NFT’s or non-fungible tokens are becoming increasingly popular as a way of raising funds for new companies and projects. If you are thinking about buying your own NFTs, this article is for you. These tokens can represent a unique value, be it a virtual place, virtual object, or even a person, for example, a famous celebrity. NFT’s are unique and in theory, cannot be replicated.
NFT’s have a huge potential to drive mass adoption of crypto-technology. Many of the large companies use ERC 721s, for example, the game Fortnite uses ERC 721s. So, when a player wins a weapon, it will always be associated with their account. This is why it is so important that the crypto-world is able to come up with a simple method of trading NFT’s.
Non-fungible tokens are digital assets that are unique and different to anything else, often called digital collectables. These NFT’s can carry information and metadata that give them value. They can also be bought and sold on the blockchain, offer a utility function, or both. Examples of NFT’s are CryptoKitties, (a collection of digital cats), CryptoPunks (10,000 uniquely collectable characters) and Etheremon (decentalised world of Ether monsters).
Recently, companies that are developing either crypto exchanges or crypto wallets have been trending on the stock market. One only need to take a look at the company that started this trend. HIVE Blockchain (TSX.V:HIVE) (OTC:HVBTF) started trading on the TSX Venture in July 2018. (www.HIVEblockchain.com)
If you are interested in trading NFT’s, then it’s worth checking out the NFT trading platform, OpenSea. OpenSea is used by a host of big US companies. Right now, collecting NFT’s is all the rage. This is because of the hype surrounding crypto-collectables. The hype came about following the launch of CryptoKitties.
Other blockchains like Cardano have built up large NFT communities. CNFT is a large marketplace on Cardano that allows users to buy and sell NFTs. Launched in July 2021 from a team decentralised across the world, they claim to be the first NFT marketplace on Cardano.
Projects like Pavia are building virtual worlds in the meta-verse and are selling digital parcels of land as NFTs. Each land parcel is a uniquely numbered Cardano NFT based on coordinates within the Pavia.io world.
Although highly popular NFTs are highly controversial. Some argue that since the images are not directly encoded in the blockchain the authenticity of the graphics attached to the NFT is difficult to verify. Also, since both digital graphics files and NFTs can be replicated, ‘fake’ NFTs can be created. There have also been an increasing number of cases of copyright infringement where an NFT creator has attempted to sell an image that is protected and owned by a third party. Most recently Nike sued NFT creator StockX over unlicensed NFT sneakers.
All in all the NFT marketplace is highly speculative and you should not invest more than you are willing to lose. The Pop Up World Token (PUW) is a collectable asset on the Cardano blockchain. To get the token visit https://www.popupworld.co.uk/popupworldtoken
It starts with an idea. Pop Up World is a platform that helps start ups and small businesses reach for the stars. No matter what size you are. Use our start-up guide Business Zero to Superhero, Design your Logo. Connect with investors via our Investor Connector. You can start a Website and Domain name. You can Search for and promote your Premises. You can promote your idea for free on our Pop Up World Ads site, you can even form a Limited Company You can also join us on our journey via the Pop Up World Token (PUW).
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