What's NFT?🤔

NFT provides tangible utility for underlying assets. NFTs are assets whose digital representation is linked to the blockchain. Unlike Cryptocurrencies and fungible tokens, NFTs are unique and not interchangeable with any other asset. NFTs are a digital representation of indivisible tangible assets, including plots of virtual land in multi-user platforms, programmable art, audio, identities and ownership records for physical assets, games, and collectables. Because they are unique and impossible to replicate, they can bridge the gap between the virtual and the physical economies, offering a vast market of valuable digital goods that can be scaled, collected, and traded.

NFTmall makes it super easy and simplifies NFT creation in a cost-efficient, reliable & secure manner also provides a platform to trade NFTs, fundraise for NFT projects and materialise them into physical objects. NFTmall makes it super simple and easy to create a Non-Fungible Token (NFT) for every unique item and makes it a tailor-made crypto-item. This issued token in various blockchains is proof of your crypto assets' digital ownership and authenticity.

NFTmall uses both ERC-721 (an open standard ) and ERC-1155 standards, meaning any crypto-item is immediately available on 3rd party digital marketplaces, giving your work additional publicity. ERC-721 is also the standard applied by major blockchain-based games like CryptoKitties, Decentraland etc.

NFT Applications

Gaming

Non-fungible tokens can be used for digital assets that require uniqueness and differentiation from each other. Take CryptoKitties as an example, each cat is one-of-a-kind, and just like your pet cat in real life, they are all special in their own way, no matter if it is fur, colours, or looks. There will be no second ‘Peanut' or 'Luna' in the world.

NFT allows players to transfer their game items across different platforms freely - which is impossible and prohibited by mainstream (centralized) games. For instance, it is never in a billion -years that you will be able to play with your favourite Pokemon in a Digimon video game or With NFT in gaming, imagination is your only limitation.

Licensing

Another great example of an NFT application used is software licensing. Creating NFT based licenses can reduce piracy effectively and save users from long term subscriptions as they are able to trade it with others after their uses. Imagine you can subscribe to Adobe Photoshop for just three days or even just two days at Microsoft Office before selling it off to someone else.

Artwork

For a long time, digital art has always been pirated or replicated lawlessly online. But with NFT, we can ensure the authenticity and scarcity of each digital creation thereby presenting a solution to the long-existing problem of digital piracy.

Future of NFT

“Blockchains may be the best way to authenticate ownership of virtual property, or even establish and preserve someone’s identity.”

Blockchain is still at its early stage, but NFT based invention is indeed visionary. Apart from certificates, traceable agricultural products, virtual items, digital artwork, or even real estate and stock ownership, NFT enables all of them to be completely traceable, verifiable, and tradable. That being said, anyone could be a collector of NFT in the future as the integration of virtual and virtual assets is getting closer every day.