Simply put, A non-fungible token (NFT) is a one of a kind asset that is stored online and is managed in a digital ledger — called a blockchain. This certifies a digital asset to be unique and not interchangeable. So even though it exists online, the asset can’t easily and endlessly be duplicated.
NFTs can be used to represent items such as photos, videos, audio and other types of digital files. For instance, a February 2021 highlight the clip of the memorable dunk NBA star LeBron James sold for $208,000. Paris Hilton recently managed to sell a picture of her cat for over $17,000 worth of ETH.
Here are some examples of NFTs:
- A unique digital artwork,
- An in-game item,
- An essay,
- A unique sneaker in a limited-run fashion line,
- A domain name,
- A digital collectable,
- A ticket that gives access to an event or coupon.
NFTs have a unique digital signature, meaning that they’re truly one of a kind. NFTs are usually bought with the digital assets Ether or in US Dollars while the blockchain keeps a record of all transactions. While anyone can still view the NFTs, the buyer has the status of being the official owner — a kind of digital bragging right.
Here are the benefits of NFTs.
Benefits of NFTs
Unique
NFTs have a strong information tab that explains their uniqueness. This information is completely safe and accurate.
Maintaining ownership rights
This refers to a network of shared platforms where no buyer can change the data later. In this way, NFTs show that you legally own a piece of digital information.
Trustworthy
NFTs use blockchain technology to create a decentralised and permanent record that is difficult to hack or tamper with.
Easily Transferable
You can purchase and sell your NFTs in an online marketplace.
Limited
The value comes from scarcity. NFTs developers can create an infinite amount of them, often changing them slightly to maximise interest.
Some popular examples of NFTs and transactions
Bitcoin Origins
Bitcoin releases a highly scarce series of digital collectable cards to commemorate the most significant moments in its history. Created by artists, the cards are all released on the Bitcoin Origins website, selling out within a matter of seconds on the WAX blockchain. This project grew to one of the biggest NFT projects in the blockchain space. You can have a peek at their website here.
Cryptograph
Many will be shocked by the next one! So here you have it in full, Paris Hilton sold a drawing of her wonderful cat Munchkin. It sold for 40 ETH which is equal to $17,000 around the time of sale. This drawing was sold through Cryptograph, a digital art site. Cryptograph allows famous people such as Seth Green, Paris Hilton and Ashley Green to create a piece of art to sell on as collectables. This platform was created primarily to raise money for charitable causes and has raised thousands since it opened.
CryptoKitties
This is a game that allows users to trade virtual cats called “Crypto Kitties” allowing users to buy and sell cats, play games and create collections to earn rewards. Due to the nature of the blockchain and according to the CryptoKitties website: “Each cat is one-of-a-kind and 100% owned by you; it cannot be replicated, taken away or destroyed.” This means that elements/blocks can simply be destroyed as they are connected to the other blocks in the blockchain.
Learn more about Baanx, BXX, and join the conversation
Check out the Baanx App on either Apple or Android. You can buy, sell and transfer digital assets right from your smartphone. The Baanx ecosystem is powered by our BXX token. Find out more information on how you can get involved in the links below:
Trade BXX on Uniswap
Trade BXX on MEXC
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