Popularly known in the gaming and collectible space, non-fungible tokens (NFTs) are one of the booming areas of the crypto industry. The most popular NBA star card during this period is a collectible type of NFT. A LeBron James star card sells for a staggering $100,000. Its total sales have surpassed CryptoKitties and become the number one NFT collectibles. However, the use cases for NFTs go far beyond games and collectibles, and developers are creating a virtual world through NFTs. We are still in the early stages of NFT adoption, and NFT can also be applied to a wider range of fields such as art, music, and fashion. What are NFTs NFT is a non-fungible token whose smart contract has unique attributes and data. Non-homogeneity is the key difference between NFT and other digital assets. A bitcoin in my wallet can be sent to your wallet, and you can send another bitcoin to me. Although they are not exactly the same UTXO, the value of this bitcoin is the same. All known currencies are homogeneous, represent equal value, and thus serve as a medium of exchange between people. secondary title secondary title secondary title The ERC-721 standard helps tokenize assets and create unique assets, but in some scenarios, such as when a player transfers multiple pieces of armor for a specific character in the game, ERC-721 is very inefficient. In contrast, the performance of ERC-1155 will be more satisfactory. ERC-1155 also supports the creation of NFT tokens and allows batch transfer of multiple tokens at a time, much faster than ERC-721. ERC-1155 tokens are often described as the next-generation multi-token standard, and the key word here is multi-token. ERC-1155 was developed by Enjin and it supports both non-fungible and fungible tokens. There has been a lot of speculation about the value proposition of NFTs, especially in the art and collectibles community. These digital assets can be obtained on the Internet by downloading, copying and pasting, or taking screenshots. secondary title Art Art The most common type of NFT art appears to be programmable art, which interweaves creativity and technology. There are thousands of limited edition 4D artworks that can be programmed to change under different conditions. Using oracles and smart contracts, artists create images that react to the price fluctuations of crypto assets. For example, a portrait of the Mona Lisa, Mona Lisa will show her classic smile when the price of ETH is rising, but if the price of ETH is falling, she will frown. The traditional art industry has also shown interest in blockchain technology to tokenize artworks in real life. The combination of IoT (Internet of Things) and blockchain allows people to scan the QR code placed on the sticker on the back of the painting and register on the blockchain as the owner of the work. Blockchain can also reveal the past history of a piece of art, including previous owners and sale prices. Certification and Individual Licensure Students typically receive a paper or electronic certificate upon completion of the course. Most companies and universities require candidates to present this credential when hiring. Collection Collection domain nameWhat are NFTs
ERC-20
ERC-721
ERC-1155
Use cases for NFTs
domain name
Another way to get exposure to NFTs is through the use of domain names through Unstoppable Domains or Ethereum Name Service (ENS), but people often dont realize it themselves. ENS allows users of Ethereum wallets to change a long list of hard-to-remember addresses starting with 0x to a more readable myname.eth, thereby creating a more user-friendly and on-board experience.
music
music
Music files or songs can also be made into NFT, and only those who own the NFT can listen to the song. Platforms such as Rarible and Mintbase allow artists to mint their songs as non-marketable tokens for fans to enjoy.
From a loyal fan perspective, these records are limited editions and they cannot be copied or uploaded anywhere else. This allows digitized music to have a vinyl-like collectible quality, with modern technology backing up its rarity.
Records were one of the most common collectibles before entering popular culture in the digital age, but the advent of the internet and music streaming sites changed all that. Music piracy is rampant in the industry, and artists are losing a lot.
Through NFT, the artist can bypass the intermediary company, the fans pay the full amount to the artist, and the music can also be limited edition or special edition.
Finance and Insurance
secondary title
How to get NFT?
OpenSea
OpenSea is one of the largest NFT marketplaces, comparing itself to the eBay of the NFT world. You can buy and sell anything on this platform, including Axies, CryptoKitties, ENS domains, and merchandise in the virtual world.
Rarible
secondary title
Where should NFT exist?
secondary title
How to use NFTs
NFT tokens come in many forms and standards, and we can expect to see more of them in the coming years as integration across platforms and projects grows in popularity. Just the difference in use cases between the two tokens, ERC-721 and ERC-1155, is huge.
Most NFTs are either digital assets or tokenized real-world assets through blockchain technology, but before purchasing an NFT, it is best to understand its functionality and storage availability. These vary according to the type of NFT and the industry it is in.
We will soon be living in a world where NFTs are seen as part of everyday life. Wide acceptance of NFTs will increase the transparency and security of the retail supply chain, save time in administrative procedures, and provide independent musicians, artists and Entrepreneurs provide more opportunities to achieve financial freedom through their work.
