The uses of NFT
Art products on blockchain can easily verify product owner and author. Issues of copyright, or copyright, will be neatly handled with blockchain technology.
Typical of NFT in art, for example, is a digital painting that just sold for nearly $70 million – setting the record for the highest NFT ever sold.
Electronic transaction card
Sorare and NBA Top Shots are two top sports card collector apps. Both cater to e-sports games.
Origin tracking and specification validation
In the ordinary world, art products will take a lot of time, effort and money to verify a work is genuine or not. With blockchain technology, it becomes extremely easy and convenient.
Transactions in the Game
Video games are already pre-coded from the ground up, so it would be super easy to include NFTs in games. There are many projects to use games as development levers for the NFT project, such as Axie Infinity – a Pokemon game simulation project that creates NFT Pokemon and has them fight.
Domain names are also NFT products because they are different, unique, and have long been in the business of domain names.
Music, tweets, memes, and technical content can all become NFTs, making that content unique and meaningful.
Tokenization of high value objects
In February 2020, a bottle of real Fine was sold as NFT to avoid counterfeiting from counterfeiters. This is the first time that a real-world substance has been “tokenized,” as proof of a buyer’s ownership of the bottle, and sold on OpenSea – an NFT marketplace that allows trading of NFT ERC-721 tokens.
There are many financial products in the real world that are non-exchangeable and non-substitutable.
For example, in the field of real estate, it is possible to “tokenize” plots of land and houses to make the transaction transparent and clear.
Tickets to the event
In the physical world, event tickets can be forged easily, but in the blockchain world, counterfeiting is impossible. In 2020, the UEFA Champions League sold tickets to the audience with online tickets based on blockchain technology.
Common misunderstandings about NFT
Why buy and own NFT instead of just saving it?
Of course anyone can download or save the artwork and then print it out. Example: The Mona Lisa you can download and print. However, that painting is not the real Mona Lisa and has no value. The original painting was paid for in hundreds of millions of dollars, and anyone could make a copy of the printed picture.
How is NFT valued?
Certainly not all NFTs are valid. There are a lot of NFTs that create without value, NFTs with value or not, over time, they will be valued by the market.
Example: Van Gogh’s paintings were recognized after his death.
Do NFTs that “tokenize” real things still have value if they break?
If real items are damaged, damaged or lost, NFTs will only be left with verifying that the owner of the NFT is the original owner of the item.
The Future of NFT
Currently NFT is still just a phenomenon but it is still unclear so it still needs time to decide.
More and more people will join to have a piece of NFT cake, the huge profit is what stimulates supply and demand and drives the market, many people change their lives, many people are empty-handed, ..
For the present time to be able to encrypt personal assets will be very far away but is gradually being applied in practice. For example, Nike used the NFT system to authenticate which pair is the shoe Auth (CryptoKicks) Reuben Bramanathan, a former Coinbase member tokenizes his “labor”, 1 CSNL token can be exchanged for 1 hour of work. his job and can be freely traded.
Currently, there are too many problems involved when Crypto itself in general and NFT in particular is still not widely accepted, but no one can predict what will happen in the future.
Projects that start incorporating NFT
Currently in NFT’s Lego, there are many puzzle pieces and prominent names that work in different areas such as:
- Marketplace: Rarible, OpenSea, Terra Virtua,…
- Infrastructure:Darwinia, Flow,…
- Games: Axie Infinity, CryptoKitties,…
- VR: Sandbox, Decentraland,…
- Defi NFT: Seascape, NFTX,…
- Collectibles: Unisocks, Memes,…
In addition, the NFT market also attracts the attention of projects that are not purely developed on NFT. As just now projects like IOST, Origin and ZKSwap.
Defi – NFT’s launcher
Because of that “unique” and “limited” nature, NFT has almost become something not only for the crypto market but also for a large number of individuals pursuing the arts. They can be creators, art collectors or closer, people who need art products such as logos, digital paintings, …
Combined with the outstanding development of decentralized finance (Defi) projects today, that further strengthens the growth and strength of NFT in the future.
NFT has become valuable and attracts a large number of users thanks to the help of Defi platforms.
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