Cryptography secures NFTs as unique digital items. A digital collectible can be represented in DeFi by a game item, a pet, a meme, or even an LP position. Real estate and art ownership are two less explored use cases. A tokenized high-value item such as a vintage car can also be divided among multiple owners. As a result, each of them will own a fraction of the car. Currently, NFTs are commonly used for digital goods. Here are a few of them.
Beeple NFTs – You must have already heard about this NFT sale. Crypto events rarely breach the mainstream, but this is one of them. Beeple, also known as Mike Winkelmann, has taken the art world by storm by selling NFTs worth $69M worth of ETH.
NBA Top Shot – A successful NFT project, NBA Top Shot was launched in March 2021. According to The Block’s data dashboard, NBA Top Shot has the most users of any NFT project. That’s an impressive feat, even if it doesn’t include modestly smaller NFT projects. Users can purchase NBA Top Shot packs featuring NFTs of famous NBA moments from Dapper Labs.
Cryptopunks – Cryptopunks NFT was the first NFT to exist on Ethereum. Since the NFT bubble of 2021, they have been available and attracted moderate interest. Larva Labs is the developer of Cryptopunks. There are 10,000 unique collectible ‘characters’ available on Ethereum. Each one is unique. Each of them was available for free to anyone with an Ethereum wallet at launch.
Axi Infinity – The blockchain game Axi Infinity allows players to breed virtual pets called Axis. You can compare it to Pokemon and cryptocurrencies. Players can either adopt and control these pets or trade them with other players. PvP (player versus player) battles can be played in adventure mode or player versus player.
Decentraland – The virtual reality game Decentraland uses blockchain technology. With ERC-721 tokens, players can trade and develop virtual lands. LAND owners can decide what material they want to fill their piece of land with. A simple scene or an interactive game can be used as an example.
The future of digital collectibles is undeniable. The popularity of NFT marketplaces is only going to grow. In the long run, most NFTs will probably go to zero. You should also be aware that liquidity for NFTs works differently than for the Bitcoin/USD market, so keep that in mind when investing.
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