Non-Fungible Tokens – The latest decentralized phenomenon to hit the digital market
Sales of NFTs on Tuesday 23rd February 2021 reached $60 million dollars which is higher than the total sales of tokens recorded in the whole of 2020. This development surely did not happen overnight as it provides a method with which artists, musicians, or sports entities are able to make money from their contents by designating an official copy of their digital media which could then be bought with tokens that are also unique (as they cannot be interchanged).
Before getting into the impact NFTs have on the value of entertainment entities, it is important to understand what NFTs are exactly. A Non-Fungible Token (NFT) is a special type of cryptographic token that represents something special including arts, music, In-game entities and more. Being non-fungible means these tokens that represent certain entertainment entities are one of a kind and hence, value is provided for those items as they become special collectibles.
What Prompted the Rise of NFTs?
The inability to gain value for several entertainment items including arts, music, sporting highlights, In-game entities and more has been caused by several factors. Some of these factors include; weak property rights for In-game entities, weak alignments for entertainment communities as well as their ready availability on the internet.
How does NFTs Function to proffer a solution to these issues?
NFTs function to provide an answer to not being able to receive value for entertainment features as it is non-fungible and offers each entity a unique identity hence making them special, one of a kind and giving them a satisfying worth.
What differences are identifiable between NFTs and other cryptocurrencies?
Cryptocurrencies like Bitcoin and Ethereum are fungible meaning that there is a uniform value of certain goods and commodities making them interchangeable. This means that if you lend one BTC out and the time to be repaid comes, exactly one BTC would be handed back to you.
In the NFT’s case, each unit contains unique data with a special identity-making each token non-interchangeable. Since each unit is unique, when an NFT is obtained through a crypto marketplace, it is kept in a digital wallet or when sold, the transaction is recorded in a shared ledger with its unique identity recorded as well to ascertain the authenticity of the token.
Examples of non-fungible tokens and physical non-fungible assets
Examples of non- fungible tokens include; Parcel -22,2, F1 Delta Time Apex Race Car “1-1-1” which is the first non-fungible formula 1 token and Punk 2890 which represents 10000 collectible characters on the ethereum blockchain.
Examples of physical non-fungible assets include the bubble palace with its own unique architectural design, 1993 MVP Trophy, and Michael Jordan’s “Flu Game” shoes which sold for $104,765 and has its uniqueness and authenticity sealed by Michael Jordan’s while its value is enhanced by the backstory behind its use.
NFTs are digitally scarce, unique, decentralized, and authentic which makes them easy to store, sell, authenticate, collateralize, tokenize, value and gives them stronger property rights than physical assets.
Active Players in The Non-fungible Token Community
Active and important parts of the NFT community include;
Having understood how non-fungible tokens work, you’ll agree that they are an absolutely essential part of the art world which allows artists and art creators to get paid for their services while also making the art yet available for everyone to enjoy. With secondary trading of digital arts using NFTs, as artwork gains more traction and admirers on the internet, the original collector of the item with unique tokens attached can then resell those tokens with a much higher value. Also in the foundation app, every time NFT is traded, the artist makes 10% of the secondary transaction.
When a collector buys an artist’s piece as an NFT, the token of the digital artwork is purchased, ownership is then recorded in a tamper-proof way by the token. In this manner, owning the work doesn’t tamper with how it can be shared or enjoyed.
An example of NFT making waves for an artist is seen with Pak’s smooth and mesmerizing black and white animation which has helped him earn over $300K by selling his digital works with NFTs.
NFTs are also involved in the voting process in certain institutions as owners of tokens can participate in key decision-making processes while also making them visible for all to see (but not participate in the voting processes). Since NFTs operate via a decentralized system, voting isn’t restricted to a set of powerful individuals, no one has control of the voting process and there is also transparency during the entire voting process.
Gaming literally embodies the essence of NFTs as in free-to-play gaming models, tokens are available for purchase which is done via third-party banking systems funded by digital currency and NFTs and cryptocurrency would effectively replace these processes to establish norms and fairness around in-game currency.
For free-to-play games like Fortnite, the majority of its revenue comes from in-game purchases hence, with NFTs and cryptocurrencies, a direct link is provided between the users and the gaming industry. 80% of all global gaming revenue in 2018 was obtained from free-to-play games and Epic games’ fortnite earning $2.4 billion (highest grossing game in history) in 2018 just goes on to show how successful blockchain’s application could be.
