Possible NFT projects

NFT stands for Non-Fungible Token, a unique token used to identify products and assets. Because of this unique nature, it can become an authentication tool in the internet world and the potential of this technology is enormous. However, it is currently difficult to use all of them. Several sectors with the right attributes can adopt this technology quickly. In this article we will discuss the potential of NFTs.

NFT potential

game

The game is one of the best NFT fields. By playing video games, players can get valuable things. Tokens are authenticated and identified by game players for all items.

Users can use their gaming skills and earn real income. Weapons, vehicles, character items can be sold and purchased. According to different games and with different rules and how to play.

In addition, NFTs in the game world allow players to easily exchange items with each other. This is a rare feature in the market.

art

Before blockchain technology, verifying artwork was a headache for artists. On the blockchain, every artistic transaction is irreversible, ensuring that no party can change the details of the artwork. This increases sourcing transparency and trust between buyers and sellers.

identity management

Identity management is an unavoidable government necessity. With the growing need for secure digital data storage around the world, NFTs can contain unique information about certain assets. This can include all types of data such as medical history, property details, personal records, educational history and financial information.

communication and content creation

When creating media and content, piracy, copyright and plagiarism are major challenges. This influenced the growth of the media and entertainment industry. NFTs can use blockchain technology to prevent such scams. This makes it impossible to reproduce creative ideas and works.

not moving

The traditional real estate industry has a very difficult methodology. With NFT, the entire process is digitized. Assets on the blockchain network can be tokenized and tokenized. These tokens are negotiable and easily exchangeable on the secondary market. This eliminates the role of intermediaries such as brokers, brokers, banks, agents. This also prevents disputes over the ownership of goods between the two parties.

Possible NFT projects

CryptoKitties

This is a game developed on the Ethereum platform. It allows users to collect and breed virtual cats. This digital cat stands out for its looks and characteristics. This is considered their “attribute”. Due to the nature of this token, any digital chat represented by the NFT cannot be copied, destroyed or deleted.

To start raising digital cats, users need to deposit ETH into the game’s official wallet, Dapper. There are two ways to raise a new kitten. The first is to raise your own two kittens, if you lose two, you can use public paternity. Secondly, buy the first kitten on the market.

CryptoKitties was the first NFT protocol to gain mainstream attention in late 2017. Since users can breed rare cats and resell new kittens for profit, the game is attracting a lot of attention. Now that the CryptoKitties “boom era” is over, the game still has strong traction in the NFT space.

decentralized

Powered by Ethereum, Decentraland is a decentralized virtual world. This section allows users to buy and sell real estate and participate in the process of building virtual worlds.

Exchangeable tokens and non-fungible tokens are required in the Decentraland game system. MANA is the digital currency used in the Decentraland marketplace. MANA can be purchased on any cryptocurrency exchange that supports it. In addition to the Decentraland marketplace, users can purchase supported items from NFT marketplaces such as OpenSea.

Decentraland invites users to participate in the governance process. Users can vote for their management and voting proposals from a variety of sources. Maybe for example MANA, lands, ingame resources Agreed topics on new features, transaction fees, devices in the world of Decentraland.

Seldom

Rarible is an NFT marketplace founded in January 2020 by Alexander Salnikov and Alexei Falin. He specializes in buying and selling rare digital collectibles. Rarible supports a variety of digital assets. Some examples are: digital art, domains, DeFi insurance policies, memes, and the metaverse.

When used, the user can download collections in any supported digital form (graphics, audio, …). Then add a description and price details. The next step requires the user to login to their Ethereum wallet to approve the transaction.

Rarible has gained immense popularity in the crypto community because of its token. This is rare. The launch of RARI is the first step towards Rarible’s ultimate goal. This is the creation of a rare decentralized organization. As an ARRI owner, users can submit and vote on system improvement proposals. This includes making decisions about Rarible’s transaction fees and adding new features. Just like Decentraland.

very rare

SuperRare is a digital art marketplace founded in 2017 by John Crain. SuperRare allows artists to tokenize and monetize unique artwork. Each SuperRare artwork is represented by an ERC-721 token.

When artists post authenticated digital work on SuperRare, their work is certified on the Ethereum network. This prevents tampering and provides historical origin. Additionally, artists can exhibit their work on SuperRare using the virtual reality gallery.

On the other hand, art collectors can purchase art at SuperRare. Also selling NFTs on secondary markets like OpenSea. All transactions on SuperRare are made on Ethereum. Buyers must pay a 3% transaction fee on all purchases.

Similar to traditional art galleries, SuperRare also charges artists. On big sales, artist gets 85% of revenue while SuperRare gets 15%. Artists receive a 10% royalty for additional earnings.

Ethereum name service

Founded by the Ethereum Foundation in May 2017, Ethereum Name Services is an open, distributed and scalable naming system built on top of Ethereum. The .ETH domain name is unique and cannot be changed. These are represented by NFTs that are ERC-721 compliant and can be purchased and traded on NFT marketplaces such as OpenSea and Rarible.

As these domains comply with the ERC-721 NFT standard, they can also seamlessly connect to NFT marketplace and wallet interfaces, enhancing NFT and DeFi integration.

Epilogue

The potential of NFT is unquestionable. Another aspect of this technology has to do with the NFT trading market. This market is growing and maturing. This provides traders with another promising investment channel.

WARNING: Investing in financial products involves a lot of risk and may not be suitable for all investors. Therefore, please think carefully and check yourself before making any decisions regarding the content referenced herein. CryptoViet.com.