What are NFTs and Why are they on the Rise?
NFTs or non-fungible tokens, are digital assets that were first created in 2017 and took the world by storm. What are they and how did this happen?
What is an NFT?
NFTs are often in the conversation with cryptocurrency – but they are not actually cryptocurrencies, but a byproduct of the blockchain – the same technology that powers cryptocurrencies. It is necessary to dive into blockchain and fungible cryptocurrencies first.
A blockchain is a decentralized, digital ledger that is supported by a network of independent computers on the internet. Cryptocurrencies are digital assets or tokens that are fungible – meaning they can easily be replaced by an equal unit of the same type. Their scarcity or inflation was created by and is enforced by computer code instead of a centralized institution like a central bank or a government. Digital assets on a blockchain are also borderless.
Cryptocurrencies such as Bitcoin and Binance Coin have been seeing more and more adoption as currency across the world in addition to price appreciation in the past year.
So how do NFTs fit into all this? NFTs are also digital assets created by computer code on a blockchain. But they are designed to be unique – either a single token or a member of a set – and are not replaceable. Similar to a driver’s license or website, they can be valuable but are not fungible like currency.
In early 2021, digital artists pioneered the use of NFTs to bring their creations to market. Some like Beeple and FEWOCiOUS became famous around the world and tens of thousands of artists connected to online NFT marketplaces like OpenSea and tofuNFT to directly showcase their art. These marketplaces allowed artists to sell their digital art NFTs for cryptocurrency such as Ether or Binance Coin. This brought the world of artists onto a liquid financial market for the first time in history, thanks to the Internet and the tech of the blockchain – crypto and NFTs.
NFTs have the capability of disrupting many fields, including:
– Digital IDs
– Real Estate
– Event Ticketing
Following the pioneering digital artists, many individuals and companies in these fields have started exploring NFTs. While markets rise and fall, there are some long-term trends that are hard to ignore. And one of these trends is that NFTs will be embedded in the future of entertainment.
Big names across entertainment from companies like Nike, Adidas, AMC Theatres, Playboy, CNN, Fox News, Pepsi and Marvel to celebrities like Dez Bryant, Tom Brady, Eminem and Busta Ryhmes are have entered the field of NFTs.
Despite what some skeptics might hope, this isn’t just going to disappear.
One innovative crypto project has its eyes set on building an inclusive NFT ecosystem that will transform the world of gaming forever using NFTs.
PizzaBucks already has a crypto ecosystem encompassing cryptocurrency and NFTs. With the $PIZZAB (PIZZABUCKS) and $PIZZA (PIZZA NFT), they have already created cryptocurrency tokens on the Binance Smart Chain.
Next, they are building out a metaverse ecosystem that will feature many video games and new games coming out every quarter. The first game on track to be released is a AAA-graphics racing car game. Within the game, all the elements will be NFTs.
Here are just some of the items users can buy, hold or sell as NFTs:
– Car Kits
– Vehicle Sound Package
How will this disrupt gaming? In traditional gaming, players purchase items, but in fact they are actually renting them. In the game is shut down, the items are gone. In the PizzaBucks ecosystem, users will own their in-game items as NFTs on their digital wallet, and will be able to trade them on the NFT marketplace that PizzaBucks is also creating.
And they are just beginning.
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