- non-fungible tokens -
unique, non-interchangeable units of data that verify ownership / authenticity
Check Out Some Quick Facts Below
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NFTs were created in 2015
on the Ethereum Blockchain
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.
Nfts hit the mainstream in 2017
via "CryptoPunks" and "CryptoKitties"
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
who the hell would pay $1MM
for something you can just save for free?
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?
NFTs are so much more than just art
they can prove ownership of anything
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.
Example of potential:
Selling your car to another person
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.
the current big thing:
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.
NFTs and the future of gaming
decentralized gaming and metaverses
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.
Metaverse NFTs are already a big business
in-world digital asset value is on the rise
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 more to cover
NFTs have a ton of practical applications
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!