Blockchain games are divided into the decentralized or hybridized categories. The decentralized model is completely run by the blockchain and changes cannot be made to it without the backing of the community while the hybridized model runs from a central server but assets are traded via a decentralized marketplace. With blockchain, in-game assets are made as ownable as possible hence creating legitimacy and permanent value.
Other solutions that blockchain offers includes; Granting immutable ownership of in-game items, solving item theft due to hacking and the sale of fake in-game assets, Tying assets to players instead of games, thereby protecting time/money investments players have made, irrespective of developer decisions, Protecting players from undesirable actions on the part of creators; players can take the wheel, extending game longevity and encouraging user content, restoring trust between game developers and distributors by recording sales on a blockchain, creating a decentralized distribution network for games, creating more realistic economic systems within games, shifting the definition of a successful game away from revenue and toward in-game currency value, thereby refocusing game development efforts to benefit players, incentivizing players by offering dividends and granting them a vote in development processes.
Collectibles like those seen in NBA Top Shot collectibles are non-fungible tokens (NFT) meaning they cannot be exchanged for any item as it is one of a kind. The value comes not from the token itself but from the fact that there can only be one user of the item and it cannot be copied.
With NFTs, the authenticity of highlights or other collectibles is proven as there is only a single type of that token available.
Some TCRs (token curated registries) and TCCs (token curated communities) are communities whose memberships are built on tokens. This means that a stipulated amount of tokens must be possessed in order to have membership rights for the community. With these unique membership rights, important relationships could be forged, access to real-world events may be granted amongst other evets.
Communities with tokens include;
- $DFIO
- $PARTY
- $JAMM
- $DDIM
- $KARMA
- $LADZ
In this case, tokens provide a way to earn and redeem social money from exclusive goods and items. Roll smart contracts govern the social token policies and they cannot be changed arbitrarily by developers, users, or any other third party.
Non-fungible tokens are also used in a POAP (proof of attendance protocol) that helps foster participation in certain activities by allowing participants to collect certain badges each time they participate in the events. POAP is typically used by several event organizers.
NFTs could be pegged to wine bottles, real estate documents, tethered assets amongst other physical assets to help maintain the authenticity of these items. With NTFs attached to wine bottles, it brings wine to a new generation of collectors who expect to be able to trade their assets quickly, efficiently, and transparently and also opens up a new door for the wine industry.
Notable Non-Fungible Tokens.
This crypto kitty was created by BA52C7. CryptoKitties is a game centered around breedable, collectible cats. Each cat is one-of-a-kind and 100% owned by you; it cannot be replicated, taken away, or destroyed. It is powered by the Ethereum blockchain.
A track dubbed “cotton eyes” was sold by a Malta-based progressive house musician Guy J on the Rocki platform (a music streaming platform) through the sale of an ERC-721 standard NFT for 40 Ether after being auctioned decentralized auction protocol Bounce. finance. Just as it was being done with cotton eyes, the rocki platform will form a system through which independent musicians can be easily paid for their art.
Is the first Formula 1® non-fungible token which was sold for over $100,000. The motivation behind the auction of these tokens is so that an exceptional value is placed on the holders of the cars. The Delta time pre-sale is made of a range of exclusive NFTs with top-tier stats much higher than competitors.
This collectible was last sold for $1,800.00 and is absolute essential for any fan of the popular MMA fighter Cris Cyborg. This NFT represents the power and domination showcased by Cris in real life. It is a quite common collectible but is surely one to get for huge Cris’ fans or blockchain lovers.
This virtual world allows its user to create, experience, and monetize content and applications. The virtual world provided by this NFT gives its inhabitants access to an alternate reality economy built on blockchain as it possesses a store in which users can buy and sell land assets in MANA, DCL’s native currency. Ethereum is the blockchain used to support the functioning of this NFT.
This tokenized artwork of the famous rick and morty show was sold for a handsome $150,000 on the Nifty Gateway. Marketplaces like the Nifty Gateway show how NFTs provide a way for artists to sell their arts directly to fans and to be properly compensated for their efforts.
This badge is a non-fungible ethereum that members can keep in an ethereum wallet and allows its owners to show proof of being part of the Bankless community. Ownership of this badge allows holders participate in Raffles, Vote on Bankless governance, have access to badge-only Discord room and receive Bankless podcasts before the public.
