DeepikaNFT’s are non-fungible tokens which are based on blockchain and are unique. They are basically digital art works, which can be purchased with the help of cryptocurrency. The purchase of the NFTs lies in the interest of the buyer. For one, it can be valuable, while for the other, it may hold no value. However, they are stored on blockchain in digital space.
Difference between Fungible and Non-Fungible Tokens
Fungible describes the ability of interchangeability within the same value. It is the ability in which one thing can be exchanged for the virtue of another. For example, 1$ can be changed with another 1$. In the same way, the cryptocurrencies can also be exchanged with the same value of another. In fungible tokens, there is absence of uniqueness.
Non-fungible, on the other hand, describes the uniqueness that one cannot be exchanged with the same value of another. For example, one car cannot be exchanged with another as they both are unique and have different specifications. Non-fungible tokens are unique. They cannot be interchanged as they have different characteristics.
What Makes NFTs Popular?
Digital artworks can be easily copied and pasted. Hence, the question arises about the ownership and verifiability. NFTs are unique in the way that they cannot be copied and pasted. Also, the tech behind the NFTs is the blockchain system which makes it secure and trustable. NFTs are segmented and cannot be divided into parts. Here, the supplier too can limit the supply of NFTs by producing it in the required quantity. This is why NFTs have become popular as they provide the buyer with the right of ownership and authenticity.
Uses of NFTs
NFTs can be used in many ways as they provide the digital record of everything. They are basically used to secure the digital items. They can be used in any sort of digital artwork like a drawing, painting, or any such item. They can even be used in profile pictures to make a unique avatar. In addition to these, they can also be used in the music industry, so that an artist could make their own Music NFT. Furthermore, they can be used in the gaming industry, to design their own avatar, character, skins, and other customizations.
Top 3 NFT Tokens
Decentraland
Decentraland is an Ethereum-based protocol that helps users create, share, and monetise content and applications. It combines virtual and augmented reality with the internet to create a Metaverse. Users can create an immersive experience for visitors. Major companies are launching into the Metaverse using Decentraland.
Sandbox
Sandbox aims to revolutionize gaming by allowing users to create 3D objects in the Metaverse. The marketplace enables users to create 3D games for free. It has three significant products, namely, VoxEdit, Sandbox Marketplace, and Game Maker. It is also based on the Ethereum protocol.
Sand is the official token of Sandbox.
Tezos
Tezos is an open-source platform based on the blockchain network. However, Tezos aims to offer infrastructure that is more advanced. It provides a scalable platform for developing dApps. It ensures that the future upgrades don’t lead to hard work. It is known for low-cost transactions and high-performance for users in the Metaverse ecosystems.
Conclusion
To begin with, NFTs are digital artworks which are unique and cannot be interchangeable. They are based on blockchain systems which store the data and provide authenticity. In addition to this, they can be used in many industries such as music, gaming, arts, etc. Furthermore, they are very useful to secure our artwork. However, they are basically in digital space.
