NFTs are unique bits of code that can't be replicated and are typically used to verify ownership or authenticity of a digital asset. They have been used to represent such things as collectibles, digital art, sports memorabilia, virtual real estate, and items within blockchain-based video games.

CryptoPunks are a set of 10,000 algorithmically generated characters and CryptoKitties is a game where you can purchase, collect, breed and sell virtual cats. The rarest of either are valued over $1MM

For NFT art, it might seem dumb to pay for something you can just download for free...but which would you rather own: the verifiable original Mona Lisa or a print from the gift shop?  

How do you prove who you are? Or that you own your house? Your car? You have paper documentation of all this stuff. And all of it can be digitized into NFTs and publicly recorded on the blockchain. 

Today, it's a pain. You need to jump through DMV hoops to prove and transfer ownership...and pay them for processing. If ownership is digitized, you get paid by the buyer and transfer the NFT. For free. 

NFTs prove ownership of an asset...and that ownership can be split up into parts. So, anything you sell can be sold to multiple owners, making it more affordable. Real estate, art, cars...any digitized asset.   

Most massively multiplayer online (MMO) games are all about earning items and achievements. NFTs allow for creation of unique in-game items that can be bought, sold, traded ... but never replicated. 

Digital real estate can sell for millions. Nike acquired a digital studio that sold a single collection of NFT sneakers for $3.1MM in 2021. If you're interested in this aspect of NFTs, check out our blog post. 

There's so much to cover when it comes to NFTs, and we've barely scratched the surface of their potential. Get in touch below if you want to learn more!