NFTs are basically Non-Fungible tokens that were created early on in the year 2014 and it was done by a man named Mcoy. There is no specific reason as to why he did that but today NFTs have become the talk of the town. NFTs have become something we hear on a daily basis. These NFTs bring a lot to the table and that is no joke. Before the NFTs, there were regular digital art pieces, and you also had the regular physical artwork and then you had all the videos, the collectibles, the sports items, and everything that is being sold, traded, and purchased as NFTs in a platform known as NFT Marketplace today. Then why do they have the upper hand? Why do NFTs that fluctuate in value and have different price points hold greater value than those that are fixed? With several questions in mind, one has to also understand the very benefit that NFTs bring to the common consumer or user.
NFTs have been around for quite some time and they have managed to dominate the market in their own way. NFTs have enhanced the way of living in their own way and are continuing to make things way easier. NFTs have constantly broken ground over and over again with several interesting interventions. No, not the “How I met your mother” intervention but the one in which something has to be changed. Well, hopefully, that drives across my point because we needed NFTs to be invented because in hindsight we might think of it as just another gimmick but deep down everyone knows the impact that it carries. NFTs vary greatly in their own way, some of them might just be plain NFTs that have no utility and some others might also be NFTs that have utilities attached to them. This varies because of the fact that NFTs are now popularly used as marketing tools as well. So the saga continues.
The added value of NFTs
NFTs bring incredible value in their own way and that is not a statement but the truth. The reason for this is, NFTs with or without added utilities still have their own value. So the utilities are but the icing on the cake because it incentivizes people to invest more in the NFTs. NFTs have started taking various different departments by storm, the reason for this being the increasing frequency of how many different companies and people have heavily invested in it. There are questions that are often raised as to whether there is an actual need for NFTs. A valid question and the right answer would be that “ necessity is the mother of all inventions.” So if there was no need why would someone have made it in the first place? NFTs have taken over several different segments of various markets, even the gaming realm and the way they did this is by completely revolutionising the P2E gaming segment by introducing P2E NFT games.
NFTs have constantly grown over the last few years and so the question as to why NFTs had to be invented well the answer is obvious, yes! NFTs are unique in their own way. The reason they are unique is that they are based on a blockchain that does not allow forgery or replication or even remote copying because of how secure and encrypted it is. This also shows that these NFTs are truly one of a kind and a 1 of 1. The best part is that these NFTs, unlike the other means of digital assets, don’t occupy much space and can be transferred, purchased or sold without any hidden cost. This gives them the upper hand and just the fact that these NFTs can be massively diversified into different market segments and still hold the same if not greater value takes things to a completely different level.
NFTs and their uses
- NFT gaming platforms– NFTs have been used in games as characters and as items as well. There are quite a few games that use NFTs to create actual 1 of 1 items. The reason for this is that there would be greater merit in playing the game as users can also make money with it by using it as a means of investment. The character and the items could also be levelled up to increase their value and they could also be traded on a common NFT marketplace or a specialised one. Playing NFT games you can gather tokens or points through which you can level up the NFTs you own or even buy new ones, or even withdraw it as real money.
- NFT ticketing- NFTs are now being used in the ticketing world as well. The reason for this is that it prevents forgery and/or overuse of one particular ticket. This is not a surprising thing and there are times that this has happened more than once when people have faked tickets to get into movies and shows. So by enabling NFTs in such an environment there is little or no chance of messing around with duplicates or reusing existing ones because after 1 use they get burnt.
- NFT shopping- This is an interesting thing, because we seldom find such an interesting premise. The problem with the entire thing is that these NFTs do create some scepticism. This is not because of the fact that they are NFTs but has to do directly with the fact that these NFTs are for shopping. Strictly speaking clothes shopping. People usually prefer to go and purchase it live from the shop because the size might vary. That being said, it still is something revolutionary.
NFTs have been around for quite some time and while they are something that is quite recent they do add a significant impact. NFTs are unique, in fact they are flag bearers of uniqueness given that there are no 2 same NFTs. They cannot be copied, faked, or replicated which makes them immensely valuable and secure. With all that being said, we do indeed need NFTs and yes they were something that really needed to be invented.