As the world of digital art and collectibles continues to grow, so too does the demand for new ways to store, display, and manage these items. One potential solution that has been gaining a lot of attention lately is the use of non-fungible tokens, or NFTs.
NFTs are digital assets that are stored on a blockchain – the same technology that powers cryptocurrencies like Bitcoin. One of the key advantages of using an NFT is that it can be easily traded or sold on online marketplaces. Additionally, because NFTs are stored on a decentralized ledger, they are much less likely to be subject to fraud or theft.
So far, several high-profile companies and organizations have begun experimenting with NFTs. For example, the popular online game CryptoKitties allows players to purchase, trade, and breed digital cats. In March 2018, the NBA’s Sacramento Kings announced that they would start selling digital highlight clips as NFTs. And in May 2018, the online music service Spotify acquired the blockchain startup Mediachain to help it build a decentralized database of music ownership rights.
Despite all of this activity, it’s still unclear whether or not NFTs will ultimately catch on with the mainstream public. However, if more businesses and organizations begin using NFTs, it’s possible that they could become an important part of the digital economy in the years to come.
Join the community and post or answer questionsJOIN COMMUNITY
NFTs is what we do every day, all day. We're a publication completely dedicated to this industry and our writers are experts in this field.