NFTs have been blowing up in popularity and price recently and for good reason. They are genuinely useful inventions and the masses can see that.
Let’s explore what NFTs are and why they are gaining popularity.
The term “NFT” stands for “Non-Fungible Token”. The term “fungible” is used to describe items that can be replaced with identical versions of the item. For example, trading one bitcoin for another yields the same result: A bitcoin. However, objects like a one of a kind trading card or postage stamp are termed “non-fungible” because they are “one of a kind”.
This is the basic principle of the NFT. Each and every NFT created differs from another one, regardless of whether or not they are created of the same thing.
How do NFTs work
NFTs are built on the ethereum blockchain majorly on standards like ERC-1151 and ERC-721. These standards are important for the running of the NFT process. In their basic form, NFTs are digital certificates used to verify ownership of assets and allow for transfer of this asset.
Special keys can be left within NFTs for the purpose of trademarking certain creations, and NFTs can be transferred among users.
Why NFTs?
NFTs represent irrevocable copyright and ownership. Your NFTs cannot be stolen, neither can their ownership be transferred against your will. In other words, the ownership of NFTs is permanent unless the NFT is transferred to a new owner. This makes the obtaining of copyrights or patents more irrevocable and helps preserve or obtain ownership of basically anything.
The NFT market has grown in leaps and bounds, with an over 700% growth in just one year. This growth is a clear sign that NFTs are the future.
Why the sudden rise in NFT popularity?
Millions of people have seen the power of the NFT, and what it can do. It’s useful for trademarks, storing of value, transfers of value and so much more. The NFT is more than just memes and pictures on the blockchain. It is a legitimately useful invention that is capable of changing the world as we know it.
About Uniqly.io
Uniqly.io — the first marketplace and escrow that allows you to create and trade NFT tokens with the possibility of materializing them in the real world.
Uniqly.io is a Marketplace and Escrow.
Marketplace — We allow our users to trade NFT tokens backed by real-world items. Anyone will be able to create their own unique landing page and list their products created in our generator, or deposited via escrow.
Escrow — We have created a solution that allows you to easily trade all physical products, even those that were not created in our Generator, including clothing, works of art, collectibles, and more.
Materialize and stake NFT tokens.
Materialize NFT — Uniqly.io brings you the possibility to materialize your favorite NFT tokens from outside of our ecosystem, such as Cryptopunks, Hashmasks, SuperRare, and many, many more!
Stake NFT — Some limited NFT collections will be available in exchange for freezing UNIQ tokens for an appropriate period of time, in cooperation with other projects we will create additional mining pools.