This NFT sold for almost a million dollars as it is said to represent a significant portion of NFTs history.
This token was purchased by 24-year old Jack Settleman as he set the record for biggest buy on the NBA Top Shot marketplace and he says that this NFT provides a wide range of ways to use this highlight while also highlighting its protected and non-replicable nature.
A segment of a race track in F1 Delta Time, a nonfungible token-powered motorsports game from Animoca Brands, was auctioned off for more than 9 million of the company’s REVV tokens, worth approximately $222,000. F1 Delta Time’s in-game tracks are fractionally tokenized for sale to the game’s players with Circuit de Monaco comprising 330 tokens of four different rarities: Rare, Legendary, Epic and Apex. The owners of Delta Time track-NFTs earn dividends from all activity that takes place on their track, including entry fees for races and yields from “Elite Events” that require participants to stake REVV for entry.
Is amongst Roailand’s NFT collection and it has a retail price of $1269.91
Is a battlecruiser on CSC which is a massive multimedia online video game with fast-paced combat, a robust player economy, and an uncapped crafting system. In this video game, players can travel to different star systems, mine stellar bodies for resources, craft items and ships to sell, battle pirates, and other players while commanding their very own starship. CSC utilizes Ethereum blockchain to secure the game assets and its economy.
The Sigma Battlecruiser was the first Dreadnought class starship manufactured. It’s equipped with a Quantum Jump Drive, an extremely experimental and powerful FTL warp drive that allows it to instantaneously transport anywhere within 20 light-years.
Axies that are NFTs are digital pets with unique looks and attributes. This Axie is utilized in Axie Infinity Which is a pet universe where its players can raise, battle and collect fantastic creatures. The Axie infinity sort of reinforces the usefulness of blockchain technology as it allows its user to earn by playing the game.
It is powered by the Ethereum blockchain.
This NFT is also one of the items available on NBA top shot- which is a marketplace that allows individuals to purchase authentic and Non-fungible NBA highlights. The last buyer of this token purchased it for $100,000.
Is an NFT digital art that changes in correspondence to Bitcoin price volatility.
Genesis is a digital collectible card NFT project launching on the Ethereum blockchain that aims to provide a high-quality, traditional collectible card experience with modern blockchain incentives.
Beervangeer is a studio for the development of Meta Media & Generative Art with a focus on the exploration of human consciousness.
NFT MARKETPLACES
The general meaning of marketplaces does not differ in NFTs case as it is an enabling environment that allows trading, buying, or selling of NFT tokens. Listed below are the commonly used marketplaces for purchasing NFTs or trading NFTs.
SuperRare is an NFT marketplace that allows participants to collect rare artworks. SuperRare allows artists to earn from their authenticated single artworks by making people who wish to buy those items make offers by placing bids. Once these arts are obtained, they could be sold to other collectors.
The Nifty Gateway is a marketplace specially created for Nifties which are unique digital items that can be owned. The Nifty gateway is owned by Gemini whose reputation of providing top-quality security for its contents makes it even more attractive to use.
Rarible as well as being an NFT marketplace provides a platform for artists to create NFTs for content they own. The choice to either create multiple NFTs for a single item and sell it separately or create a single NFT for a rare item is provided by Rarible.
Opensea is the largest NFT marketplace for rare items and it allows users to buy, sell, auction, and discover several items including cryptocurrencies, decentraland, and more. OpenSea currently has over 4 million items.
Async Art is short for Asynchronous Art is an NFT marketplace that allows its users to create, collect and trade programmable art. Programmable arts are living arts created to change over time.
Async allows its users to purchase both masters and layers. Masters are thought of as 1/1 edition pieces while layers are like pieces that make up a master image. Owners of layers are able to affect the outlook of the master images. Once live, the master image continues to update depending on the layers.
KnownOrigin is an NFT marketplace that allows its users to collect rare limited edition digital artworks. This marketplace is powered by the Ethereum blockchain. Items on sale in this marketplace are purely digital items.
MakersPlace promises ownability, authenticity, and a unique look for artworks as it ensures that users of the marketplace are handed truly authentic and unique digital creations.
Is a large hub containing several atomic assets which is a standard for NFTs. Atomic Hub is a marketplace for NFTs hosted on WAX.
