Complete guide to launch your NFT platform using blockchain technology
The non-fungible token development gradually drifted millions of users worldwide to adapt to the digital transition for future growth. The NFT is a promising future for many individuals and start-ups to use the opportunities to expand their economic status in a short period. The market for NFTs is vast for the unique properties it holds in this global world. Many celebrities have stormed the internet in recent times by using this blockchain platform to sell their digital assets as NFTs.
The NFT tokens have high value in the marketplace, for which it gained the attraction of many users to prefer this NFT platform. Users can tokenize their Digital assets like art, games, music, and real estate into NFTs. The development of NFTs secures the token’s digital ownership and enables easy to track digital assets on the NFT platform. Have you ever imagined what NFTs are? Its use cases? and from where it belongs? — Keep reading to know more about it!
What is an NFT?
The real world’s fungible assets relate to an item or an asset for exchange or trade with a similar type of asset. In contrast, non-fungible tokens are the digital representation of unique collectibles in the blockchain platform. The NFTs are considered digital assets representing various tangible or intangible collectibles like painting, cards, and videos. The NFT platform eliminates the need for an intermediary to reduce the transaction fee.
There is no chance for an NFT to be similar to other assets having equal value since they have unique characteristics and differ in value from one NFT to another. The NFTs are non-interchangeable and interoperable, which denotes that both NFTs are not the same. The digital assets are virtualized in the NFT platform to purchase their NFTs based on market value.
Real-time examples of NFT Tokens :
The benefits of owning digital collectibles are more efficient than physical collectibles like rare coins or stamps. The NFTs consist of unique information which enables verification of the authenticity of a collectible with ease.
- Blockchain Heroes is considered an original trading card series that shows a similar difference between crypto-tokens and blockchain space.
- Decentraland is an NFT based game in which players can buy their virtual land owned by users. The owner of the virtual land can monetize their world with more attractive shops and characters.
- Prospectors.io is also a blockchain-based NFT game where players’ owned assets are given and processed in blockchain, and players can earn NFTs based on their gameplay.
- Gods Unchained is considered a trading card game that features a digital collectible where the cards are tokenized as NFTs to buy and sell quickly.
- CryptoKitties is a worldwide famous game based on NFT where the breeding and collecting of cats is tokenized as NFTs for the user.
History of NFTs :
It was the right time when they figured that coloured coins were denoted as the first non-fungible tokens (NFTs) to exist, and each coin divided into the smallest unit of bitcoin. Colour coins were represented for assets and have various use cases associated with them, including properties, coupons or rewards, access to the use of own cryptocurrency, company shares, subscription plan, digital collectibles, and access tokens. Coloured coins evolved around the year 2012, and it’s worth was down sliding since their market value decided based on traders agreement to set the bitcoin’s value. Coloured coins were permissioned and had better support in accessing the system with a simple database. The introduction of colour coins opened the doors for many developers and industries to create more opportunity. Further experiments in token development led to the creation of NFTs in the digital world, which brought more value to the country’s economy and benefited users worldwide.
Popularity and growth of Non-Fungible Tokens :
The NFT token development has become so popular that various industries, business owners and users have benefited more in increasing their personal growth. The investment towards NFTs has raised investors’ standards and added more value in the blockchain marketplace among many competitors. The NFTs attractive feature was the main reason for its growth and becoming more popular worldwide.
- Each user’s data in the NFT platform is completely secured and cannot recreate an existing NFT token, destroy the token, and perform unwanted hacks.
- The reason for NFTs’ value to be high in the marketplace is due to scarcity. Even if NFT developers had created more NFTs, they would have limited some NFT tokens to maintain their value.
- NFTs cannot be further divided into smaller denominations, just like bitcoins, since they’re indivisible and hold unique properties.
- The blockchain technology present in NFT enables tracking their actual owner and eliminating intermediaries for making the transaction process more efficient.
Efficient characteristics of NFT development :
- It is Interoperable and allows the user to access various platforms.
- The NFTs are very rare and gradually increasing their availability worldwide. It is scarce and has a high value in the marketplace.
- NFTs are indestructible as they cannot be removed or destroyed quickly in the blockchain-based NFT platform.
- The non-fungible tokens are indivisible and have unique characteristics present in them.
- The NFTs are highly secured, and the data stored in this platform will be safe from any hacks that occur.
Use cases of NFTs in various sectors :
NFTs in the gaming sector has benefitted many players to buy their virtual land or characters associated with the game. The players started to prefer NFTs more than other cryptocurrencies since they hold more value and are very secure.
The artists have been experiencing more opportunities in recent time for using NFTs where they’re able to tokenize their digital art as a collectible. The artwork of an artist cannot be recreated or own digital rights since NFTs are unique.
The music industry is booming in recent times since NFT started to widen their opportunity globally. The artists can create their music album and tokenize it as an NFT for sale in the marketplace.
Video creation by many artists has seen more benefits in NFT platforms. The artist’s video rights are highly secured and cannot be hacked easily.
- Virtual Land
Virtual land is the new trend where an individual can attain ownership by purchasing the digital lands as NFT, and investors can make more income by leasing out this land. Virtual assets are the future and bring more value to the real estate industry.
Why choose Blockchain App Factory to build your NFT platform?
The NFT platform’s development is a promising future for many investors and users since it has unique characteristics and more value in the marketplace. The creation of NFTs has generated more revenue for business owners in less time and globally attracted many audiences to use this blockchain-based NFT platform. Blockchain App Factory is considered the right place for investors to develop their dream business with a cost-effective plan. We have been recognized globally and made more happy customers within less time. It’s high time that investors can connect with us to make your blockchain business reach great heights in the marketplace.