A new era of technology is slowly being forged using blockchain technology. New assets are coming in a digital form known as non-fungible tokens, or NFTs, as it is most commonly known. Although the acronym is marketed like a brand name, it is an umbrella term for all similar projects built using the same technology. All of these are helping each other build the future using blockchain technology, and there is plenty for you to explore right now.
If you are looking for a chance to join the crypto space, then you’d be relieved to know that you can do so at any time. Sooner is always better, but there is still quite a difficulty in understanding the technology. Here’s what you need to know about NFT and what the future holds for its users:
What is NFT
Non-fungible tokens use the same technology as cryptocurrencies like Bitcoin and Ethereum. They are data minted on the Ethereum network representing an object that is either physical or also digital. This NFT represents your ownership of the item that it represents, and you are free to use it as you wish based on what the series promises.
A great example of this is the Bored Ape Yacht Club which gives its NFT owners the right to use their apes’ likeness for everything. It includes using the apes as profile pictures on social media to the production of television shows where the ape is a character. You can get a Bored Ape NFT either by buying it at OpenSea or winning them at Caleta’s Paradise Trippies.
There are plenty of marketplaces for NFTs, but OpenSea is the biggest of them all. It includes top collections like Bored Ape Yacht Club, CryptoPunk, and Lazy Lions. There are also premium works from digital and recording artists you could buy, but the freedom of use varies per collection. Read the fine print of the NFT collection to get the full idea of its uses.
Caleta partnered with Bitcasino to bring a new way to earn and enjoy NFTs. They created an exclusive slot game called ‘Paradise Trippies’ where you can win both real cash and NFTs from its OpenSea collection. This is a mix of various collections, including apes, fairies, pirates, and hippies, all of which are properties you can use for your own NFT projects.
What are The Potential Uses for NFTs?
Uses for NFT are as varied as digital data you know today. It can be used for video game development, movie production, or the simple act of declaring ownership over an item. The only difference is that it is more valuable as it is definitive proof of ownership, not just data that can be corrupted over time.
Here are some examples of uses for NFT today that are being developed to become even better for the future:
One of the most exciting prospects for NFT use is the creation of the Metaverse. It is an idea of a virtual world built on the blockchain you can explore as an avatar.
The Metaverse is meant to connect all services and stores like a 3D representation of the internet to make socializing more fun and accessible to users than outdoors. Social media, online shopping, and online gaming are the industries that this prospect is likely to improve.
The creation of entertainment using NFT has already begun, with more to come in the future. Caleta’s Paradise Trippies is an example of an online casino game incorporating NFT as prizes.
Other examples include The Red Ape Family, an animated series featuring NFTs owned by the producers and cast. The most popular example of success in entertainment is Axie Infinity, a video game about raising creatures called ‘Axie’ and cultivating a virtual land.
The NFT economy has plenty of opportunities to thrive. It’s the perfect time to join its space as an investor by buying assets or participating in ways to earn them, like playing a blockchain-based game. What you earn now is going to accumulate in value once the NFT economy becomes widely adopted. There’s so much to see, and creators from around the world are slowly joining to help build its world.