What can we do with NFTs?

What are NFTs?

NFTs are becoming a wildly popular topic in the cryptocurrency conversation. An NFT refers to a “Non-fungible Token” meaning that they are assets on a blockchain that cannot be replaced. Unlike fungible tokens or cryptocurrencies such as ETH and BTC, NFTs are unable to be traded and exchanged at a standard equivalency. NFTs differ from one another and therefore are unique to its own data.

Where can we see them?

Since NFTs possess their own unique data using blockchain technology and smart contracts, they can act like artworks or virtual real estate, giving individuals their own property rights. Blockchain data claims the originality and certifies ownership of an NFT, reducing crimes such as fraud or copyright.

The Bored Ape Yacht Club (BAYC) is a very popular artwork collection of 10,000 NFTs on the Ethereum blockchain. Its floor price of 107.69 ETH makes it the NFT collection with the highest floor price at the time of writing.

BAYC is not only a collection of NFT artworks, but it also doubles as a membership for its own club. By purchasing a Bored Ape, one gains access to many member benefits such as being part of a vibrant community, not only digitally but physically as well. Being part of BAYC gives access to free airdrops and allow you to stake tokens such as $APE (ApeCoin).

There also exists a certain rarity to each ape. The features of each Bored Ape are programmatically generated, making some traits rarer than others. Therefore, this makes the NFT more valuable or personal.

Celebrities such as Paris Hilton and NBA player Steph Curry are also part of the BAYC, making BAYC an exclusive and popular community.

NFTs are also used as gaming tools. The Sandbox is a community-driven gaming platform on the blockchain, partnered with many well known icons such as Adidas, Snoop Dogg and The Walking Dead.

Virtual LAND can be purchased where players who own LAND can rent or populate them with games and ASSETS to increase its value. ASSETS can also be created and sold as NFTs on the marketplace. There were 325,000 visitors on the platform in its Season 2 launch and 10,000 NFTs distributed on the platform.

The future of NFTs

NFTs have a wide range of usage and can be integrated into many real-life properties. As cryptocurrencies continue to grow into our daily lives, the use of NFTs will also continue to expand and represent our identities and ownerships. From artworks to crypto casinos, metaverses and digital passports, the world is our oyster with NFTs.