What is NFT? Six ways to use NFT

As the crypto world turns its attention to Bitcoin and other cryptocurrencies, another type of digital asset has quietly gained traction. Exciting use cases for non-fungible tokens (NFTs) are always popping up, and they are even being touted as the future of gaming, art, and even in some cases, real estate NFTs can fetch a lot of cash, and some can Sold for hundreds of thousands of dollars.

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> > Substitutable and irreplaceable >

The full name of NFT is Non-Fungible Token, which refers to non-fungible tokens, so what is fungible and irreplaceable? It's really a very simple concept that involves what we own and use. It works with real-world assets as well as digital assets. The dollar in your pocket, or the bitcoin in your crypto wallet, is a prime example of a fungible asset. Both are easily replaced by (from all intents and purposes) the same thing. If Bob lends Kate $10, he does not need to receive the exact same bills because they are of equal value.

All this changes with an irreplaceable asset. Let's imagine Bob lending Kate his rare baseball card. If she gave him a normal card back, he would probably be very angry. The two cards may look identical in shape, size, texture, etc...but the details printed on them make them unique. Airfare is also an example of irreplaceability: one ticket gets you to Sydney in first class and another to Seattle in economy. This brings us to irreplaceable symbols. Unlike Bitcoin, which has 21 million identical coins, NFTs have individual properties that set them apart.

Next, we will introduce some ways to use non-fungible tokens.

> > Art >

Digital artists can experience a nightmare when it comes to protecting their copyrights - talented creators can struggle to make a living. Through an NFT someone can buy a piece and proudly display it in a virtual space, with the blockchain providing proof of ownership. Artists also get a bigger cut...even a share of the remaining profits from future sales, creating a recurring revenue stream.

> > Collection >

As seen on Crypto Kitties, NFTs are being used to create entirely new types of collectibles, and it's even possible to buy tagged versions of your favorite celebrities or sports stars. These tokens also bring traditional collectibles into the 21st century, such as baseball cards, coins and stamps.

> > game >

Selling rare weapons and hides is currently banned by many popular titles like Stronghold Heroes Using these assets in other games is nearly impossible, with NFTs coveted items can be easily transferred - solving avid gamers One of the biggest troubles facing.

> > virtual assets >

The Ethereum Name Service for ETH domains has turned those domains into non-fungible tokens so they can be bought and sold, and Unstoppable domains have done the same for addresses. Other platforms like Decentraland and Crypto voxels allow you to buy plots of virtual land.

> > real world assets >

Work on this is still in its early stages, but tokenizing real-world assets such as property via NFTs can be used to prove someone owns a piece of land.

> > identity >

Each of us has our own unique idiosyncrasies - from our appearance to our educational and medical history, NFTs can digitize all of these and give everyone more control over our data.

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