2021 was the year of the NFT, and more people than ever want to find out about them and get involved.
NFT stands for Non-Fungible Token, meaning it cannot be replicated as an exact copy. NFTs can be created from any digital file, be that audio, video, pdf, or image. They are ‘minted’ (made) by encoding the file into a blockchain, a process which is unfakeable and provides verifiable proof of ownership. For example, the Mona Lisa has many copies and derivatives, but holding one gives you no claim to owning the original Mona Lisa.
Using blockchain technology to buy and sell art has many uses:
- Allows for creators to sell direct to collectors and benefit from a secondary market
- Proof of ownership and purchase is easily verifiable
- Using third-party dApps, owners can use that proof to join exclusive groups, or gain early access
NFTs are also being utilized in gaming with play-to-earn games growing in popularity. Some of the more popular ones include;
- Axie Infinity — A Pokemon-like game in which players collect and battle Axies (which are NFTs), breed them, and sell them.
- Star Atlas — A deep space exploration game offering a marketplace for NFT ships
- DeRace — Buy, breed, sell, and race NFT Horses
With the NFT space still growing in 2022, and Web 3.0 games becoming more sophisticated, what do you think we’ll see in the near future?
About The Grow Group
The Grow Group is an ecosystem of visionary solutions designed to incubate blockchain entrepreneurs, elevate understanding of the blockchain space, and accelerate real-world value for positive impact. With a core focus on educational content, Grow offers teams the ability to tell their story with clarity, fostering intelligent investment choices and long-term holding.
The Grow Group benefits from a global team, with offices in Dubai, Philippines, and Sri Lanka.
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