The NFT – an English acronym for “ Non Fungible Tokens ” – is a unique token that attributes digital ownership on a blockchain network to its holder. NFTs are a trend today, with auctions of tokenized artworks that have surpassed the prices of the most famous painters in history.
In reality, however, there is much more to the world of NFTs. A very interesting technology that is already used by many large companies, able to create marketplaces on the blockchain of everything that can be tokenized. In our in-depth analysis of Cryptonasa.com, we will talk about the technical specifications and investment ideas that this technology offers. Separating fashion from what is the concreteness is the basis of this new way of interpreting the blockchain.
NFT – Introduction topic:
|❓ What does NFT mean:
|Acronym for “Non-Fungible Token“
|💡 What to do with it? :
|Create them, buy them, collect them, sell them
|💪 Which are the best today :
|Chiliz / Theta / Decentraland / Enjin Coin
|⚡ How to invest :
|Trading and direct purchase of tokens
|🥇 Best exchanges :
|Coinbase / Crypto.com / Binance
|🔥 Best trading platforms :
|eToro ( site here ) – Capital.com ( site here )
The main introductory features of NFTs
NFT what they are
Scholastic definitions are unlikely to be able to render, with due depth, all the aspects related to new technology. For this reason, it will be necessary to address some of the most important issues concerning the world of non-fungible tokens before moving on to more advanced topics and also to possible practical and commercial applications.
- Not fungible versus fungible
The first thing to understand is already in the name of this technology. NFT – Non Fungible Tokens – are opposed to fungible tokens, i.e. tokens that do not have a specific individuality and that can be replaced with other tokens of the same kind. The most striking example of this quality can already be done outside the categories of the blockchain.
Money, even money in the form of banknotes that we have in our wallets, is fungible by definition. If tomorrow we were to give Marco 10 euros and he was to give us another 10 euros, there would be no difference in the composition of our assets. Each 10 euro banknote represents an identical value. And for this reason, money can be considered fungible.
But now let’s think, for example, of a painting: it is a unique piece, there is nothing identical in the world. It can be sold for money, but it cannot be exchanged for an identical painting that has the same value. A work of art is by definition non-fungible because it cannot be exchanged for a generic and identical good in value.
NFTs are the work of art, in our example, and classic cryptocurrencies such as Bitcoin or even Litecoin (for example) are money. If we exchange a Bitcoin for another Bitcoin, nothing will change in our balance sheets, because a BTC is always identical to a BTC. In the case of possession of an NFT token instead, we will have a unique piece in our hands.
- Su blockchain
Just like classic crypto tokens, NFTs are also traded via blockchain. As should be known, the blockchain that currently supports them most frequently is Ethereum, which offers two different ERC standards for creating NFTs. As we will also see later, there are several projects and blockchains that allow you to create your own NFTs and exchange them.
The blockchain offers the advantages we all know for this type of exchange: they are registered and accessible by everyone, they have solid mechanisms to validate transactions and above all, they are freely accessible. This means that verifying ownership of a given token is simple.
- The problem of algorithms for the validation of NFTs
The ecological theme seems to be one of the corners most used by detractors from the world of blockchain and cryptocurrencies to attack this type of system. The same controversy has also been used to report the ecological impact that systems such as NFTs that are based on PoW blockchains would have. That is the old way – exorbitant under the electrical plan and calculations – of validating new blocks of a blockchain.
The fact is that with the 2.0 upgrade, even the main blockchain that today supports NFTs will switch to a completely PoS system within a year, capable of consuming 1/100 of the energy while offering the same level of security. Even the ecological attack, in reality already very poorly founded today (a transaction of an NFT does not have this great impact), will have to surrender in the face of the advancement of NFT technology.
An NFT includes meta-data, which accompanies an image, file, audio track, or any other type of data to the token. The data is always freely available, at least on the most popular blockchains for this type of token. There is nothing to prevent the incorporation of any type of data as a representation of the title of ownership. For example, the sale, by Jack Dorsey, the founder of Twitter, of his first Tweet About him will go down in history. Properly transformed into an NFT.
- To represent the property
The most common use we can make of NFTs is digital property representation. Most of the systems that support NFT today allow you to tokenize a digital work of art, be it an image, even a song, or a video. Although the video is perfectly reproducible, as well as the image or the song, an NFT represents the property of the same.
- For artists (NFT Art)
Among the first to take advantage of technology were artists, who have found a relatively simple way to support their art, with fans finally being able to finance works, which will remain usable for everyone among other things. There are many artists, digital and otherwise, who have relied on this type of technology to spread their works and find financiers. Solved the problem of the need for patrons even for less famous artists? Absolutely not, but the prospects that NFTs offer are certainly thick.
