NFT or non-fungible tokens
I am often told that the most valuable contribution that cryptocurrency will make to the world, will be the blockchain. Bitcoin is important and definitely an attention getter, but the ability of the blockchain to create efficiencies will definitely have worldwide impact. However I think this statement ignores the impact of NFT's.
Non-fungible token - Wikipedia Definition
A non-fungible token (NFT) is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not mutually interchangeable. This is in contrast to cryptocurrencies like bitcoin, and many network or utility tokens that are fungible in nature.
The monetization of video games and the system that allows players to own and trade the armor and weapons they win in a video game is NFTs.
The Famous game Splinterlands depends on NFT tokens
Game cards in this game were initially just dihgital art, but the breakthrough came when they were turned into NFT. Now they sudden were owned by the players and also could be bought and sold independently of the game in theory. Splinterlands is a game which put made the Steem-Engine side chain developers famous, and possibly rich.. or at least able to quit their day job!
Tokenization od assets is very big also
Asset Tokenization using NFT is at the heart of the NFT gallery
Where digital art pieces are tokenized or represented digitally as NFTs allowing them to bought, sold and traded all over the world. In any industry the size of the market is tantamount and NFTs enlarge the market.
Asset tokenization using NFTs is at the heart of revolutionary real estate refinancing without banks
...through a process called Fractional Tokenization. Where pieces of real estate are broken up into smaller pieces, which cost less, and increase the size of the market or size of the potential pool of buyers. It's the same principle as Bitcoin being broken into Satoshis, but each seller decides how many pieces, two, ten, 100, 1000 or one million. It's all about increasing the size of the market.
Asset tokenization using NFTs is at the heart of selling super expensive works of art through a process called Fractional Tokenization...
Where pieces of art are broken up into smaller pieces, which cost less, and increase the size of the market or size of the potential pool of buyers. It's the same principle as Bitcoin being broken into Satoshis, but each seller decides how many pieces, two, ten, 100, 1000 or one million. It's all about increasing the size of the market.
Last Words...
Tokenization is the creation of NFTs or non-fungible tokens to represents assets. It's a is used in gaming, and traditional commerce involving art and real estate. Using NFT's is like magic.
But the interesting thing is that just like an Operating system on a computer, over time it becomes invisible, as people focus more on the products being offered then on the method by which they are offered.
How many people playing Splinterlands care about NFTs or even know what they are? They just want to know their cards are secure and unique.
When you look at Ethereum the blockchain and Ether the token, the creation of ERC NFT tokens was one of the catalysts for many of the successful dApps on like crypto kitties on Ethereum to Splinterlands on Hive. The utility drives the token and blockchain adoption, and this is one thing which drives value. Any blockchain can do this, but a DPOS blockchain has fast, free transactions and scaleability. This is the future, will we embrace it?