The value of digital goods resides in the virtual properties that attract people, but before blockchain there was a lack of the ability to verify the origin of digital artwork and lack of scarcity. Thanks to the advent of the Non-fungible Token - otherwise known as an ‘NFT’, digital creators have largely overcome these challenges.

NFT artworks are unique blockchain authenticated artworks that can be traced from their source and cannot be duplicated. Because of that, NFT collectors and artists can verify ownership in the expansive digital ecosystem in a fraction of a second. Because of this characteristic, many believe that the NFT market will continue its impressive growth trend this year. As of March 2021, 135,781 NFTs were sold, which reflected almost half of all NFTs ever traded. Major players in the industry include NBA Top Shot, CryptoPunks, and Hashmasks. Here, find how they have performed so far:

• NBA Top Shot: Has generated over $700 million in sales
• CyptoPunks: Has generated over $430 million in sales
• Hashmasks: Generated $48 million in sales

A non-fungible-token differs from a fungible token because it is a unique product that is stored on a shared digital ledger, called a blockchain. For instance, a one-dollar bill is interchangeable with any other genuine one-dollar bill. However, as a type of cryptographic token, NFTs are not mutually interchangeable, i.e. not fungible. It is this attribute that creates an NFTs scarcity in the digital world.

The CryptoPunks analogy

CryptoPunks is one of the earliest deployments of digital collectibles on the blockchain. Each virtual punk comes with unique attributes and appearances. As with any collectible, unique CryptoPunks are sold for a premium price. The highest traded CryptoPunk attracted $11.7 million at a recent Sotheby’s auction. Many see CryptoPunks as the icon of the digital asset revolution.

Just like CryptoPunks, Watch Skins sets a new standard for a new generation of collectibles: easy to acquire, rare, beautiful, wearable and functional. Watch Skins offers unique value by combining all the above attributes in its ecosystem.

NFTs Meet Fashion & Utility

Watch Skins has developed a marketplace that will feature licensed content from top name brands that can be displayed as NFT smartwatch faces. This benefits artists, brands, and collectors alike. According to Founder and CEO Collin Knock, “Watch Skins is about giving customers choices. We’re able to offer a wide variety of branded fashion and entertainment content, which in turn gives companies an amazing opportunity to license their intellectual property in the form of digital watch faces. It gives customers access to brands in an exciting new format, and it keeps companies relevant and in front of consumers in the digital age. Many exciting licensing possibilities are coming in the future, and we’re optimistic about what Watch Skins is contributing to the future of licensing using blockchain.”