What are NFTs? What are NFTs used for?

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What are NFTs ? And how can they be used ?

Contrary to popular belief, an NFT is a token created on a blockchain that proves you are the sole owner of that one-of-a-kind digital object, whatever it is. An NFT is not just a JPEG. It is not a profile picture of a bored monkey, a tweet turned into a digital collectible, or a pixelated punk face.

These are all things that an NFT can represent, and what they represent is code, otherwise known as smart contracts. Smart contracts power NFTs because they allow you to sell or transfer an NFT, set artist royalties, interact in the metaverse, and more. NFTs built on different blockchains among the most famous we definitely have Ethereum, Binance Smart Chain, Polygon, Solana.

Unlike regular cryptocurrencies, NFTs cannot be traded directly with each other. This is because no two NFTs are identical, even those that exist within the same platform, game or collection.

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Why are NFTs suddenly popular?

The explosive popularity of NFTs shows the unpredictable adoption curve of new technologies, and experts say there were many factors that contributed to the growth of NFTs in 2021.

Many new investors flocked to cryptocurrencies in 2021 because of the run-up in Bitcoin and Ethereum . And once you own some cryptocurrency, it is easy to start exploring other alternative cryptocurrency investments, such as NFTs, staking, and blockchain games.

NFTs have also become a new medium for artists and creators to showcase and monetize their creations while providing full transparency and authenticity of ownership.

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Famous NFTs for famous people

There were also many celebrities who talked about it and contributed especially on social media. For example, the Bored Ape Yacht Club,

for example, Jimmy Fallon, Stephen Curry, and Paris Hilton each bought one.

So if you bought a Bored Ape, you would be part of the same group that many famous celebrities are part of.

And because there is a limited number of monkeys, about 10,000 to purchase, people compete to buy them. These two aspects are essentially what makes them valuable from society’s point of view

Blockchain gaming play-to-earn and mobile

Launched by the massive growth and popularity of Axie Infinity , blockchain-based games, which allow players to earn digital currencies, have grown as a popular crypto application. These games are commonly known as Play-to-Earn (P2E) games, as users are rewarded for their achievements in the game typically with a token that can then be sold in other cryptocurrencies.

Typically, these games have a game currency, a marketplace, and a token economy. Some games are incorporating decentralized finance features (DeFi) with games in a development called GameFi .

Although P2E games are becoming increasingly popular among cryptocurrency users, surpassing DeFi as the main use case of dApp , they are still mainly browser-based, example Bomb crypto, Luna Rush, Planet Quest etc. However, mobile games with P2E capabilities are starting to gain ground.

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What are NFTs, there is also the Metaverse!

NFT and P2E models offer new opportunities for mobile game developers, but they also face many challenges. It remains to be seen to what extent these models will succeed in mobile games, but there will certainly be a wave of new entrants in the space in 2022 and beyond.

Although the concept of virtual worlds is not new, cryptoeconomic inventions such as distributed ledgers and NFTs enable the creation of a universal state level that could provide the property rights, which are necessary to operate in the metaverse.

The new interest in NFTs and cryptocurrencies, combined with the announcement of Meta(Facebook) and the popularity of addictive games such as Axie Infinity, Gods unchained, Splinterlands, and many others that you can find in this blog, has sparked a wave of speculative interest in metaverse projects and cryptocurrencies, including in virtual real estate, for example one of the first metaverse The Sandbox .

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