Memorabilia takes a lot of room, whereas thousands of NFTs can be kept on a piece of paper or in your smartphone wallet app. As such, a fraudulent NFT cannot exist, as it would be detected by the verifying nodes on the network.Ĭonvenient storage - any collector will tell you the main issue with collecting physical items - space. Resistant to fraud - because they are only digital representations on the blockchain, they cannot be duplicated.
They are protected through cryptography and only the private key owner can access them. Provide proof of ownership - conserving some of the most important blockchain properties, NFTs provide proof of ownership to the user. Consequently, they can be traded on open markets such as opensea.io and they can be transferred from one user to another without any issue. But what are the advantages of such virtual items over physical collectibles?Įasily transferable - NFTs are recorded on the blockchain as digital assets. In contrast to fungible tokens like ETH or BTC which are indistinguishable from one another, NFTs are unique.Įach NFT contains a set of properties that allows us to tell them apart, which in turn, allows us to create digital collectibles. NFTs or non-fungible tokens are assets that are created using smart contracts. We will explore the use of NFTs in games and talk about one of the latest collectible games from the developers of Cryptokitties. We will be paying attention to this latter sector in our article today. These smart contracts allowed us to deploy decentralized applications (dApps) which multiplied the use cases of blockchain tenfold.Ĭonsequently, crypto is now used in various industries including finances, healthcare, and gaming. The Ethereum network was created as a natural evolution of Bitcoin, providing smart contract functionalities to the blockchain. Today, the original cryptocurrency has evolved into the ultimate store of value and people buy ethereum on paybis to hedge against upcoming inflation. Cryptocurrencies like bitcoin were created to provide an alternative to our flawed financial system. The crypto market is a versatile and ever-evolving place.
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