NFT News
Non-Fungible Tokens (NFT) are a phenomenal factor that lead to the greater crypto and blockchain adoption. Unlike fungible assets like Bitcoin, Ethereum, Dogecoin, and other cryptocurrencies that can be broken down to decimals, NFTs cannot be broken down and instead grow or drop in value based on their popularity and utility.
While cryptocurrencies emerged to provide transparent, immutable, and secure transactions of funds and value, NFTs offered the same but for more added utility. Holders certain NFTs gave its owner extra perks or unlocked certain possibilities. NFTs can also be used to exercise authority or show authenticity. Overall, the arrival of NFTs changes so much for the world and continues to do so.
To highlight, the first NFT was minted in the Namecoin blockchain by Kevin McCoy, it was known as ‘Quantum’. But, the full potential of NFTs was realized on the Ethereum network which was more reliable and accessible for those looking to launch NFT projects, NFT games, or even NFT collections.
NFTs were a game changer to prove authenticity thereby changing the lives of artists in every industry. By minting an NFT to mirror that of the original product or minted as the original product itself, collectors and buyers now had proof that their purchase included holding an original creation and not a knockoff. It also helped artists protect their Intellectual Property (IP) and keep copycats from taking credit for their work.
Artists began to mint NFTs for their art and music while popular brands started to mint NFTs to track the authenticity behind their original products to fight mass fake selling of designer products. In some cases buying and holding an NFT gives you additional benefits like membership to exclusive clubs, access to closed events, and unlocking special features on a platform or game.
NFTs also revolutionized the gaming space. Now, gamers had the ability to record their legacy on-chain and give their in-game assets greater value for all its accomplishments. The more value it held, the more the asset was worth in the NFT trading market. The first crypto gaming application, CryptoKitties allowed developers to understand the importance of utility and rarity. Recent games like Cross the Ages allow users to turn their NFT cards into physical cards bringing value to the game both on-chain and beyond.
The crypto gaming sector has evolved to include fascinating new utilities for NFTs. Now, other sectors like supply chain management and SocialFi projects have also begun to explore NFT utility to provide unique perspectives in their particular industries. Stay on track with everything new in the NFT world with Coinbullet.