A non-fungible token (NFT) is a unit of data stored on a digital ledger, known as a blockchain, that validates that any digital file is unique. An NFT with unique functions. NFT works like a cryptocurrency token, but unlike cryptocurrencies like Bitcoin, it is not interchangeable, that is, it is not replaceable. When the blockchain records a cryptocurrency hash (a set of characters that verify whether a data set is unique) in a previous record, an NFT is created, thus creating a series of identifiable data blocks. The cryptocurrency transaction process ensures the authentication of each digital file by providing a digital signature to track NFT ownership
1. NFT Use cases
NFT illustration is similar to an autographed item. The unique identity and ownership of the NFT can be verified through the blockchain ledger. NFT has metadata processed through cryptocurrency hash functions.
Digital Art is an early use case of NFT, because blockchain technology can ensure the unique signature and ownership of NFT.
- Artist Mike Winkelmann’s digital artwork titled “The First 5000 Days of Every Day”, also known as Beeple, was sold in 2021 for $69.3 million. This acquisition is the third highest auction price ever, second only to Jeff Koons and David. Hockney. Another Beeple work is called David Hockney. Another work by Beeple called “Crossroad” consists of a 10-second video showing an animated pedestrian passing by the image of Donald J. Trump, and was sold on the digital art online cryptocurrency market Nifty Gateway for $ 6.6 million.
- Figma CEO Dylan Field sold a digital avatar called “CryptoPunk # 7804” to anonymous investors for $ 7.5 million, and sold the second avatar for $ 1.5 million in February 2021 “Ape, Fedora # 6965”.
NFT can represent collectibles as card collectibles, but in digital form. In February 2021, a LeBron James NFT slam dunk card on the NBA Top Shot platform was sold for $208,000.
In 2020, 125,000 irreplaceable token trading cards were sold on the WAX blockchain in 9 minutes, containing images of William Shatner’s personal and professional life from the 1930s to the present.
NFT can also be used to represent assets in the game, such as digital frames controlled by users rather than game developers. NFT allows assets to be traded on third party markets without the permission of the game developer. In February 2021, Axie Infinity recorded $ 1.5 million in digital land ownership in a single sale.
The film industry has been slow to respond to the rise of NFTs, partly because of the technical challenges facing the storage of usually large digital movies on blockchain technology, which is designed for smaller file sizes. Legendary Entertainment announced that it would release the exclusive series of Godzilla vs. Godzilla, Kong NFT, on the same day the movie was released; Director Kevin Smith announced in April 2021 that his upcoming horror film “Kilroy Is Coming” will be released as NFT; and talent agencies such as UTA and Endeavor that advertise NFT-related businesses.
2. TrustKeys NFT Marketplace
TrustKeys NFT marketplace offers a wide range of non-fungible tokens, including art, censorship-resistant domain names, virtual worlds, trading cards, sports, and collectibles. TrustKeys NFT marketplace includes ERC721 and ERC1155 assets. You can buy, sell, and discover exclusive digital assets like Axis, ENS names, CryptoKitties, Decentraland, and more.
We planned to feature over 700 different projects, including trading card games, collectible games to digital art projects, and name systems like ENS (Ethereum Name Service).
Creators can create their items on the blockchain using TrustKeys ‘s item minting tool. You can use it to make a collection and NFTs for free, without the need for a single line of code.
Developing your smart contract for a game, digital collectible, or some other project with unique digital items on the blockchain, you can easily get added to TrustKeys.
If you’re selling items on TrustKeys, you can sell an item for a fixed price, create a declining price listing, or make an auction listing.