What is NF T? An Introduction to Non-Fungible Tokens
When it comes to gaming, the two biggest trends in recent years have been the rise of blockchain and the rise of digital collectibles. Digital collectibles, or NFTs, are easy to come by with the rising popularity of blockchain games like CryptoKitties, and gamers everywhere have started buying and selling their NFTs on platforms like OpenSea and Rarebits in an attempt to make some crypto-cash from their collections. But what exactly are NFTs? How do they work? And how can you get your hands on them? Keep reading to find out everything you need to know about NFTs in gaming!
What Is An NFT?
A non-fungible token (NFT) is a cryptocurrency that represents something with a unique identity or attribute. It's sometimes called a crypto collectible. Each individual token has its own traits, so each one can be considered unique even if there are identical copies of it. As such, they make great assets for online games and other applications where users can earn money by trading or selling their tokens in secondary markets. The value of these assets can appreciate over time as more people enter these markets—much like paintings and other pieces of fine art do over time.
Blockchain Art. What Is It?
In their simplest form, non-fungible tokens (NFTs) are cryptoassets which represent ownership of a digital or physical asset. In more detail, each NFT has its own unique data field that specifies its identity and attributes, such as country of origin, geographic location, and color. With ownership rights secured on a blockchain by virtue of tokenization, these assets can be securely traded or used in applications. The basic idea behind an NFT is relatively simple: every ERC721 token contract keeps track of balances associated with addresses which control specific tokens. These balance records specify how many tokens are owned by each address and have implicit identities and ownerships attached to them.
Who Is Making it Happen?
Cryptokitties. Cryptokitties are unique digital artworks that you can collect, breed and trade as part of a blockchain-based virtual game. Each kitty has a distinct set of attributes, known as its DNA, that can be passed down to offspring in a new and exciting way each time they’re bred. The possibilities for those attributes are nearly endless and could represent anything from physical characteristics like eye color or fur length to other traits such as competitive prowess or intellectual aptitude.
Why Should I Care About Digital Art?
The world has never been more connected than it is today. Billions of people around the globe are now able to share their thoughts and content with one another instantaneously. In fact, it’s estimated that 2 million posts are shared on Facebook alone every minute. As a result, there has never been greater demand for art and collectibles in society. Digital art provides artists with a new and innovative platform from which they can share their work with anyone in any location at any time without requiring them to leave their homes.
How Can Blockchain Change The Future Of Art?
It’s now possible for a work of art to be inseparable from its history. You can verify that it hasn’t been damaged, that it was created by specific artist and that it has been a part of someone’s private collection (perhaps even mine). It can now belong exclusively to one person. It can be owned and traded freely on a public market. The same goes for collectibles like cars or classic gaming consoles or rare baseball cards: every one of these assets could become tokenized on Ethereum. What does all of this mean? Simply put, we will soon see many more assets with what are called non-fungible tokens, or NFTs. Let me explain...
What To Consider Before Purchasing Anything In This Space
There are a lot of projects currently working on non-fungible tokens (NFTs). If you want to purchase any of these, you should do your research. By reading up on anything related to blockchain technology and non-fungible tokens, you can understand more about how each company’s product works. Before making a purchase decision, look at who else is building products in similar spaces. Are there already trusted companies operating within similar fields? Who are those companies, and what do they have going for them? What other competitors are targeting other markets and geographic regions that seem promising now or in the future? Do their whitepapers explain everything clearly or could they be improved upon?
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