NFT:
Non Fungible Tokens is the full name of the NFT in case you aren't aware. Basically, these are the tokens that are built on certain Blockchains and they aren't identical to each other.
WHAT DOES THAT EVEN MEAN?
Let's take an example for the illustrations. If you have "X" tokens that are built upon the Ethereum Blockchains and it has a total supply of 20 Thousand tokens. If you have 100 X tokens and someone else has 100 X Tokens, they will have the same value and will be worth the same. Even if you exchanged your tokens, it will be the same thing at all.
Don't talk about the ETHEREUM TRANSACTION FEES XD.
But,
The thing with the NFT is completely different, each NFT are different and has their own intrinsic value and properties. If you own a Crypto Punk NFT and your other friend also owns another Crypto Punk, they can't be the same.
If your friend is asking you to exchange the NFT, be sure to check the price before exchanging even if they look damn the same in appearance.
IMAGE SOURCE: HERE
USE CASES OF THE NFT:
1. DIGITAL ARTS:
The first thing that comes to the list when we hear the term NFT is digital arts. Digital arts were in existence before the NFT too but the NFT has added a whole new dimension to the way they are viewed and treated.
The NFT provides security to Digital art. Basically, the ownership of the art is absolute and no other copy of the same NFT can be created for a single art. It makes the owner of the Digital art stress-free. This NFT is written into the Blockchain so the same level of security these NFT will get as any other cryptocurrency.
2. DIGITAL EVERYTHING:
Yes, Everything. Everything can be made onto the Blockchain using the NFT Technology. Your music, videos, or any other digital content, Land, Cars, Houses, Property, or any other thing that you can own physically can be made onto the NFT and can be written into the Blockchain. The point of making this is that the property will be in existence even after the earth's collapse(Just kidding). You can know that they will have absolute value and life-long ownership and can be easily managed using crypto-wallets.
3. EASY AUCTION AND TRANSFER:
If you want to auction your ART in the real world you may need to work really hard on the paper things and managing kinds of stuff and the overall process can be really handy. But the NFT changes everything and makes the process so much easier. You can auction your NFT on any digital platform available in the market. I don't like to name them here, BUT if you are interested few are:
- Open SEA
- RARIBLE
Even you can use your own website and auction it but be sure to let your audience know that you are doing an NFT auction because I am sure you will not love it if nobody visits your dead website NFT auction. Ok Jokes apart, NFT provides an easy way for auction and you can transfer your art to any other in the world. Yes, Even if you live in Germany, you can transfer your art to the buyer of the BANGLADESH in a matter of seconds without any border fees and intermediate.
*Isn't it an awesome thing? *
Yes, it is I am a really big fan of the concepts of the beginning. Before the whole Boom, I have created several posts in the other forum I used to use before coming into Leo Finance. if you like to read that too. I will leave the link in the comments below, be sure to ask. It is a bit technical but reading it is worth it.
NOW, HERE COMES THE GIANT OF THE NFT:
BLOCKCHAIN GAMING:
Yes, you heard it right. Blockchain isn't limited to charts, investments, and tokens. Now, You can play the Blockchain games and earn real in-game tokens. The days when you used to have a virtual in-game currency that is worth nothing into the real world are gone. Now, You can earn real crypto from the Games and use it to buy more games from Steam. it.
HOW DOES BLOCKCHAIN GAMING EVEN WORK?
Blockchain gaming is simply the games that are built upon the Blockchain. Every move that you do on the games will be recorded into the Blockchain and the best thing is that the game will also be decentralized because it will be running on the Blockchain Network.
There are many games that also do support the L2 Network so that you don't even need to worry about paying the gas fee again. So, what is the benefit of this all again? The answer is similar to the above ones. So, I don't like to go into much detail about each.
- EACH IN-GAME PROPET WILL HAVE REAL WORLD VALUE AND WILL BE A NFT IN MOST CASE, which means users will be able to trade, withdraw and transfer those tokens.
- Security will be maxed out and the hacks and exploits will be 0 because of the security provided by the underlying Blockchain.
- The Big Game companies which give you nothing for playing and spending so much time and effort in the game will get payback.(I am not against them, but they will also consider Blockchain Gaming in the future because right now for a 100GB game, you can't expect it to run on Blockchain in my view)
- Users can stake their In-game NFT and earn staking rewards.
- There will be no country restrictions and any other borders that will affect the gamers from stoping.
SO IS THIS THE FUTURE?
Well, Personally I think it is the future. Because we are talking about decentralization as the new form of democracy in this century. And all of this makes the Gaming and Digital Content Platform to be the next place where this concept is going to hit next.
In the upcoming post, I will be talking about some of the NFT Platforms and Blockchain gaming Platforms in much detail.
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Thanks for reading!
Have a great time ahead.