Ark Gallery is the first DAO with cryptopunk collectors. It allows users to buy and sell cryptopunks with other collectors.
Mintable is a marketplace that allows turning any creation into a blockchain item making earning crypto much easier.
Cent derives its name from the fact that it runs based on principles of incentivization and decentralization. Cent is a new kind of social network – a censorship-resistant network that runs on Ethereum, utilizing innovative channels which allow its users to earn from anywhere.
Is a brand new and smart marketplace that allows its users to find popular and powerful tokens with powerful search and filtering. Each token on TokenTrove will have its own unique marketplace with custom filters, searching, price estimation, and more. Apart from allowing buying and selling of popular digital collectibles, TokenTrove also ensures that tokens are properly protected in the wallet and would never leave the account until they are sold.
This marketplace is Ethereum supported and allows its users to create, manage and sell digital collectibles like crypto-arts and blockchain collectibles.
Blockparty is a digital asset marketplace where the rarest items (like Digital art Collectibles, Memorabilia & other NFTs) are purchased and could be sold, resold and redisplayed in the future.
Zora is a marketplace to buy, sell and trade limited-edition goods. All of these goods are launched as tokens. Being launched as tokens means that these goods could be dynamically priced, fractionally traded amd launched much earlier (before the item is even available)
Ghost Market is the first-ever cross-chain NFT Marketplace which allows users to discover, buy and sell NFTs from both the NEO and Phantasma Blockchains.
Is a new creative economy that provides a creative playground for artists, curators, and collectors to create, explore and collect digital art NFTs.
Allows users to get one-of-a-kind digital collectibles from their favorite artists that raise money for charity forever and are secured by blockchain technology.
ARTISTS
Artists that utilize NFTs use them to make their artworks authentic through tokenized standards. Some of the prominent artists making use of these tokenized standards to great effect are listed below;
The graphic designer named Beeple released Nifties first ever-changing NFT. Beeple is Mike Winkelmann, a graphic designer from Charleston, SC, USA who has worked for several big brands including Apple, Space X, Nike, Coca Cola and more. Beeple’s consistency has taken him to the very top which has seen him create a picture every day from start to finish and posting it online for over thirteen years without missing a single day.
Well known as Africa’s first cryptoartist, Prince Jacon Osinachi Igwe, Osinachi is a Nigerian visual artist of Igbo descent. In addition to his national and ethnic roots, his signature work explores his personal experiences while giving insight into what existence means. His works are produced digitally via Microsoft. Also satisfying is Osinachi’s hard work and devotion to his work day in and day out. He is beginning rewards for his hard work because, in 2018, he became the first-ever Nigerian artist to showcase artworks at the Ethereal Summit, a conference in New York that seeks to bridge the gap between technology and art through blockchain.
Justin David Blau better known as 3LAU is an american DJ and electronic dance music producer who is well-known for making the first-ever tokenized album sale for $3.6 million.
Justin Roiland is an American voice actor, animator, writer, producer, and director. He is best known as the co-creator of Adult Swim’s Rick and Morty, on which he voices the show’s title characters. He placed his first-ever tokenized works on Nifty Gateway. He was able to raise over $1 million on either of his art collections.
Guy J who is a dance producer sold an NFT corresponding to his track titled “cotton eyes” and this token was the first royalty income right sold on a crypto-powered music streaming platform.
The royalty rights grant its owner a 50% share in all royalties generated by a specific track’s streams on the site and when asked about how he felt after making the sale, he stated how interested and intrigued in new music technologies that provide artists with new revenue streams as well as an increased fan base.
FEWOCIOUS proves that the crypto world suits individuals across all age groups due to inspirational works that involved creating digital art as well as crypto art in the form of non-fungible tokens (NFTs) on the Ethereum blockchain.
This Instagram artist extraordinaire is a Canadian artist skilled in creating digital compositions depicting cyberpunk scenes and visionary dreamworlds. His recent collaboration with Nifty Gateway where he sold artworks for over $400 000. Mad Dog Jones, just like other successful artists, created a personal Instagram niche for himself where his art can be viewed and appreciated by a large number of individuals. Apart from just Instagram show, he also had an exhibition in Tokyo showing some of his artworks.
