This is What you Need To Know About The New Gold Rush of NFTs
Disclaimer: The information contained in this article in no way represents investment advice or opinion on the part of StarAtlas or its writers and is intended for informational purposes only.
Remember when owning Pokemon cards was not only expensive, special for collectors, and probably worth ten times more in the future? So here comes NFTs.
Like with every new trend, a lot of information is published. This article will discuss the essentials of NFTs.
Here’s what you need to know.
Household Names and NFTs
Christie’s Auction House has been famously known for auctioning one-of-a-kind items to prestige collectors and multimillion-dollar buyers worldwide. Recently, the house sold a stunning artwork of Mike Winkelmann, known as Beeple, for $69 million. Yet, differently from other pieces, this will never be shipped like a couch or jewelry. Instead, the winning bidder will receive digital ownership famously known today as NFT.
The New Digital Gold Rush
Without a doubt, Bitcoin revolutionized the future of currency, and now wherever we go people are more familiar with the power of cryptocurrency. However, NFT is bringing another world of possibilities.
Blockchain technology is taking over the internet, and with it, many household names are jumping into the new investment trends of NFTs (Non-fungible tokens) and DeFi (decentralized finance).
The trend is so hot that recently we saw Twitter’s CEO and Co-Founder, Jack Dorsey, put an autographed tweet for sale as an NFT.
So What Exactly is An NFT?
An NFT stands for Non-fungible Token. Still, a little bit lost? Let’s start from the beginning.
A fungible asset is an asset that can be traded for the same value. For example, $100 can be exchanged for two bills of $50 without losing its value.
NFTs are unique digital assets that can be bought and sold. Yet, they are no tangible assets like a painting. Thus, tokens can be best described as the digital certificate of ownership of a virtual asset that you can later store in a digital wallet.
So NFTs can be anything from music, drawings, a book that you wrote, GIFs, and even your signature turned into an AI. Right now the biggest attraction is digital art.
How NFTs Work?
Like (in)famous cryptocurrency, ownership of tokens is stored on a shared ledger known as a blockchain. NFTs have been popularized on the Ethereum blockchain, but it is not the only place where they will find their use.
For example, Star Atlas is using blockchain technology built on the light-speed Solana protocol, enabling a safe and smooth gameplay experience from player to player and virtually without a need for servers as intermediaries. These unique virtual objects obtained and traded within Star Atlas create an economy that replicates the tangibility of real-world assets and ownership.
The Solana network has the capacity to process more than 50,000 transactions per second, and up to ten times that amount. It brings a new approach to decentralization guaranteeing security and accuracy of transactions by proving historic records of transactions on the chain as they are added to it. Its ecosystem contains a series of innovations in its architecture that work in unison to deliver fast, reliable transactions that could compete with Bitcoin and Ethereum.
It is impossible to forge an NFT. So, yes, we understand an image can be duplicated online. However, it is like the Monalisa, you might have a poster from when you went to the Louvre, but you don’t own the actual piece of art.
Still don’t believe me this is a hot trend? Well, Lindsay Lohan, yeap the one from The Parent Trap, last month sold an NFT of a digital portrait of herself for $50,000 worth of cryptocurrency on Rarible, Paris Hilton auctioned off a digital painting of her cat for 40 ether through Cryptograph, and an NFT of a video of Logan Paul Pokemon card was sold at $20.000.
Lastly, NFTs are becoming popular as in-game purchases inside video games. These assets can be purchased and traded by players, and be included as playable assets. It’s like being able to be the owner of Mario Kart’s go-kart uniquely.
Currently, NFTs are being sold as part of drops or events focused on launching these types of tokens where an exclusive experience is created for the eager buyers.
So, Are NFTs Revolutionizing The Gaming World?
Absolutely! Non-fungible shifted the world of gaming. The biggest impact is enabling users to own unique and rare in-game assets. Extremely rare NFTs have the potential to create income by selling their assets. Whether you are skeptical of this trend or not, NFTs will change the way gamers interact.
StarAtlas, a unique virtual gaming metaverse experience through the combination of both traditional core game and blockchain mechanics, for example, will soon launch its ReBirth NFT Art Collectibles Series on April 24th.
ReBirth is a 14-week campaign that will reveal a new piece weekly and make it available for purchase across several marketplaces. Through this timeline, the Genesis and Lore of Star Atlas will be unveiled to the collectors for the very first time.
Also read: Star Atlas Partners With Unicly To Offer Fractionalized NFTs
