Non Fungible Tokens, or NFT, is gaining popularity in the blockchain world and beyond. NFT is adding a whole new level in the gaming and collectibles genres.
It’s undeniable that NFTs will revolutionize digital content as they’re bringing in valued assets from industries such as art, gaming, media, real estate, and more.
NFT is a special cryptography token that uses blockchain technology to create a unique digital asset that cannot be replicated. NFTs differ from cryptocurrencies like bitcoin, which in the sense that they are unique and not interchangeable.
NFT has opened up a realm of possibilities by creating scarcity and value for digital goods. Let’s take a look at some of the recent use cases of NFTs that created an uproar in the NFT community.
Whaleshark is one of the most prominent collectors of digital art and gaming NFTs in the crypto industry. The Whale Vault holds some of the rarest and valuable NFTs across blockchain gaming, digital art, virtual real estate and other highly coveted digital collectibles providing these assets a platform and a market. Whaleshark also used NFT to document the Whale Community’s success from starting at $150,000 to being currently valued at $230 million.
Unboxing Highlights Turned To NFTs
Youtuber and Pokemon TCG card collector partnered with Bondly finance to launch the auction of his Personalised NFTs. He turned his unboxing highlights into NFTs and sold out each of them. The unboxing revealed a total of 12 highly sought-after cards, including holographic 2 charizards, which are worth ~$2 million. The fact that it was unboxed on a live stream that is now an NFT only adds to their value.
Ownership Of In-Game Assets
The Sandbox Game made history when they sold out 1,078 LANDS in less than 60 seconds! The game has a utility token called SAND, and players can build, own, and monetize gaming experiences. Sand can be used to buy and sell LANDS, a digital piece of real estate.
Utilizing Ethereum blockchain technology, the Sandbox Game has found a solution to an age-old gaming industry's limitations such as creator rights and ownership.
NFT For Charity
Paris Hilton’s first step in the crypto space was used for a charity auction. The heiress of the Hilton Hotel Network auctioned a digital painting of her cat for approximately $17,000 on CRyptograph, an Ethereum-based auction platform. The auction benefitted three charities Los Angeles Regional Food Bank, Meals on Wheels, and Backpack Bed for Homeless, aimed at feeding and housing the economically vulnerable.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice