In today’s world where people have a wide range of interests and hobbies, NFTs (or Non Fungible Tokens) are growing more and more popular. NFTs allows digital items to be traded between users of the NFT community with ease without the need for a centralized third party or service provider. NFTs have been around since 2010 when an anonymous person/persons going by the pseudonym ‘Hex’ released a project called ‘Bit Gold’. This is thought of as being the precursor to what we now think of cryptocurrencies such as Bitcoin. The main difference in NFTs vs cryptocurrencies is that NFTs cannot be divided into smaller units when trading but instead can be traded in their entirety like traditional physical items. NFTs are bought and sold on the NFT market which is based on your interests or even travel history for a marketplace allowing NFT users to trade freely with ease.
There are different types of NFTs, the main three beings:
- NFTs that allow for ownership of digital assets such as CryptoKitties or NIFTYLIFE’s take on this.
- NFTs that store information about a user such as a passport/ID cards or photo albums where birthday invites can be sent out via a smart contract instead of a physical card. The data stored on the blockchain could also include personal data from companies such as Facebook to ensure you get targeted adverts shown to you.
- NFTs provide access to digital media such as items in online games. NFTs could be used to purchase special weapons or armor for your character which would never exist outside of the NFT ecosystem meaning you can upgrade/customize your virtual persona without the need for game developers spending time creating new content. NIFTYLIFE is also taking this approachwith their NFT Marketplace, users can buy NFTs representing popular characters from games like Fortnite and PUBG through NIFTYLIFE’s marketplace before using their NFTs within gaming apps on mobile devices.
NFTs are also beneficial for business due to how it allows them to create marketing campaigns targeted towards specific audiences depending on what NFTs are purchased. This technology also makes it possible to run marketing NFT campaigns in real-time, making effective NFT marketing strategies more efficient. This can be seen in NIFTYLIFE’s NFT Marketplace where NIFTYLIFE users can buy NFTs representing popular characters from games like Fortnite and
Currently, several companies have adopted NFT technology including CryptoKitties where you can buy/sell virtual cats on the blockchain or even digital pictures for your profile picture or avatar which is unique to each user. Another company who has implemented NFTs is NIFTYLIFE, NFTs can be bought on NIFTYLIFE’s NFT Marketplace before being used within their gaming apps for character customisation or even to play games on mobile devices. NIFTYLIFE has had over 20 million NFT sales since the launch of their market place back in May 2018.
NFTs are also great for social media influencers who wish to monetize off of their followers/viewers as NFTs can represent any digital asset meaning influencers can allow fans to buy NFTs representing them which they can use within online games or other platforms. This could work similarly to the way modern-day celebrities gift their partners with ‘appy’ jewelry or branded items. NIFTYLIFE also works with a number of influencers who help NIFTYLIFE’s NFT Marketplace grow in size by discussing NIFTYLIFE on their social media platforms which helps NIFTYLIFE bring NFT technology to the masses meaning there are more NFTs available for users on NIFTYLIFE’s NFT Marketplace.
In summary, NFT technology is great due to how it saves both developers and companies/social media influencers time and money as they can spend less time creating new content or assets by using previously created items such as characters from popular video games instead of having to create them all over again.