NFTs have become hot in the past year. People say they’re overhyped, and that they don’t add any real value. But you know what? They do.
There are many doubters out there who don’t see the real value on them, believing it’s a scam to sell expensive digital files… if you’re one of them, don’t worry about it, most likely you haven’t finished understanding what’s the real value behind Non-Fungible Tokens, I got you!
Non-fungible Tokens (NFTs) are a way of storing information in the blockchain: think of them as personal tokens or digital collectibles. Unlike cryptocurrencies (like BTC, ETH or other “altcoins”), these tokens can hold unique and relevant information that makes each Token unique.
Let me be clearer, basically, an NFT is a digital asset. Unlike cryptocurrencies, where each coin is identical to the next, NFTs can hold information that makes each one unique. There are lots of different ways you can use them — in games, collecting objects or brand recognition — but at their core, they’re all based on the same technology: the blockchain.
Your NFTs are stored on the blockchain, so you can prove ownership, transfer them to other people, and use them in exchange for goods and services — or just show them off!
A great example of a non-fungible token are CryptoPunks — these tokens can be traded, like any other cryptocurrency. However, each individual CryptoPunk has its own unique appearance and attributes giving them different values. This information can’t be changed, so owning a crypto punk is more like owning a unique piece of art — unique in every way. Digital collectibility at its best!
Non-fungible tokens (NFTs) are expected to be a game-changer for the blockchain industry. By adding verifiable game assets in the form of non-fungible tokens, online gaming platforms will be able to introduce asset inheritance, true item ownership and trading, token staking and more.
Basically, NFTs have a wide range of potential use-cases, from being used as unique ownership records for artwork and collectibles to representing a unique identity on the blockchain. They could also be used to represent other things like supply chain items, medical records, event tickets, ownership of digital assets and much more… do you see the real value of them now?
If you’d like to get an NFT you can go to opensea.io!