Top 10 reasons why NFTs is the future
Top 10 reasons why NFTs is the future
Crypto-collectibles have made their mark on the blockchain and crypto world. Now, ERC721 (non-fungible tokens) are not just digital representations of physical things – they can be used to represent all sorts of assets, collectibles and much more! In fact, the possibilities are nearly endless when it comes to non-fungible tokens (NFTs). Here are 10 reasons why NFTs will be the future!
1) Decentralization
A lot of things are centralized right now, but as blockchain-based networks (such as EOS and Ethereum) mature, it will become easier to build decentralized apps. By nature, dApps are more secure and transparent—and they provide users with a better level of control over their data. As more people start to realize that we’re on our way towards a new internet infrastructure, blockchain could become one of the primary engines powering tomorrow’s digital realm.
2) An open infrastructure
One of our most exciting aspects of Non-Fungible Tokens is that they can be exchanged and sold on an open marketplace. With CryptoKitties, we’ve built a place for digital collectibles to live; in fact, we call it a metaverse (think Second Life), Islamic baby names are also being sold as an NFT. There are so many possibilities in creating digital asset ecosystems—but we aren’t stopping here.
3) The price
As you’ll notice, one of the benefits of non-fungible tokens (NFTs) for developers and gamers is that they can be sold in-game for crypto. Non-fungible items can sell for a lot more on secondary markets—and even within games themselves—than fungible ones. Because NFTs have unique properties, gamers are willing to pay a lot more for them than traditional ones, which helps fund game development.
4) A CryptoKitty as your business card
A CryptoKitty gives you a unique profile address and it also acts as your business card. Here’s how: every time someone sends a CryptoKitty to one of your addresses, it creates some amount of traffic to that address and indirectly promotes your brand. If I send my friend a kitty or any service such as copywriting services, there’s an address attached with his name on it. Every time he gets a message from an unknown person, he can click on that link and see what other people are sending him through our Kitty.
5) A better way to monetize gaming
Enjin’s cryptocurrency-powered technology makes it possible to reward users with tokens for their gaming achievements, creating a better way to monetize in-game activity. On top of that, Enjin Coin could eventually make it possible for game characters to be traded across multiple platforms which Tesla Pi also supports. We call these assets Non-Fungible Tokens or NFTs for short—and if we have anything to say about it, they will eventually become as pervasive as email addresses.
6) Easy access for new users
The crypto space has a bad reputation for being difficult to get into, and many people are put off by it. However, with non-fungible tokens and apps that use them, there will be a plethora of opportunities for new users to enter in easily. For example, CryptoKitties demonstrates that blockchain tech can enable new players who aren’t familiar with technical jargon or aren’t comfortable with complex interfaces.
7) Self-sovereign identities
Our current system of identifying ourselves and proving our identity to others is outdated. What if we could have self-sovereign identities—identities that are controlled by us, not by a centralized authority? Today, you can use an app like Civic or uPort to do just that. You get to control your own identity and prove it to others using your smartphone on if you have a website from the cheap web design, you can also use it. Cryptokitties are a great example of how non-fungible tokens can offer a lot more in terms of value than fungible ones.
8) Diversity of platform use cases
Non-fungible tokens are not restricted to a single platform, meaning they can interact with a variety of different applications and services. They’re not limited to just one use case or one application. The potential for blockchain-based non-fungible tokens (NFTs) to create new experiences is nearly limitless because they aren’t tied down by platform features or restrictions and majority of Halal businesses have also been using this.
9) Smart assets are the new normal
It’s clear that smart assets are part of our future, but there are still many people not on board with blockchain. If you’re still trying to understand how smart assets and blockchain can help your business, it may be worth taking a look at how smart asset services will evolve in 2019. With smart asset technologies being integrated into more and more platforms, we’ll soon reach a point where they simply become our new normal.
10) Scaleability in the context of blockchain technology
Scaleability, in terms of blockchains and other types of distributed ledgers, is defined as how fast transactions can be processed at any given time. (For more on blockchain tech in general, see our explainer.) Because transactions are time-stamped and become immutable once they’re added to a blockchain ledger, there needs to be a way to scale an individual blockchain network without creating bottlenecks—delays or lag in processing.
