What are NFTs? And how can they be used?
An NFT is not just a JPEG . It's not a profile picture of a bored monkey, a tweet turned into a digital collectible, or a pixelated punk face.
These are all things an NFT can represent and what they represent is code, otherwise known as smart contracts. Smart contracts power NFTs because they allow you to sell or transfer an NFT, set artist royalties, interact in the metaverse, and more. The NFTs built on different blockchains among the most famous we certainly have Ethereum, Binance Smart Chain, Polygon, Solana.
Unlike regular cryptocurrencies, NFTs cannot be traded directly with each other. This is because no two identical NFTs exist, even those that exist within the same platform, game or collection.
Why are NFTs popular all of a sudden?
The explosive popularity of NFTs shows the unpredictable adoption curve of new technologies and, according to experts, there were many factors that contributed to the growth of NFTs in 2021.
Many new investors flocked to cryptocurrencies in 2021 due to the bull run of Bitcoin and Ethereum . And once you own some cryptocurrency, it's easy to start exploring other alternative cryptocurrency investments, such as NFT, staking, and blockchain games .
NFTs have also become a new means for artists and creators to display and monetize their creations while providing full transparency and ownership authenticity.
Famous NFTs for famous people
There have also been many celebrities who have talked about it and contributed especially on social media. For example the Bored Ape Yacht Club , for example Jimmy Fallon, Stephen Curry and Paris Hilton each bought one.
So, if you bought a Bored Ape, you would be part of the same group that many famous celebrities belong to.
And since there is a limited number of monkeys, around 10,000 for purchase, people compete to buy them. These two aspects are essentially what make them valuable from a society's point of view
Play-to-earn and mobile blockchain gaming
Launched by the massive growth and popularity of Axie Infinity, blockchain-based games, which allow players to earn digital currencies, have grown as a popular crypto application. These games are commonly known as Play-to-Earn (P2E) games , as users are rewarded for their achievements in the game typically with a token that can then be sold in other cryptocurrencies.
Typically, these games have an in-game currency, market, and token economy. Some games are incorporating decentralized finance ( DeFi ) features with games in a development called GameFi .
Although P2E games are becoming more and more popular among cryptocurrency users, surpassing DeFi as the main use case of dApps, they are still mostly browser based, e.g. Bomb crypto , Luna Rush , Planet Quest etc. However, P2E-enabled mobile games are starting to gain ground.
What are NFTs, there is also the Metaverse!
The NFT and P2E models offer new opportunities for mobile game developers, but they also face numerous challenges. It remains to be seen how successful these models will be in mobile games, but there is sure to be a wave of new space entrants in 2022 and beyond.
While the concept of virtual worlds is not new, crypto-economic inventions such as distributed ledgers and NFTs allow for the creation of a universal state level that could provide the property rights needed to operate in the metaverse .
The new interest in NFT and cryptocurrencies, combined with the announcement of Meta (Facebook) and the popularity of engaging games such as Axie Infinity, Gods unchained , Splinterlands and many others that you can find on this blog , has sparked a wave of speculative interest. for metaverse and cryptocurrency projects, also for virtual real estate, for example one of the first metaverse The Sandbox .
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