Our video course on NFTs [Free Youtube] – Simple explanation
In this video course on NFTs:
- You will learn what they are;
- You will understand why they are valuable (especially some may even be worth millions of dollars!);
- You will know what are the possible practical applications;
- You will find out which are the best NFT based projects today;
- You will understand what are the hypotheses on the Non-Fungible-Tokens market;
- You will appreciate what are the best platforms for trading NFTs.
How Non Fungible Tokens Work: Getting Started Guide for Beginners
We have broadly understood what NFTs can be used for, but what does blockchain have to do with it, and how exactly does this type of token work on a technical level? We will have to introduce some additional concepts in order to actually understand how they work.
- ERC standards
Even if the Ethereum blockchain is not today the only one able to support NFTs, it is from this that we will have to start with an example as general as possible, to understand how NFT tokens work. The most important of the standards used today is ERC 721, which provides relatively simple rules for creating a single token on the Ethereum blockchain. The standard in question is the same, for example, used by projects like Decentraland, like CryptoKitties, and also like CryptoBeasties.
- The creation of the NFT token
The token is created on the blockchain, incorporating a unique ID that represents it and with indications on the metadata it incorporates. It is at this stage that we create a unique token, which is different from all other NFTs and which is uniquely identified. The creation also assigns this token to a wallet capable of storing ERC 721 tokens, or alternatively the standard that we have decided to use.
- The possible exchange (buy and sell NFT)
Being crypto tokens in all respects, which are in fact supported by a real blockchain, these tokens can be exchanged both through smart contracts and instead through manual exchange. They are in effect assets that we can buy and sell – and for this purpose, many markets have also sprung up that allow auctions or private agreements.
- What does the token represent?
Ownership – although in some jurisdictions it is not yet perfectly clear how these rights will be enforced. What matters, at least for the moment, is that the blockchain can guarantee good levels of security both for the conservation of NFT tokens and for the exchange. Those who have followed the world of cryptocurrencies for some time will know that these systems are among the safest to make transfers permanent. This concept, applied to the world of NFTs, exposes the enormous potential that this technology may have in the future, even in economically important markets such as that art.
- Bragging rights
Or in Italian the right to boast. NFTs certainly move the concept of ownership and possession into a whole new field. If we were to look at the auctions that have been most successful in recent times, these are transfers of ownership of digital objects that are actually available to everyone. Everyone can still read the first Tweet in history, just as anyone can technically endlessly copy Beepsy ‘s artworks that ended up at Christie’s auction.
What did those who bought this type of token actually acquire? Property in the strict sense, which given that in this case it does not offer the exclusive enjoyment of the property – which remains digital and accessible to all – has been considered by some commentators as a mere right to boast of the property itself.
There are actually many other levels involved in using NFTs. Let’s think of cases like that of Decentraland, where NFT LAND tokens allow you to have exclusive use and privileges on a virtual area of the game. In that case one of the fundamental attributes of ownership, namely the power to exclude someone, is fully preserved. The same can be said of systems, such as fan tokens, where the possession of certain NFT tokens offers special privileges and access to merchandise. In that case, the NFT really gives the owner an exclusive right, which non-owners do not have.
To avoid the useless ruminations that we have already read in the non-specialized press, we invite everyone to concentrate, at least for now, on the strictly technological aspect of the story. NFTs offers a safe, fast, and inexpensive way to tokenize works of human ingenuity and securely transfer them to others. Whether you rely on the Ethereum or Tron network, or on the many niche systems, it doesn’t matter.
Nor does it matter what the present and future fields of application of this technology will be. Because it is true that fashion has created rods with closures that are almost impossible for a reasonable mind to understand. But it is equally true that these are in fact full-blown advertising operations, which have nothing to do with the actual future of this technology.
Top 7 crypto-projects in the NFT world
We have selected the seven best projects that also support NFT, with a good mix between those that are generally involved in supporting the standard and those that make it an integral part of their own raison d’etre. The list you will find here is constantly updated and is to be considered valid at any time it is read.
Theta is an advanced blockchain created to offer decentralized distribution of video content, trying to overcome the concept of CDN currently used by the mainstreaming services worldwide.
Among the co-founders of the project, we find Steve Chen, founder of YouTube at the time and able to attract the attention of even very large groups, as evidenced by the participation of Sony, Google, and Samsung in the project.
|📑 Sail :
|👶 Birth :
|📈 Forecast :
|🔍 Technology :
|⚡ Buy :
|How to buy Theta
THETA [ THETA ] – Table of main introductory features
With the transition to version 3.0, Theta also supports the creation of NFTs, which can be managed internally to the network, paying the fees and gas with the parallel TFUEL token. The project has been growing rapidly since the beginning of 2021 and although not focused only on NFTs, it will be able to create further enthusiasm thanks to the support offered by this technology. We can find Theta tokens from Capital.com (you can sign up for free here for the demo account), which offers the possibility to invest in various emerging cryptocurrencies through its platform.
Complete guide: What THETA is and how it works
The blockchain that is connected to the world of football fans and sports, in general, has already established very important collaborations with all the main European clubs.
Limiting ourselves to Italy, we already have Rome and Juventus on board. Looking instead in Europe, we will find teams of the caliber of Barcelona and Paris Saint Germain.
|📑 Sail :
|👶 Birth :
|📈 Forecast :
|🔍 Technology :
|Support for teams and fans
|⚡ Buy :
|How to buy Chiliz
|ZenGo, Trust Wallet
Chiliz [ CHZ ] – Table of main introductory features
A commercially strong project, which recently signed an agreement with Chainlink to start creating NFTs in real-time. They will be NFTs, at least according to the projects, extremely innovative. Because thanks to the oracles of Chainlink, NFTs can be created whose value and functioning are linked to sporting events in real-time. The project’s reference cryptocurrency can also be traded on Capital.com (here to sign up for the free demo), a broker that has always been one of the most attentive in the world of emerging cryptocurrencies and which, first in the world, has included Chiliz in its lists.
Complete guide: What is Chiliz and how it works
Enjin Coin is the token of one of the most complex and integrated blockchains currently available on the market. Its focus? The world of online video games and everything that revolves around it, also in terms of community.
Inside, in fact, we can find an excellent infrastructure for exchanging rare or unique items from different online games. In addition, with the Beam service, support is also offered to content creators for the expansion of their audience.
|📑 Sail :
|👶 Birth :
|📈 Forecast :
|Enjin Coin Forecasts
|🔍 Technology :
|Infrastructure for online game items and content creators
|⚡ Buy :
|How to buy Enjin Coin
|Compatible with Ethereum
Enjin Coin [ ENJ ] – Main introductory features table
The reference token, Enjin Coin, was the subject of one of the most incredible growths of 2021 and is used for the purpose of the platform as a free currency. An integrated project, which looks at the world of online video games and content creators and which could have its say in one of the potentially most lucrative sectors of the future of blockchains. This token can also be found on Capital.com (you can open a free trial account at this address) – treated as a common financial asset, to which we can apply technical analysis and even advanced order management.
Complete Guide: What Enjin Coin is and how it works
Decentraland is a virtual world in Second Lifestyle (which many of our readers no longer very young will remember) or if we want in Minecraft style.
This project also makes extensive use of NFTs, through its LAND tokens, which represent a small plot of land within this virtual universe.
|📑 Sail :
|LAND / MANA
|👶 Birth :
|📈 Forecast :
|🔍 Technology :
|Virtual world – NFT token for land acquisition
|⚡ Buy :
|How to buy MANA
|Token In-game – per MANA: MetaMask
Decentraland [ MANA / LAND ] – Main introductory features table
Decentraland uses a double currency system: on the one hand, we have the MANA, which is the fungible money of the game, on the other hand, we have the LAND tokens, which represent the ownership of virtual spaces on which we can create and install commercial activities, always virtual or any other type of construction suitable for the game. This is one of the typical cases of application of the NFT concept.
Each token is not fungible and incorporates the ownership of the plot and the location of the same. We can sell and buy the token, which is not the same as any of the other LAND tokens in the game. On Capital.com – you can join the platform for free here – we can invest in MANA, which is the fungible part of the tokens used in the Decentraland multiverse. A great way to proceed is if we believe in the growth of this virtual world.
Complete Guide: What Decentraland is and how it works
Flow is a blockchain infrastructure dedicated exclusively to the world of NFTs. It is the go-to platform for creating and trading the popular NBA Top Shot and has also been chosen by UFC for its next series of digital collectibles.
The reference token is the fuel of the project and must be used to pay for transactions, thus constituting a good investment should Flow as a project continue to grow, in a commercial sense.
|📑 Sail :
|👶 Birth :
|📈 Forecast :
|🔍 Technology :
|Complete infrastructure for NFT
|⚡ Buy :
|How to buy Flow
Flow [ FLOW ] – Main introductory features table
Flow can only be of interest to the very important partnerships that have already been closed by the group. NBA, Samsung, Dr. Seuss, Warner Music Group. A heterogeneous group of very large companies, testify to the goodness of the project. Flow is currently one of the most interesting blockchains, commercially speaking, among those that can offer support to the world of non-fungible tokens. We can also find Flow indirect purchase on the popular Kraken exchange (here to open the free account on the exchange), which has long since included it in its lists.
