What is an NFT
Non-Fungible Tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other.
Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can serve as a medium for commercial transactions.
Types of NFTs
The most popular NFTs are in the form of Collectibles which are sets of NFTs where each NFT has unique traits. Like traditional collectibles (e.g. baseball cards), people consider rarity, cultural significance, and community when evaluating collectible NFTs. Popular categories include:
Profile Pictures (PFPs): Collectibles that people buy to represent their online avatars and access PFP communities. Examples include CryptoPunks and Bored Ape Yacht Club.
Sports: Collectibles representing sports teams, players, and moments. Examples include NBA Top Shots (NBA moments) and Sorare (soccer players).
Generative Art: Collectibles that are generated from code. For example, ArtBlocks are generated from algorithms written by programmers.
Some other types include:
In-game NFTs that enable gamers to purchase and own in-game assets as NFTs. Some examples include Axie Infinity, The Sandbox, and Melaxy.
Digital real estate NFTs that represent plots of land in a digital setting. As people spend more time in the metaverse, creating spaces for them to interact has become a lucrative market. Settings like Decentraland sell plots of digital real estate on a blockchain for creators to build upon.
Music NFTs which make it easier for artists to fund their work and for fans to share in the upside of an artists success. Royal is an example of an NFT platform in this space.
And a lot more. You can use NFTs to represent any type of unique asset.
Can I create an NFT?
Yes, anyone can create an NFT. Since NFT is a type of token/currency, we generally use the word "mint" instead of "create". We have made it an easy process to mint an NFT which will soon be released.
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