NFTs: Putting the “Fun” in Non-Fungible

NFTs, or non-fungible tokens, are undoubtably the strangest thing that has thus far evolved from cryptocurrency. Some people will never understand NFTs, while others seem to immediately embrace the concept. When the NFT market first appeared, it seemed like a “flash in the pan” kind of fad – not dissimilar to youths collecting baseball or Pokémon cards – under the guise that they will eventually increase in value as time goes by. The wild thing about the NFT market is that these collectable pieces of digital art legitimately can increase in value, sometimes at a substantial rate. In this piece, we will be discussing the emerging NFT market, and what NFTs mean for cryptocurrency, as a whole.

What are NFTs

The photograph heading this article is a copy of a JPEG image, which sold for over $69 million. Nice! Obviously, this is not the “original” JPEG image. Spending $69 million on the headlining picture for an article would be absurd. The thing about digital artwork is that you can copy, paste, save, and email all these pieces – completely for free – if one were so inclined. However, any of these duplicated pieces which one may have copied, pasted, saved, or emailed would not be the “original.” That is exactly the difference. You are not paying for the artwork itself; rather the rights to say that you own the “original” copy(‘s) of said digital artwork.

Not all NFTs are created with zero use-cases in mind. There is an emerging market for useful NFTs, which are becoming a stable component of crypto-culture. NFTs are now being utilized for larger perspective goals, such as gathering funding for new coins and tokens, supporting humanitarian efforts, and attaching digital components to real-world artwork.

NFTs and Gaming

There are more than a few videogames that are directly tied into NFT culture. In fact, there are a growing number of videogames which are entirely centric to the DeFi marketplace. Many of these games rely on players using fungible cryptocurrencies to purchase non-fungible assets within the games themselves. Decentraland is the predominant example of this phenomenon.

Decentraland

Decentraland is an open-world environment, which is owned by the community that participates in it. Decentraland operates on the Ethereum blockchain, and consists of 90 thousand parcels of digital land; each of them measuring 16 by 16 meters, or 52 by 52 feet. Parcels of land – which exist within Decentraland – are available for purchase or sale, as non-fungible LAND tokens. Each of these LAND tokens are characterized by their location on Decentraland’s map and are customizable. These digital parcels of land can be customized using the Decentraland builder, much in the same way that parcels of land can be customized in games like Sims, without any technical knowledge. Much like the Sims, Decentraland acts as a sort of a digitalized neighborhood, which players can traverse and build upon. These parcels of LAND are purchased with Decentraland’s native currency MANA, which has seen significant price action since its creation.

Empowa NFTs

Empowa is another project which is utilizing NFTs to source funding for the project’s goals. Empowa exists on the Cardano blockchain and aims to build affordable housing in Africa, in a decentralized fashion. Empowa is currently creating and selling NFTs in order to fund their humanitarian efforts. Empowa and similar projects are hallmarks when it comes to using NFTs for a grater purpose than simply financial gain.

Conclusion

The NFT market is becoming a big contributor to the growth of DeFi projects, built on blockchains such as Ethereum. The overall NFT market is also a big contributing factor to the prices of the cryptocurrencies which host these DeFi projects. Killer Whale Gain ETH has seen massive success because of the growing NFT market. NFTs are just another component of cryptocurrency adoption, as they are directly tied to the fundamental human drive to create artistic pieces, which are both beautiful and functional. Be sure to check out the Killer Whale Products Page to find the right Killer Whale Signals and Strategies that are right for you!

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