Discover Use Cases: Making the Case for NFT Usability Beyond Speculation
You’ve made it the gates… Now what?
Who would have known that a GIF of some rectangular cat shitting out rainbows could be sold as a unique digital art piece for a whopping $590,000? Or that the first tweet posted by Twitter founder Jack Dorsey was sold to a Malaysia-based businessperson for an eye-watering $2.9 million? Sure, it’s cool in some way, but at the same time, there are others who think of them as just a speculative fad aimed at making a quick buck over nothing — after all, the media doesn’t really do NFTs justice and often only discusses them when looking at outlandish deals.
NFTs have become the craze in the crypto world and have evolved from simply tokenizing unique art pieces to all manner of digital assets, including digital identities, in-game properties, and even sports cards.
Why use blockchain and NFTs altogether? Does doing so have a particular benefit? Well, it’s important to remember that transactions involving blockchain-based NFTs take place in a universally accessible ledger that tracks all transactions, meaning if you were to purchase a digital identity on Cyberpong, you would receive a token representing exclusive ownership of that identity.
Given the nature of NFT transactions, trading and holding NFTs have allowed for verifiable tokenization as a way of building trust on the ownership of an asset.
For players of games like Cyberpong, holding an NFT can also mean gaining unique access to virtual worlds without the duplication of log-in credentials — essentially a unique virtual identity within a game.
Conclusion
Yes, it’s true that the NFT market in its current form is far from perfect, and more work needs to be done before it heads towards being fully adopted as a mainstream tool.
Whether you live for NFTs and see them as the next frontier of digital ownership or simply see them as a way to make some extra cash selling hot anime babes, NFTs have taken the world by storm!
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