There has been an intensifying growth and acceptance of Non-fungible tokens (NFTs) in the past few months, and it doesn’t seem to reduce in 2021.
Basically, NFTs are distinctively unique digital assets. They are issued frequently on the Ethereum ERC-721 standard that is known for creating provable digital scarcity. A current, better-quality standard is ERC-1155. Here, a single contract can contain both NFTs and fungible tokens.
NFTs, give room for professional content creators to bring out exceptional works that end up being a rare collectible. The amount paid for some crypto arts definitely shows why the demand in this aspect of the crypto market increased.
It can be printed, displayed on a PC or television, and also useful as wallpaper. They are used to prove the source and scarcity of a digital asset. NFTs are non-fungible because one is definitely different from another, and the entire NFT cannot be broken into smaller portions and used.
Rarible, SuperRare, and OpenSea are some popular platforms that allow tokens to be created and issued. They serve as a market for crypto arts, virtual items, digital collectibles, and many more. Non-Fungible Tokens are looking for use cases in all aspects.
Decentralized applications use NFTs for the creation and possession of inimitable digital assets and rare collectibles. The digital assets are a seamless example of how verifiable scarcity can be produce using Ethereum.
These days, Non-fungible tokens are selling for over $100,000. There is a relatively high demand for Beeple artworks. He auctioned off his Non-Fungible Tokens collection for three million and two hundred thousand dollars, including a piece purchased for 777,777 USD two months ago.
Since it is still in the early stage compared to other digital cryptocurrencies, these tokens have generated new attention into the cryptocurrency industry.
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