Matt Kane is an artist and programmer skilled in producing decentralized crypto arts on the NFT blockchain. The record-breaking sale of Matt Kane’s “Right Place & Right Time” on Async. art marks the first time a piece has sold for more than $100,000 in crypto art movement. Estimated to run for the next 10+ years, this promises to become one of the longest-running art collaborations. One day at a time, “Right Place & Right Time” could become one of the most significant pieces in the crypto art movement.
Pak is a quite mysterious artist drawing attention from collectors due to the unique nature of his art which involves an AI algorithm that scrapes the internet for visual content that is most likely to trend on social media platforms. The images are then posted on Twitter and Instagram. Pak is the second top-selling artist in the NFT space.
Josie is a top crypto artist who is well known for her ability to combine crypto and art in an interesting and provocative manner. Recently she has made her work available on the Ethereum blockchain. Her artwork is typically painted on canvas and digital versions of the original are sold in limited quantities along with physical prints. She has produced two collections namely Tune In & Choose with 0nly 20 tokens being available for this item.
Pascal Boyart is a Paris-based artist who creates Digital collectibles from his street art frescoes. Street arts produced by Pascal Boyart are sold in the OpenSea marketplace.
Hackatao is a decentralized artist who produces crypto arts with the NFT blockchain.
Giovanni Motta was born in Verona in 1971 and his art is based on Jonny Boy who he claims is an inner child existing in the soul of every human being. Jonny Boy is the protagonist of his adventures. The aim of his art is to try connecting people with their inner child using any available technique, painting, sculpture, digital animation, 3d printing.
Is an abstract crypto artist whose are on display in SuperRare.
Coldie is a stereoscopic 3D artist creating crypto art focused on blockchain and decentralized crypto art. Early Adopter + NFT + Lenticular Fine Art.
Trevor Jones was an artist who composed Picasso’s Bull — an NFT that sold for a record $55,555 on NIfty. In Jones’ own words, “All I remember thinking at the time was that this wasn’t going to work and especially with me being an artist creating physical work in paintings there was no point in me exploring it. I was so wrong!”
Joy is an artist aimed at creating JOYWORLD arts to make viewers feel joyful and creative.
Robbie Barrat is an artist who used Artificial Intelligence to create design collections similar to Balenciaga’s previous styles.
Olive Allen is a tech entrepreneur and visual artist. She is the founder and CEO of Decadent Inc, a San Francisco-based startup that is building an entertaining and social platform for peer-to-peer exchange and display of virtual collectibles and in-game items.
She purchased her first Bitcoin in 2013 and became actively involved in the community after she saw a clear way to create an actual product that would not only positively impact art and gaming industries but also aid blockchain’s mass adoption.
Olive’s ultimate goal is to make a positive difference in the world by fostering creativity, innovation and finding new ways for experiencing art and culture. She believes in equal rights and intends to encourage more women to enter the industry.
XCOPY is the original gangster in the crypto art world. As an original artist on SuperRare and seeing success on Nifty Gateway with four launches on the platform, XCOPY is a leader in the NFT art community. XCOPY also interacts regularly with the community focusing on messages of positivity and growth.
Hailing from London, XCOPY is a ” long-time digital artist and crypto enthusiast.”
GAMES
NFTs could be used in games as they provide an opportunity for gamers to utilize blockchain technology and earn coins so that these coins could be stored and traded for crypto. NFTs in blockchain-supported gaming bring permanence, provability, player ownership, and an ability to use them across various platforms for equitable and truly decentralized gameplay. Some Games that utilize NFTs include;
Axie Infinity is a digital pet universe supported by blockchain technology. It involves collecting, raising, and battling fantasy creatures called Axies on the Ethereum platform. Axie infinity also allows participants to create a team of Axies to battle in an arena.
Axie Infinity is designed more like a traditional game as it features typical gaming components like; stats, battling, and a familiar video game look. To play this game, users must have a compatible wallet to store their Axie infinity NFTs and must have 3 axies or eggs that hatch to become axies. With the several parts of this game going on, it provides an in-game economy in which players can earn by playing the game.
This free-to-play game focuses on fair competitive play. It is a digital collectible card game that is supported by the ethereum blockchain. It allows each user to choose a deck of 30 cards containing different gods to battle their opponents. Players are able to earn as they play the game by outsmarting fellow players.
Players can trade, sell, lend, or borrow these cards. Each collectible card is a non-fungible token (NFT) stored on the Ethereum blockchain. Gods Unchained initially became playable via a closed beta in 2018 and its popularity skyrocketed. By 2019, the game has already made close to $4 million in revenue due to the sale of cards and collectibles.
