Non-fungible token (NFT) is essentially a gaming item, character, art, or something else that is entirely digital and stored on the blockchain. NFTs are non-fungible because they all have different values and one NFT can’t be traded for another. All the NFTs are unique in their looks and code, and there cannot be another identical NFT made. Most of them are made on the Ethereum (ETH) blockchain, but there are other networks people prefer over ETH, such as Cardano (ADA), Solana (SOL), etc. NFTs are already a billion-dollar industry although it’s still being discovered.
What do NFTs offer & solve
Non-fungible tokens gained momentum in 2017 when first projects were launched and pioneered this industry in a short time. Since then, NTFs proved themselves as useful products with many benefits as they are stored on the blockchain and provide real authenticity, scarcity, and proof of ownership. For example, most paintings have always been sold in a real form but now it is possible to buy, sell, trade and own digital artworks. Moreover, in-game items, GIFs, tweets, and many more items can be connected on blockchain as an NFT.
The year 2021 is surely the most significant year for NFTs as this industry went mainstream. People try to put anything they can on blockchain and create NFTs, such as lands, buildings, or factories inside of the metaverse. Tokenizing of assets is becoming essential as the digital world rises in popularity every year and it provides more transparency and liquidity to the process.
Why you should invest in NFTs
There are several already mentioned advantages connected to owning and trading of non-fungible tokens, but one of the biggest motivations for people is to make money. It’s still a new and unexplored territory with huge potential and possible profits. People have seen the prices of NFTs skyrocket faster than any other assets, and that’s also what makes them so attractive.
All the graphically-intense cool-looking NFTs are being minted for $100-$200, and some of them grow to 5 or 6-figure worth in a matter of a couple of months. What’s also great besides huge profit potential is a fact that smart contracts (a set of coded commands built into the blockchain) ensure artists and creators that they will get paid based on the use and resale of their work in the future.
With other use cases in gaming and collectibles, NFTs have proven to be a unique and profitable tool for investment. The world is continually transforming into digital in terms of authenticity and ownership of assets, where NFTs will become a major force. There are still ways to go, but one thing is clear. NFTs are here to stay and grow.
Qorpo is an international company focusing on connecting gaming with blockchain, cryptocurrencies and NFTs. Qorpo is an NFT leader in central Europe currently building the most complete ecosystem in the NFT universe with 3 live products — Trade Race Manager, Qorpo Wallet and Qorpo Market. There’s another product coming soon — CyberTrade (NFT based game build in full 3D Unity engine — Dominate the city in this revolutionary Play2Earn NFT metaverse with your crime syndicate and become the Boss of all Bosses).
Disclaimer: This article is not investment advice and only serves for informational purposes.