Updated: Jan 28
As the crypto world focuses on the Bitcoin rally and other trending cryptocurrencies, another type of digital asset has been silently gaining traction in the background. A lot of investors are scratching their heads over the new trend which is NFT's (non‑fungible tokens) and before we move on, anyone dismissing this as a false craze or worthless punt, dont be fooled these things can demand some serious value!
It’s worth noting that non‑fungible digital assets have existed for years, in the form of domain names, for example, if you are seeking a popular domain name that someone else has, then it becomes a valuable asset! Non Fungible Token is really an indvidually unique blockchain token that gives the wallet holder exclusive ownership of that asset! unlike LINK for example where every token is basically the same and you only care about the quantity, every NFT is unique in itself, so when people publish art as an NFT that means that specfiic piece is only owned by you!
Brandon Smith CEO of BONDLY explained in detail what value NFT's have and may have in the future, during a recent TGH AMA session!
"the thing is Art and even Digital Lands are just the start to this revolution, because its easy to comprehend your CryptoKitty being an NFT, but within 9 months NFT could be running your whole online profile! Instead of an NFT being an Item an NFT becomes your digitial identity, so your youtube account you use an NFT to login rather than a simple username and password. Why does this matter? Because theres a HUGE HUGE market that's forming around digital business sales (outside of crypto) for things like Instagram and Youtube accounts.
So for example how many of you know this insta account : https://www.instagram.com/daquan/ Well it was recently sold for a huge amount to a major media company, if you go on the page you might thing "ok this is just stolen memes, whats the big deal" well to Warner media it was $110m of a big deal! My partner Harry , Bondly COO , and I have been buying and selling digital businesses like Daquan over the past 2 years and we know this market is over $74B right now! but what many don't realize is that trading these as assets is completely possible with NFT so NFT would be the trustless way to transfer ownership of Daquan to another party and this is coming in the next 9 months"
Lots of usecases have arisen so far and they’re even being touted as the future of the gaming industry, the art industry, and even in some cases the real estate business! But what are they? What can they be used for, how do they work, and what are some of the best known projects in the industry today? To give some prespective Companies like The Sandbox are starting to push boundaries with their LAND sale which is coming out soon. Many of the original properties they had listed for pennies are now valued at $20k+++"
So as seen above, lots of exciting use cases for non‑fungible tokens (NFTs) are cropping up all the time, especially now as this is a hot topic, you will find many projects utilizing them and trying to take advantage of the use case and in some cases you may find projects even just trying to take advantage of the hype, so tread carefully as per usual and do your due diligence!