NFTs to the Future
NFTs are a new type of digital asset that is taking the world by storm. NFT stands for Non-Fungible Token, and they represent ownership in an individual, unique, or scarce digital object on the blockchain. NFT’s allow users to interact with any number of digital assets without buying each one individually. NFTs are used as collectibles, and their potential use cases are limitless.
“The Future of Art”
NFTs have been called “the future of art” because they allow artists to create unique pieces that can trade on an open marketplace for cryptocurrency instead of being locked away in private collections where people can’t enjoy them.
NFTs are being used to track ownership in cryptokitties, Etheremon, Decentraland.
NFTs can be used for many things, including passports, providing proof of citizenship, or identity verification at border crossings instead of paper travel documents. NFTs could potentially replace the bookkeeping systems currently used by any business with an inventory system where items have serial numbers associated with them and usually need to be tracked individually for accounting purposes. NFTs use cases are limitless because they allow us to tokenize all digital assets, which means that anything digitized can own an NFT representing it.
How do you create an NFT:
NFT’s can be created using NFT standards such as ERC-998, allowing you to create NFTs representing unique digital assets. NFT standards are a very new field, and there aren’t many NFT standards that have been developed as of now. NFT’s can be made through decentralized exchanges such as Openbazaar; they allow users to create NFTs representing anything from an individual product on the eCommerce platform or even artwork that is digitized using software like Arto (arto. co/).
Furthermore, Nftify, a website (https://nftify.network/) that allows anyone to create NFTs with the click of a button without any programming experience needed by uploading an image or using their online design tool, upload their file, and Nftify creates your NFT for you. This service makes it extremely easy for anyone to develop NFTs representing anything from logos to artworks!
We’ll go into more detail in Pt 2. of this series…You don’t want to miss it!