Blockchain tokens are already used for payments by major metaverse and VR projects like SENSO and Sensorium Galaxy. The next step is introducing NFTs, or non-fungible tokens, to allow users to carry avatars and virtual items from one platform to another. The idea has a lot of potential, but there are serious technical challenges to overcome.
Why would someone pay millions for an NFT?
Let’s start with a short primer. NFT stands for ‘non-fungible token’, and what this means is a blockchain token that represents something valuable and unique, be it a digital artwork, diamond, house, cartoon character, song – even a puppy. NFTs are sold on special marketplaces, and in the past few months we’ve witnessed a veritable NFT craze, with some selling for millions of dollars. The most expensive one was a collage by the digital artist Beeple, which sold for $69 million.
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