A Non-fungible Token (NFT) is a unique digital asset or coin. It means that each coin is unique. Unlike Bitcoin or Ethereum
Now, the world has entered the digital age. The behavior and lifestyle of people began to change. We can see that nowadays we can buy, sell or convert various works of art to digital assets on the Blockchain system.
What makes NFTs so popular?
NFTs are unique, or non-fungible, digital tokens that run on smart contracts on Ethereum and other blockchains. They can be used to distribute assets and verify their authenticity via the blockchain.
The concept of NFTs originated in 2015 and the first projects were launched in 2017. NFTs are being used to sell exclusive items, such as collectibles, online. As each token is unique and cannot be replicated, using NFTs creates scarcity that makes them valuable to collectors as well as artists and other sellers. They are bought and sold in auctions, with payments made in cryptocurrencies such as Ether (ETH) and Bitcoin (BTC).
The future of NFTs includes applications in the growing area of decentralized finance (DeFi), where they can be used to put up valuable assets such as fine art, rare collectibles, or even real estate as collateral for loans or as financial contracts for insurance, stock options or bonds.
Interesting NFT coins
Enjin was founded in 2009 to develop a gaming network. In 2017, it launched the Enjin Coin (ENJ) and began developing a purpose-built blockchain ecosystem for NFTs. in 2018, Enjin announced one of the world’s first gaming multiverses and it now has more than 40 game developers using its platforms to create games.
Enjin has grown into an ecosystem of integrated digital products, for trading and monetizing games. Developers can use the Enjin Coin to tokenize in-game items on the Ethereum blockchain. In March 2021, Enjin Coin had the highest market cap of all NFTs.
MANA Decentraland is a popular game altcoin, a virtual reality ecosystem (VR, simulating the environment into virtual reality The MANA Token is developed on the basis of Ethereum’s ERC-20 ERC-20 blockchain platform.
The unique identity of the MANA coin is used to transact in the virtual world, for the exchange and transfer of ownership or ownership of objects or virtual items.
MANA has considered a leader in “Decentralized Games” on this platform allows users to create, use, and make money through various content and applications.