Is NFT all About Selling and Purchasing Digital Art?
Introduction
There has been a lot of buzz about NFTs, and many people are selling or buying them enthusiastically. This article aims to provide a clear explanation of NFTs and their use cases. By the end of this article, readers will understand what NFTs are, why they have become so popular, and whether or not they are just about buying and selling digital art.
NFT— Explained
NFT stands for Non-Fungible Token. It’s a one-of-a-kind digital asset, like a cool image, a funky video, or some incredible digital art. The key thing to understand here is that it’s non-fungible, meaning you can’t just swap it out for something else because it’s unique. This differs from fungible things, which can be easily traded or exchanged, like regular money or digital currencies.
Going by the above, NFTs are digital assets, like any other objects or properties; they can be bought or sold; they are unique assets powered by blockchain technology and are traded on blockchain platforms such as NFT marketplaces or within the metaverse.
Is NFT All About Selling and Purchasing Digital Art?
No. NFT is not just about buying and selling digital art. It is essential to state that the media hype surrounding NFTs is more concentrated on the sale and purchase than the use cases.
You might have read about Jack Dorsey, former CEO of Twitter, who sold his first-ever tweet as NFT for $2.9 million. Additionally, the internet went crazy in March 2021 when Mike Winkelman (known professionally as Beeple) sold Everydays: The First 5000 Days, a Digital artwork, as an NFT for $ 69 million. Several mind-blowing sales of unique digital arts like this are what make people focus more on the sales and purchase of NFT and less not on its use cases.
What Are The Use Cases of NFTs?
NFT has many potential use cases, and blockchain companies, metaverse, and NFT projects are currently exploring them. Among its use cases are:
1. Gaming: NFTs are used as in-game assets in the blockchain gaming industry. Players purchase these NFT assets to enjoy an immersive gaming experience. The in-game assets can also be sold on NFT marketplaces for fellow gamers. Blockchain games like Axie Infinity, Planet IX, and Upland are at the forefront of this innovation.
2. Real Estate: NFT is a game changer in metaverse real estate. Metaverse projects like Sandbox, Decentraland, Voxels, among others, all have virtual real estate assets in the metaverse that are Non-Fungible.
3. Digital Identity: For users in the metaverse, unique avatars are created to establish their presence and protect their identity. Each avatar is a unique NFT representation of every user.
4. Fashion: Fashion brands worldwide are leveraging NFTs to sell unique digital products to their users. Brands like Mike, Rftk studios, and Balenciaga all have NFT assets and are championing this innovation with their NFT fashion collections.
About TNB (Time New Bank)
Time New Bank (TNB) is a fully decentralized blockchain-based metaverse project aiming to build the most prominent intellectual property (IP) trading platform. TNB seeks to do this by bringing together metaverse artists, promoters, brokers, IP scouts, and NFT collectors. Several intellectual properties, such as virtual idols, virtual pets, virtual lands, virtual architecture, virtual tools, and in-game assets, will be traded on the TNB platform.
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Channel: https://t.me/tnbofficial
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Medium: https://timenewbank.medium.com/
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