Non Fungible Token (NFT): With the rise in blockchain technology and cryptocurrency, there spawned a new set of stack which was focused on building tokens in the network. These tokens being on blockchain we immutable ( meaning the data would stay the same ) all the time. But how did this token technology get incepted in blockchain ? Lets look at the history of it.
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History of Non Fungible Token (NFT)
Back in 2014, “Quantum”, was known as the first Non Fungible Token created by Anil Dash and Kevin McCoy. At that time the blockchain cryptocurrency was in high boom. Nobody actually know what can NFT be. However with the advent of Ethereum there came the rise of Non Fungible Token as well. The artists in the digital world were already suffering payments due to less cost of their art being offered on the internet. So NFT empowered such artist to make their art digital in the form of NFT and publish it on the store.
This act of putting art in Non Fungible Token not only attracted the artists but also the buyers of the art.
Talking about NFT art
NFT art is a special kind of art that is digitally available. It is such an art that is spread across tokens and the art once completed cannot be reworked. (As the name says it non fungible).
Types of Non Fungible Token NFT Art
Music Art
A producers of music can produce a Music Art Non Fungible Token. This can be done in such a way that the producer gets all the access of the music that has been created by him/her. Usually what happens is that the publisher of the music get the rights to access and not the creator of it. With Music Art Non Fungible Token an individual music art can make direct sell to the end customer.
Collectibles
Non Fungible Token collectibles are unique set of collections just Pokemon, WWE wrestlemania champion cards but in the digital format. To name a few the famous ones are Cryptopunks, Collectibles, Meebits, Cat colony.
Sports Memorabilia
The events of sports like a good catch by some captain in the cricket match or some huge fours or sixes in the cricket match are considered as a great moment of capture. These moments are called as Sports Memorabilia. Above was an example for Cricket fans. However the NFT tokens are not limited to one game. It can be of Football, Volleyball, Soccer, Baseball, or any game ( mostly outdoor ).
Virtual Land
These type of tokens have taken a blow in various Personal Brands like celebrities, politicians, business man, etc. What these guys exactly try to do is to have a piece of Virtual Land on the Meta world or a virtual world which usually reside in Virtual Games. They make a transaction with NFT and hence own the Virtual Land.
Photography NFT
These type of Non Fungible Token are the photographs which are converted into digital forms. Well known photographs are converted into an acceptable digital format of NFT. Photographers like Jacob Riglin do use NFT to convert their photos into digital form. And sell it in the online market place.
NFT event tickets
The events that take place in the virtual world enable the users to buy the tickets using NFTs. Music parties, Dance parties, Eco club meetings that happen to be in the meta verse are all accepting NFTs as the event tickets. A unique thing with NFT event tickets which sets it apart from the normal tickets is the record keeping ability. By keeping things in record it is able to notify the ticket holders for event start and end timing and upcoming schedules of the event. It helps with community building of the particular event.
Domain Names
This kind of NFT usage has been existent long back before event the term NFT was coined. So what happens here is that the Domain name services are usually living on blockchain. Now once the domain is purchased the NFT is used to park that domain on that. For example someone buys “abc.eth” by trading a NFT token.
What does the future hold for Non Fungible Token NFT ?
Looking at the current market trends we see that NFT is set to rise. Lets look at some brief points on where the NFT is trying to go.
- Mainstream usage and accessibility: The culture of using NFT for making purchase of art is widely accepted in the virtual world. The blockchain enthusiasts are willing to pay really good amount of money to the creators of Music NFT, Photography NFT and others. Even the subject matter experts or rather the celebrities have happily welcomed the usage of NFTs. So we can say that the main streaming of NFTs is quite present in the market. Accessibility in terms of the web3 decentralized applications is still in the nascent stage for NFTs.
- Diversification of Usage : The usage of NFTs is not only currently being done in just the field of art. Even the established sectors of industry like Education, Healthcare, Entertainment, Security are considering the potential of it. Such makes the potential usage of NFT in a varied space.
- Environmental Aspect : Blockchain has been in the radar of the environmental enthusiast since the advent of it. So is NFT. The community of blockchain is considering proof-of-stake algorithm for adoption as the algorithm is found more eco-friendly. Proof-of-stake algorithm is also know for its transparency, intellectual property.
- Merging with existing tech: We can’t expect that NFT will stay a piece of technology which will be used differently. It will by the time get it self amalgamated. The synergy between technologies will play a role here.
To conclude, we can see that NFT has a brighter fututre considering the current community support.
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