Topic: New Possible Hype After Defi - NFT (Read 120 times)

What is NFT?
NFT stands for Non-Fungible Tokens, also known as nifty. We can consider this as a digital product whit a unique id. NFT concept has launched in 2017. This concept is based on ERC721 algorithm but as there was some limitations on ERC721 network NFT also uses ERC1155. As they launches limited number of NFT in market and create their use case, then the NFT becomes valuable.

Use of NFT
NFT can have a multi purpose use case. Like it can be used in the crypto gaming sector (mostly used), unique crypto art and unique collectibles. For gaming suppose you playing a game related to pokenom. A specific NFT can increase your power and rank in this game. Then there will be demand of that specific NFT. Now talk about crypto arts. Anybody can create NFT. You are a good digital artist and you made a very rare and unique digital painting via NFT. This can be valuable and can be sold (as people buy paintings same like this). Recently DEGO platform created a huge hype on their NFT. The reason behind their demand of their NFT is you can use it for staking. So the hype went on. Even a single NFT sold for 30 ETH.

How to Buy/Sell or Create NFT
You can buy and sell NFT via the below mentioned platforms
https://rarible.com
https://opensea.io
https://www.sandbox.game/en/shop
Also in rarible platform you can create your own NFT and sell them.

Most common use of NFT is in gaming sector. As the crypto integration with gaming is increasing, I strongly believe that in recent future NFT will create a huge hype. Also there will be many more use cases of NFT. So be prepared for this hype.