The crypto market has evolved tremendously since its inception. Several products keep on coming in every day and they are all geared towards exposing the traditional sector to the digital world in a new way. One way that crypto has done this is through NFTs. NFTs are cryptographic assets on a blockchain with unique identification codes.
These unique codes ensure each NFT is separate and unique with its own attributes. This has ensured digitization of so many assets on the blockchain. NFTs can be in diverse forms and they include being able to represent physical objects, digital content, or even intangible concepts like intellectual property too. NFTs have grown to become very popular in the cryptospace because of some basic functions such as its plethora of use cases and the accompanying monetary benefits.
Utilisation of NFTs
Since its inception, NFTs have shown people all over the world a new way of digital ownership. Owners of digital artwork no longer need to consult third parties to authenticate their pieces of work. This also applied to verifying the originality of work. This distinguishing feature of NFTs have ensured its success across several crypto platforms.
Some governments are now exploring NFTs, and many prominent companies have invested millions of dollars into developing NFTs to help boost and properly digitize their business.
Apart from its enormous use in justifying originality of works, NFTs have been integrated into several games. Its usability in game developments also catalyzed the popularity of NFTs. New games are being developed in crypto with NFT collectibles embedded to make the game more appealing to users.
Monetary benefits of NFTs
The popularity of NFTs exploded when people realized its monetary benefits. After Beeple sold an NFT for $69 million at Christie’s, NFTs became very popular and since then many institutions turned their eyes to NFTs leading to a remarkable growth in this sector. Jack Dorsey sold his first tweet for $2.9 million about a year ago.
Several NFT projects have been built with many of these providing opportunities for users to monetize their digitally registered assets. A more recent catalyst to the popularity of NFTs is the ability to register blockchain domains with NFTs on the blockchain.
