Wider Implementation and craze growth is now happening in NFT space
- Spoon sold in IKEA is fungible, while an unique ancient spoon sold in antique store is non-fungible
- Art-printed post card is fungible, while original painting is non-fungble
- Bitcoin is fungible, while CryptoKitties with unique DNA is non-fungible
Non Fungible Tokens or NFTs are unique, rare and Indivisible digital items with blockchain-managed ownership, e.g. collectibles, game items, digital art, event tickets, domain names, betting or even ownership records for physical assets.
Thanks to years of community’s patient involvement, now NFT has built an ecosystem for public penetration and is in “flying” phase.
Following the gradual growth phase starting from mid-2020, daily trading volumes of NFTs now exceeds $300k recently with strong upside stream, based on NonFungible.com.
Because NFTs are on blockchain where the uniqueness and authenticity are secured, NFTs have good chemistry with game character, art, domain or ticket, etc. NFT’s linkage with digital assets in real use is a big difference vs. DeFi, on which money-game is featured.
I don’t believe NFT creates DeFi-like millionaire dream, since it’s not money game. However, it is linked to real-use, thus mid/long-term robust penetration may be expected.
Let me introduce some NFT/NFT-related tokens. But, be careful for their extreme volatility. Some NFT tokens like yieldfarming.insure (SAFE) experienced 90%+ drop recently.
- Rarible (RARI): Governance token for community-managed Rarible NFT market place
- Reality Card governance token (RC): Prediction market platform (still beta version). Can OWN prediction card, instead of betting. Working on xDai platform
- Aavegotchi (GHST): NFT collectables token with DeFi-staking feature
- NFT Protocol (NFT): Decentralized protocol for NFT community
- Enjin Coin (ENJ): Digital assets backing token focusing on gaming community
- Matic Network (MATIC): Scalable, secure and instant Ethereum side chain. Actively supports NFT.
- PARSIQ (PRQ): Bridge between blockchain and off-chain app / device. Supports monitoring and automations for NFTs.
- Qtum (QTUM): Smart contract chain interoperable with Bitcoin and Ethereum chain. Actively supports NFT.