CSC is a Massive Multiplayer Online video game that allows its players to literally create and experience several adventures through their own universe. It features fast-paced combat, a robust player economy, and an uncapped crafting system. The system with which this game operates allows players to travel to different star systems, mine stellar bodies for resources, craft items and ships to sell, battle pirates, and other players while commanding their very own starship.
Ethereum blockchain is used in this game to secure the game assets, enforce player-to-player contracts and run the game economy.
Neon district is a cyberpunk role-playing and flagship game. It is one of the latest showings of games being able to leverage decentralized technology as players battle through a large frightening city and are able to make money as they pass to higher levels by earning NFTs.
MCH is a multiplayer Role-playing game supported by the Ethereum blockchain and even gives participants in the game voting rights through MCH coins which were purchased in 2019. You are able to make your value grow by your historical heroes through quests and join the player vs. player battles. Operations on MCH are secured by Blockchain ERC 721 token.
Are you a fan of games that go several years into the future? Then Age of Chains is definitely for you. Age of Chains is a blockchain trading card video game with intergalactic universe billions of years into the future.
Battle Racers is an action-packed arcade game where you build, race, and battle model cars on arcade-sized tracks. You can mix and match parts and weapons to create your perfect car, then use its combat skills to beat other players to the finish line. Battle racers can even be played if you don’t own a car as it is aimed at ensuring that even non-NFT users can enjoy the game.
Marble cards are NFTs supported by the Ethereum blockchain and allow users to create unique digital cards using URLs. The created marble cards are then used to battle in the arena where rewards like Marble coins, experience coins, and even badges are given for battling and participating in voting. Once a marble card is created from a URL, the URL cannot be used for that purpose again.
CryptoDozer is an easy crypto-arcade game that allows users to insert coins to push and collect coins and dolls in exchange for Ether. Different dolls have different Ether values.
Chain breakers is a strategy role-playing game that combines cryptocurrencies and digitally scarce assets. By developing the assets through playing the game, players are able to MANA rewards. The visual aspect of this game is supported by the decentraland metaverse. Decentraland also gained from this partnership as they get MANA for hosting quests from their parcels. A number of rewards depend on the amount of revenue generated on the hosted scene. Chain breakers is supported by the Ethereum blockchain.
Ethermon is one of the very first decentralized games. It features an Ether universe in which players can capture and train mons, participate in battles and also trade mons for rewards. Ethermon combines the best of the blockchain and VR worlds.
NFT PROJECTS
Considering how game-changing and promising the introduction of NFs are in ensuring that blockchain technology is not only fungible but consists of Non-fungible items that help ensure secure, trust-less and immutable transactions, it is only normal for several projects that help users benefit from what it has to offer to begin to take root. Some of these projects are discussed below;
Blockchain technology has given us independence especially in aspects of storing our digital assets. Mint takes this independence a step further as it allows users to create a personal token with a personal smart contract. With mintbase, you can also set up your token for sale and it heads over to OpenSea for sale without you having to do anything. Several mint batches can be created ranging from tickets to arts or even photography. Once items from your mint wallet are sold, your Ethereum account is increased.
Art Blocks is focused on programmable on-demand generative content. After choosing a style you like and paying for the work, a randomly generated form of that artwork is produced by the algorithm and sent to your Ethereum account. Several variants including static images, 3D models or even an interactive experience. With Art Blocks, there are endless possibilities for the sort of output that would be generated.
NETBank.ai is a platform responsible for NFT asset management, portfolio tracking and also enables data influenced decision making as related to the lifecycle of NFTs including obtaining, managing, listing and selling.
NIFTEX allows owners of rare NFTs to unlock liquidity and realize gains from their sales. With NIFEX, owners of rare NFTs create fractions (shards) by choosing issuance and pricing. Each shard represents a fraction of ownership over unique pieces. After creating fractions, the NFT is kept within an audited smart contract. These fractions would then be placed on sale for about two weeks and after the sale, the fractions go to the market where they can be traded like cryptocurrencies. The NFT can only be obtained when 100% of the fractions have been obtained.
InfiNFT is a crypto mining platform that exists to ensure flexibility and longevity during crypto-mining experience.
Aids in building hyper-scalable games, applications and exchanges on ethereum. Immutable functions by using a ZK-rollup which takes thousands of off-chain trades generate a proof that these trades were all valid (i.e. the users who owned the assets signed the trades), and then publish that proof on-chain, where it is verified by a smart contract. User assets are held with a smart contract throughout this process and can only be released after valid proof assigning it to withdraw user is shown.
Ethereum is used as the support system for this project as it truly represents what decentralized, trust-less asset ownership should feel like.
$WHALE is a social currency backed by tangible and rare NFT assets while ensuring scarcity by issuing out only a limited amount. There would only be 10 million $Whale created with their value being supported by highly valuable NFTs.
Flamingo aims to recover NFTs that evolve and ascribe value in the hands of artists, game makers, and the entire Decentralized Finance. After recovering these NFTs, they are archived and could be tokenized as important parts of the DeFi ecosystem.
Collab.Land utilizes identity through cryptocurrency to create a unique space for individuals that possess those cryptocurrencies.
Is a product of Larva Labs featuring 10,000 unique collectible characters with proof of ownership stored on the Ethereum blockchain.
CryptoKitties is a game centered around breedable collectible cats. Each cat is 100% unique, completely protected, and cannot be replicated. Cats of various shapes and colors are available on cryptokitties.
Cryptocrystal allows users to mine, raise and trade sentinel crystals. Each Cryptocrystal is unique and is powered by the Ethereum blockchain. Cryptocrystals are sentiment shiny crystals with personalities similar to human ones but with lovely cute pet animals.
NBA Top Shot is a blockchain-based online marketplace were buying, selling, and trading digital NBA cards. They allow users to collect the most epic NBA moments (by becoming collectors of super rare collectibles). When you get highlights from NBA Top Shot, you can be sure that they are authenticated and are unique as they are sold as NFTs.
Aavegotchi’s are digitally rare and adorable. Rarity is enhanced with each Aavegotchi by equipping wearables and gaining XP, its kinship is grown by constant interaction, and accumulating badges and trophies means your Aavegotchi gets to be with you for a long long time.
Sorare is a global fantasy football game that allows participants to build and manage football squads and also earn weekly prizes by winning competitions against other players.
Nonfungibi is the largest database of blockchain gaming and crypto collectible markets.
Also included in the NFT project are metaverses. Metaverse is a term typically used to describe the concept of a future iteration of the internet, made up of persistent, shared, 3D virtual spaces linked into a perceived virtual universe.Some metaverses are discussed below;
Popularly known as the first truly decentralized world, Decentraland is the first-ever virtual world owned by its users, It hands its participants a means to explore several worlds based on each user’s preferences. Decentraland affords its users to create scenes, artworks, and challenges up to where their imagination takes them. Apart from creating different fun and exciting worlds, users could also participate in events to win prizes. Buying and selling of virtual destinations for digital assets is also a common theme in the Decentraland marketplace. Voting to change how certain activities are managed on decentraland is also available.
Cryptovoxels just like Decentraland is a user-owned virtual world where users can buy land and erect buildings ranging from stores to art galleries. All materials needed for user-friendly Cryptovoxels usage including avatars, editing tools, and text chat are built into it. Cryptovexels is powered by the Ethereum blockchain.
Somium Space is a blockchain-based video game and is the world’s first crowdfunded social VR world built on blockchain technology and allows users to buy land, build or import avatars, completely feel like you’re living in this alternate reality, and even monetize your experiences. Sominium’s In-game assets and land parcels are tokenized meaning that somnium us a company solely interested in giving power to its users.
Upland could be described as the Earth’s metaverse as it affords its users the opportunity to buy, sell and trade virtual properties connected to those in the real world. Upland’s users become digital landowners, are able to build properties, start businesses and even earn UPX coins. Upland is aimed at creating a new digital economy (helping users earn money virtually and in reality) by embarking on a wonderful adventure with its users. Upland is powered by the EOS blockchain.
The sandbox is a community-driven platform where creators can monetize voxel assets and gaming experience on blockchain.
What can we expect from the emergence of NFTs?
