The tremendous growth of the NFT sector and the numerous mentions by mainstream media in 2021 astonished many in the crypto space. NFTs could be the game-changing blockchain product that the crypto industry has been waiting for to accelerate widespread adoption.
What is NFT?
NFT is an acronym for Non-Fungible Token. Vehicles, art and properties are examples of unique non-fungible items that are not interchangeable with one another.
Consider two houses next to each other: they may be in the same neighborhood, have the same property developer, and even appear to be identical from the exterior, yet they are neither similar nor interchangeable in terms of construction. Their interior design and arrangement may differ. One of them may be marginally more valuable than the other due to its proximity to a high-traffic train station.
Simply put, unlike two $100 bills, these two houses have no inherent worth in common and hence are not interchangeable, making them non-fungible.
What are NFT collectibles?
NFT collectibles are non-fungible tokens that can be issued on non-fungible token exchanges such as AirNFTs, OpenSea, MagicEden, and several others. NFT marketplaces allow users to build and trade with one another using a blockchain (typically Binance Smart Chain, Solana or Ethereum).
NFTs are for the future
NFTs are changing not only how we perceive value but also how humans interact in the past. Look at the development of the Loot NFT project to observe how NFTs and decentralization have impacted the producer and creative economies. The percolation of tokenization into communities, cultures and even ourselves is what we’re seeing.
Conclusion
The digital age is approaching, and NFTs are the first step toward digital ownership. Some may claim that we are on the verge of a digital dystopia, but we have long maintained that practically everything will be tokenized at some point – the genie is already out of the bottle, and there is nothing we can do to stop it. We can only plan for what is to come.
Player One, are you prepared?
