Reblox Academy: Your guide to NFTs
We bet you’ve seen those monkeys around the internet. NFTs boomed in 2020, influencers, athletes, and celebrities are all over the new trend, and some even cost millions of dollars. They seem to be here to stay and revolutionize art, finance, and many more industries. But what are they exactly and how can they be adopted by businesses?
NFT stands for non-fungible token. It’s a special type of token that represents something unique. Non-fungible tokens are therefore not mutually interchangeable. This contrasts with cryptocurrencies such as Bitcoin, and many networks or utility tokens that are fungible in nature. They are unique, indivisible, transferable, and capable of proving their scarcity.
NFTs are minted through a unique and irreplaceable Smart Contract, meaning they can be implemented in any blockchain that supports Smart Contract programming. They are transacted in the blockchain just like any token and you can save them in your wallet and visualize them through special apps.
An NFT can contain an image, which is why they were quickly associated with digital art. Their ability to provide proof of authenticity and ownership of digital or reproducible artwork is a great tool against mass and unauthorized distribution through the internet, a problem artists have faced since the beginning of Web2.
But the possibilities of NFTs go way beyond art. They are used to create verifiable digital scarcity and to provide digital ownership, and it has the potential for interoperability of assets across multiple platforms. They can be used in any community, business, or industry that requires a unique digital item such as collectibles, memberships, music, online gaming, and even digital identity.
NFTs can be used to represent in-game assets, such as digital parcels of land controlled by users rather than game developers. NFTs allow assets to be traded on third-party exchanges without the mediation of the game owners. Some private online communities in the Metaverse create their own memberships through versions of NFTs. Even musicians can publish their work as non-fungible tokens. Tickets for a concert or event can be sold as NFTs with the security and anonymity of the blockchain.
There are unlimited opportunities to create innovative and disruptive businesses around NFTs. The world is waiting for high-value developments, and many industries are already exploring this technology.
At Reblox we don’t only develop solutions on code, but we work side by side with our clients, using our vast experience in the industry to build high-impact developments that create real value. What are you waiting for? Contact us at business@rebloxsolutions.com and join the blockchain revolution!
