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What is an NFT? How will you use NFTs in the future?

Thu Jun 17, 2021 2:44 pm

What is an NFT?

If you need an introduction or a refresher, “NFT” stands for “Non-fungible Token.” NFTs are created using the same blockchain technology that enables cryptocurrencies, but NFTs cannot be “spent” in the same way as cryptocurrency tokens. That is what makes them “non-expendable”.

Basically, NFTs act like a receipt or a certificate of authenticity that proves ownership of a digital item. The most common use of NFTs now is to show that a person owns a digital artwork, although that does not usually make a practical difference in terms of how that digital artwork is viewed or shared.

Real-world use cases for NFT

1. Buying and selling art

2. Demonstration of the authenticity of prizes and rare goods

3. Preserve scarcity in the age of digital reproduction

4. Provable property of virtual elements for virtual characters

5. Adding value to micro-transactions

How will you use NFTs in the future?

Of course, we don’t know for sure if these potential uses of NFTs will actually materialize. Some of them seem to make sense given the convergence of other technologies and trends. However, many of these potential uses are based on technological developments or the maintenance of social trends that may not last.

To know more: https://www.blockchainx.tech/crypto-currency-development

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