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Non Fungible Tokens (NFT) are a special type of crypto token backed by an asset. They are non-interchanged with each other and are non-divisible. It can be used in gaming and crypto collectibles. The popular non-fungible token standards are ERC721, ERC1155, ERC20, and TRC721. NFT’s are mostly stored in suitable digital wallets such as MyEtherWallet and Ledger Hardware wallets. They can be customized and traded in the market easily.
Non Fungible Tokens (NFT) can also play an active role in event management, digital asset management, licensing, taking care of certificates, maintenance of attractive collectibles, and the sports industry to store the records of teams and athletes.
* TRON has come out with an NFT named TRC721 on its blockchain network. All the information regarding the Non Fungible Tokens (NFT) are stored safely in the smart contracts. It can be seamlessly integrated with various DApps and DeFi projects of TRON. This will strengthen TRON’s position in the crypto economy and it can use its speedy network and low transaction cost to compete with Ethereum in the NFT space. The TRC721 NFT can be used to represent any digital or tangible asset easily.
* Binance is making efforts to launch an NFT incentive program on the Binance Smart Chain. It will be used to empower NGOs and charities in China. Volunteers can buy the NFT and get attractive gifts and rewards. It also offered NFT’s for Halloween and Christmas. The Binance Launchpad also offered users to buy digital land NFTs through its platform.
* DIGITALAX, an NFT, has been launched on the Ethereum blockchain network. It focuses on the fashion industry. They are working with several fashion designers now globally. The designers get royalties whenever someone purchases their product. DIGITALAX also organizes various auctions for the users to participate on its platform. It also aims to integrate its offering with gaming and virtual reality platforms.
* Beeple, an NFT, raised a whopping $3.5 million in an auction conducted by an online auction house named Nifty Gateway. Beeple was created by a graphic designer called Mike Winklemann. Mike believes that digital artists will be able to make more money in the future if there is a change in the current business model.
Rarible — It is an organized and completely decentralized marketplace where digital collectibles can be easily created and sold. The users get flexible payment of royalties. They can unlock new items, participate in leading auctions, and receive exciting rewards. It also has a governance token named RARI that can be used to vote on the platform’s governance issues. All the creators are extensively verified and given a customized badge to ensure a high level of authenticity.
GRAP Finance — Grap. Finance is a fork of the decentralized YAM protocol. It has a native token named GRAP that the users can store in a digital wallet. The platform frequently creates new tokens as per the demand witnessed in the market. It contains a list of different wine brands and the users will gain a percentage share of the profits depending on the demand for the wine from other users on the platform.
Aavegotchi — It is a DeFi platform owned by Aave where the users can stake crypto-collectibles with ease. It has a governance token called the GHST token. The NFT’s powered by DeFi are staked with interest-generating tokens. The tokens can be stored securely by connecting any compatible wallet to the platform.
Non Fungible Tokens (NFT) has a promising future ahead with more number of users and the increasing adoption of blockchain technology. Crypto collectibles, gaming, and artwork are the most commonly used NFT’s now. It brings in a lot of innovation and enhances the operations of different industries altogether by providing the benefits of the digital economy. More awareness will boost its usage in the years to come.
Blockchain App Factory develops NFTs that can be used as crypto-collectibles, in games, for trading in assets, identity management, asset management, and software license management.
Also published at: https://medium.com/datadriveninvestor/non-fungible-tokens-nft-may-become-the-trendsetter-in-the-industry-47880fe20626