Fungible Tokens (NFTs)?
Non-fungible tokens are digital assets that are unique and cannot be replicated. They’re stored on a blockchain, a decentralized ledger that records transactions. NFTs can represent anything from art to in-game items, becoming increasingly popular as a way to collect and trade digital assets.
Definition of Non-Fungible Token (NFT)
An NFT is a type of cryptocurrency that represents a unique asset, such as a piece of digital art or a collectible item. NFTs are stored on a blockchain, which is a decentralized ledger that records all transactions. Unlike other types of cryptocurrency, NFTs cannot be exchanged for other assets and can only be bought and sold on specialized marketplaces.
One of the benefits of ERC721 is that it can be used to create truly scarce digital assets. For example, an artist could create an NFT only one person can own.
Cryptokitties Was Just the Beginning
In the past year, we’ve seen a surge in the popularity of non-fungible tokens or NFTs. These digital assets are unique and can’t be replicated, making them perfect for collectibles. There’s an NFT marketplace for just about everything, from art to sports cards. Here are the top 10 NFT marketplaces that are taking over the world of collectibles.
In Decentraland, you can purchase land and build whatever you like. The world is divided into parcels, and each parcel has a unique owner. You can use your land to host games, create art, or build anything else you can imagine. Plus, since the world is built on blockchain technology, your land is permanently yours and can never be taken away from you.
There’s a Lot More to Come…
NFTs, or non-fungible tokens, have been around for a few years but have only recently begun to take over the world of collectibles. So what exactly are they, and why are they so popular?