As stated earlier, Non-fungible tokens are another game-changing aspect that blockchain technology provides as it ensures that items are unique, authentic, and rare hence leading to an increased value which would also lead to trustworthy and protected transactions. Here are some of the things we should expect to see with the emergence of NFTs;
- In keeping with the furtherance of NFTs especially seeing how artists are able to get justified value for their creations, it is expected that some individuals would give out free tokens to appreciate the support of their long-standing followers. An example of token giveaways is seen in $RAC distributed retroactively to loyal followers of the Zora platform. Owners of this token would have access to a private $RAC discord server + channel and would enjoy exclusive access to future items.
- Following the emergence of NFTs, it is quite clear to see how they would become alternative assets as they provide a stream of income through which arts are treated as collectibles and artists are duly compensated for their hard work. An example of NFTs serving as a means of alternative assets is shown in Guy J selling royalties for “cotton eyes” for $26,000.
- To further increase the growth of NFTs, they would ride on the growth of their affiliates for continuous growth. An example of this supportive growth is seen in KittyRace and KittyHats who have received commendable amounts of growth due to the immense growth recorded on CryptoKittes. This growth would be made possible due to the ability of NFTs to exchange and make use of information.
- Communities will require members to stake tokens for membership. Holders of $JAMM, $KARMA, $DFIO, and $PARTY “pay” an opportunity cost by not selling.
- With the emergence of NFTs, Legacy IP would have a new value based on NFT use cases. The Legacy IP would even become verifiable, rare and traded all of which would lead to a change in value.
- Since NFTs provide an extra revenue source, deeper connections would be established between artists and collectors. NFT art, as an asset class, will resemble music royalties more than analog art.
- Algorithms would also be involved in the creation of valuable NFT art masterpieces as seen in Art Blocks. Valuations of these arts would be further boosted by frequency, rarity and style.
- DCA will only mint 512 tokens. Ever.
Opportunities NFTs Emergence could provide
Non-fungible tokens provide several advantages such as being authentic, being able to be bought or sold in marketplaces, and giving users the ability to alter how the platforms work. With these really great advantages NFTs provide, it sort of provides several opportunities for great stuff to happen. Some of these opportunities are listed below;
- Monetize trust and attention:
Unlike modern transactions, NFTs would provide ways to provide true value for tokens as the scarcity and decentralized way of working means trust and attention would be new gold mines to look into.
Examples of people already taking these chances include;
- 3LAU sold Everything Canvas for $77,827.77
- Lil Yachty launched a social token with Fyooz
- Cyborg partnered with an illustrator for a drop on Nifty Gateway
- Reward early believers with retroactive airdrops. RAC used Zora. Roll and Unite are other options. Seed Club offers social-tokens-as-a-service.
- Incentivize attendance. The Proof of Attendance Protocol lets users collect badges. See this live drop on The Nifty Show using Atomic Hub.
- Gamify your NFT drop:
- Give bonuses for completing sets
- Let users ‘burn’ common NFTs to win rare NFTs
- Add pack breaks
What are the major points to draw from the emergence of NFTs?
- NFTs are easier to store, authenticate, collateralize, value, transfer, tokenize and secure than physical assets.
- Belief drives the price of art and most currencies. Taxes, corporations, and nations are also collective hallucinations.
- Timing and access, not price, are the primary sorting functions of drops. Brands build hype and leave money on the table with artificial scarcity. This is a flippers’ profit.
- Trust still matters. The mechanics of tokenization and listing may be commoditized but trust is not. Nifty Gateway captures value as a tastemaker.
- Semi-fungible is a misnomer. Metadata (previous owners, edition numbers) means that semi-fungible NFTs are actually non-fungible. Each asset tells a different story.
- NFTs have stronger property rights than centralized digital or physical items. You’ll own your NFT whether or not a platform gets shut down or tries to block you.
Arguments against the emergence of NFTs
Just like every recent development, there are some arguments concerning why NFTs may not be the answer we’re all looking for. But even as these questions arise, NFTs come up with several ways to handle these issues. Some of the points brought up against the emergence of NFTs are listed below:
Question: “NFTs have no utility.”
Answer: Owning art signals status. NFTs are a new, superior form factor that solves a very old problem. Some NFTs are used to vote and trade for physical goods.
Question: “I can just copy-paste an NFT.”
Answer: Yes. You can also download mona_lisa.jpg. But do you own it? NFTs sell for hundreds of thousands of dollars. This ship has sailed.
Question: “Proof of listening, watching and attendance can be bought.”
Answer: Yes. And we’ll know whether it was bought or earned.
