If you’re a follower of one of our socials, you’ll often see our quote ‘up to millions of digital assets’. We say this repeatedly because we believe the number of NFTs will grow enormously. And soon, we’re adding these assets to Coinranking. The first prototypes are finished! That brings NFTs on our platform closer and closer! đź‘Ź
Check the prototypes here:
➡️ Mobile: https://marvelapp.com/5gdhc29
➡️ Desktop: https://marvelapp.com/5gdhe2d
Let us know your thoughts/suggestions/ideas on these designs in the comments!
NFTs explained
So, let’s first dive into what NFT’s actually are. A non-fungible token (NFT) is a completely unique digital asset stored on the blockchain. When something is fungible, let’s take a dollar for example, you can replace it with every other dollar because they’re worth all the same.
An NFT has its own identifiers and is one of a kind. This results in digital scarcity that can be easily verified, without the need for a trusting centralizing organization. An NFT is a token standard with a set of attributes and functions in the form of a smart contract that must be met to be managed, owned, and traded.
Why NFTs are great!
Imagine buying a massive blue sword in one of your favorite games. You invested money in it and now, instead of not using it anymore if you’ve finished one game, you’re able to use it in another! Sounds pretty good, right?
Because you own your NFT, you are not bound to one specific game. You can carry it with you to other games!
The same applies to your avatar. It can become your digital identity and it’s getting more important over time. If you can bring your possessions with you to other games, and have the same character over time, it makes so much sense that you spend more on your character, and own more digital valuable items than ever before.
The lines between tangible value and digital value start to blur.
Other applications
In the coming decade, millions of digital assets, NFTs, will be created on blockchains across different industries. Besides gaming, there are plenty of other applications, such as:
- Digital ticketing: a ticket to a concert or a football game, which is the same type of item that defines permission of participation in an activity at a certain time and place, but the rights they represent are not convertible.
- Identity authentication: think of birth certificates, passports or driving licenses. These NFTs aren’t tradable, but identity verification can be realized by adding access control.
- Collectibles: storing information (exchanges, updates, circulation) of jewelry, artworks, and other collections.
- Digital certificates: NFT provides a way to store contracts, patents and other documents to the blockchain, which could help prevent counterfeiting and make these traceable.
Know more applications for NFTs? Let us know!
To be continued!
As we mentioned, we are very enthusiastic about NFTs, their applications and listing these assets on Coinranking. And still, there is much more to tell about NFTs. But we’ll get to that next time. Meanwhile, we’ll keep working on listing the NFTs very soon, so keep posted; follow us on Twitter or join our Telegram group for the latest updates.