NFTs are no longer a wild buzzword waiting to be uncovered, ever since the stories of NFTs being sold for as much as $60M made rounds in the crypto-space and social space.
This led to the NFT craze season where many people tried to get their hands on NFTs seeing them as the new norm or perhaps a new investment model to gain financial freedom. As popular as NFTs may sound there’s still a lot to understand concerning NFTs and the use case it provides.
What are NFTs
NFT is an abbreviation for non-fungible tokens. NFTs are generally built using a similar kind of programming as a cryptocurrency but are unique and different in their usage when compared to cryptocurrencies, amongst the popular NFTs are those minted on the Ethereum blockchain.
NFTs: its Uniqueness and use case
NFTs are unique in that they cannot be traded or exchanged with one another. However, that’s not the case with crypto or fiat currencies that can be exchanged.
NFTs can include the following:
(i) GIFs
(ii) Graphic art
(iii) Music
(iv) Videos and sports collectibles
(v) Virtual avatars and video game skins
(bi) Designer sneakers
NFTs and the Metaverse
Seeing how unique and valuable NFTs can make it fit to be used in the Metaverse.
Metaverse, now refashioned to fit into web 3.0 vision, is a digital reality that combines aspects of online games, social media, augmented reality (AR), and virtual reality (VR), in tandem with blockchain and cryptocurrencies to allow users to interact virtually.
NFTs and Metaverse together will be able to connect people with multiple projects through the use of blockchain technology.
This is possible because NFTs can be used to represent real-world items like artwork, music, videos, and real estate while Metaverse can provide virtual worlds in which NFTs can be hosted.
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