Nowadays NFTs are highly popular in the crypto ecosystem. From exchanges to market trackers, new types of digital assets are presented. These things are served as good-looking cards; cartoon animals or the land register for a piece "digital" land. Well, things can be complicated when we dive deep into it.
- Do we really know what are NFTs?
- What about their use cases?
- What makes them valuable?
Let's start by learning what are Non-Fungible Tokens? According to wikipedia
NFT is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not mutually interchangeable by their individual specification.
So, just because it has an alluring outfit, something cannot be labeled as NFT. It is expected to be backed by blockchain technology.
Let's examine:
If I send my childhood photographs to a number of people chosen as a result of a contest.
ā If they have ID number; block hash code and secured by Blockchain.
NFTs could find their place after the Cryptokitties madness. Crypto enthusiasts collected animals, fed them, and got kitties from their grown cats. It can be said that the game gave birth to NFTs adaptation. Until now, ~ 60,500 ETH worth of NFTs are sold for 3 years.
Why do people spend their money on them?
They have intrinsic value: They are created by using technology and they are highly limited
They are not inflationary: If you have it, you have it! The number of NFTs does not decrease without any cause.
They are technological assets: There are thousands of people who collect from authentic stamp collection to animal species.
They are alluring: They can attract the attention of people quite easily. They are easy to buy, secure to store and satisfactory to own š
They are Blockchain-based: Since they are operating on such a trustworthy technology, people are confident to be involved in them.
THE DARK OF THE MOON!
Even though they are digital collectibles; digital assets; intangible values; they spend Gas; Resource Credits or Tokens.
Not every Blockchain can respond to such demands of speed, block size, and cheap transactions. For example, there is a chart showing the pending transactions due to the Cryptokitties effect.
Even though ETH & Litecoin were used for their speed and low transaction fees, NTFs may ask for much more optimized Blockchains to meet their requirements. EOS, WAX, Decentraland, and many other projects could find their place in the new era. You can own several games and own NFTs built on these projects.
What is the situation for HIVE Blockchain?
Thanks to the dynamic blockchain operations, HIVE become one of the leading blockchains for NFTs and Blockchain-based games.
Compared to the other blockchains; Feeless transactions, high speed, security and ease of use through Hive Chain/ Hive Signer enable Hive to become pioneers of this new type of digital investment platforms.
Hive blockchain is absolutely adaptable for NFTs storage and transactions. I guess that's one of the reasons why we have so many successful Blockchain-based games operating on our blockchain.
Here is an example from
Rising Star is one of the blockchain-based games operating on Hive blockchain. The game is quite successful and getting popular day by day.
The colorful squares are the ID numbers of the NFTs; the red ellipses are the payment options (Tokens on Hive) and the Blue Starred place is to buy. When you click on the buy button, you are redirected to Hive Key Chain and DONE!
Within seconds, no transaction fee, no waiting time, no trouble...
Just an example from a promising game can reveal the reason why Hive is one of the precursors over the NFTs issue š
The situation is nearly the same for 
On the other hand, there are perfectly operating in-game markets & explorers served by Hive blockchain.
As can be seen, the ID; the cards themselves and related information are open to access for everyone.
One more key point is the dedicated developers. Here is an example:
Ocean Wallet by
Today I used it to transfer my NFTs to another RisingStar account. I took 2 minutes to transfer all of them š You may also transfer your Dcity NFTs by using it.
TL;DR
NFTs are new era properties backed by Blockchains. They have several pros compared to the other assets. However, as the concept is newly growing, there are some side effects of these new investments.
Not every Blockchain can answer the demands of these valuable assets. They may cost too much for Blockchains which are not adaptable to their existing situations. (e.g. Cryptokitties)
In terms of Hive Blockchain, NTFs are quite easily stored, transferred, exchanged and there are many examples from operating games. Hive has the potential to be the center for NFTs and Blockchain games.
Experienced developers, existing NFTs systems, and fruitful Blockchain mechanisms enable users to enjoy the future of the web...
Source
Binance NFT News
Coingecko Rewards
NFT Showroom by
Wikipedia
Theatlas ETH Transactions
Thank you for reading. If you want to enrich this post with your comments, do not hesitate š
Yours,