Importance and relevance of NFTs
By Luke Flowers – Cryptocurrency Speculator
A vital advancement in the blockchain business has emerged in the form of Non-Fungible Tokens (NFT) and is increasing in popularity. They can be used as tokens for specific elements that can’t be replaced or exchanged for another. A user that is seeking to buy cryptocurrency in this form will gain entire ownership and control of the coin in which it cannot be breached by even the software designer or anyone else.
The applications are infinite. As we live in the digital age, NFT strings offer a new solution. They create one virtual asset, for example a photograph, and guarantee that it can only be used and exchanged if the NFT is available. The token will have a unique identifier and only this token could be exchanged for the photo. This quality makes it easy to verify whether the asset is real or not without going through a bigger hassle. Ownership of valuable items can be transferred through these easily and quickly.
This type of token and system could be used to help trade assets that are not easily transferable. Gold is an asset that could be link to this in which a user could buy crypto in the form of an NFT that is assigned to gold. That user could sell the token to another, transferring the ownership of the asset. The asset will still be in the same location but there is no need to physically transfer it is when changing ownership.
A live and successful example currently in operation is with the famous ‘CryptoKitties’. This is a game like the Sims, where you have your very own unique cat. It is completely yours and cannot be copied by someone else. A user can buy Ethereum to trade for this unique token through the ‘CryptoKitties’ platform.
Are they Legitimate and can it be Trusted?
Non-fungible tokens can be used for more applications. That is, they can maintain the authenticity of invaluable artifacts. A priceless piece of art could be linked to a non-fungible token, hence maintaining its authenticity via an immutable blockchain. Ownership is also much easier and quicker to determine also.
This makes the work remain authentic and keeps it protected. It would be impossible to counterfeit this piece and the data on the blockchain. Not only does this service extend to artifacts, but any sensitive or unique documents such as birth certificates can be protected too.
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