Complete guide: What Flow is and how it works
Wax is a very interesting blockchain because it also integrates an NFT marketplace that has already attracted the attention (and creations) of big players in the entertainment sector.
This was the blockchain that hosted the deadmau5 auctions, as well as the creation and sale of NFT by Atari and Capcom, two very important companies in the video game sector.
|📑 Sail :
|👶 Birth :
|📈 Forecast :
|🔍 Technology :
|Complete infrastructure for NFT
|⚡ Buy :
|How to buy WAX
|Wax Cloud Wallet
Wax [ WAXP ] – Table of main introductory features
The WAX blockchain is governed by WAXG tokens and rewards participants via Ethereum. It is currently one of the most developed in the sector, also offering toolkits to develop decentralized apps and to support the construction of contracts and automatic exchanges. The project is still in progress, although it has already made some very important collaborations. Interoperability with Ethereum‘s ERC 721 and ERC 1115 standards will also be available shortly.
Complete Guide: What is Wax and how it works
Another virtual world project is a video game to participate in via the internet, which allows us to buy NFTs that represent objects, real estate, clothes, and any other type of item that can be created in the game. This too is a rather typical application case for the world of NFTs, which will in all likelihood be adapted and replicated even by much stronger companies commercially.
The project is based on two levels: there are those who simply want to enjoy the game and can participate in yet another multi-verse which, by the authors’ own admission, is made to remember the world of Animal Farm very closely and attract time same collectors attracted to NFTs.
|📑 Sail :
|👶 Birth :
|📈 Forecast :
|🔍 Technology :
|⚡ Buy :
|How to buy MyNeopleAlice
MyNeopleAlice [ ALICE ] – Main introductory features table
The project is still in a relatively embryonic stage, although it already has a decent following and a good number of NFTs that have been produced. The most important NFT tokens represent ownership of the virtual islands in the MyNeopleAlice universe.
Complete guide: What is MyNeopleAlice and how it works
Best Crypto NFTs List [Full List Today]
We presented the 7 best projects that support NFT today, both for the functioning of its commercial networks, and instead to support marketplaces or the functioning of the services they offer. However, they are not the only ones. In fact, there are many other newly born projects that will fight to conquer, at least in part, the lucrative niche of NFTs.
|Business data management
|Pop collectible digital property
|Minecraft-style virtual world
|NFT per gaming
|Multi-chain NFT creation and management
|Pokemon style digital universe
|Terra Virtua Kolect
|NFT per gamer
|Infrastructure for NFT creation
|Third-Party Authenticated NFTs
|Infrastructure for generic and financial NFTs
|Multiverse for online games
|NFT infrastructure for comics, digital art and virtual worlds
|NFT to support racing-based video game
|Virtual casino accessible online – with the associated multiverse
|Fund creation with NFT baskets
|NFT for digital art
|Tamagotchi-style NFTs – unique and exchangeable with other users
|NFT for the production chain and transparency toward customers
|NFT for mass event tickets
|NFT for creating items in online games
|NFT collections on different chains
|NFT per Esports
Top NFTs Best 23 [From 8 to 30] – You can find the best 7 NFTs projects in this ranking.
While they failed to make it into our special ranking of the top 7 NFT projects, many of these ecosystems already have a good commercial impact and – we are relatively certain – will start to talk about them shortly.
Best NFTs to invest in 2023: Criptonasa.com NFT wallet
As we already do with the best cryptocurrencies to invest in – because we are not interested in teaching as an end in itself, but we also like to operate – we also want to share the following lists with our loyal readers:
- Top NFTs are in our real possession;
- Wishlist of the best NFTs to invest in today;
… Updating them from time to time based on our investment strategy applied to the Non-Fungible Tokens market.
|🧡 WISH LIST
|CryptoYatchs – CYC
|Present [18+ NFTs]
|I’m not going to go in yet.
|Mutant Shiba – MSC
|Collectibles / Meta
|We await all the reveals to understand if we can take more.
|Otherdeed by Otherside – Yuga Labs
|Present  – 1st Italian Whale
|#HODL at least 18 months
|Bored Ape Yacht Club
|Mutant Ape Yacht Club
|World of Woman Galaxy
|MURI by Haus
|Bored Ape Kennel Club
Best NFTs to keep safe on your wallet + Criptovaluta.it NFT wallet
We update this list periodically, with the aim of refining our operational strategy on NFTs more and more, providing more diversification of our NFTs portfolio (to reduce the investment risk, ed ) and, obviously, increasing the nominal value and in absolute terms.
How can NFTs enter everyday life?
NFTs, while very popular, are still not part of everyday life for the general public. Or rather, they are slowly becoming so, also thanks to projects that already involve the world of sports, films, and video game collectibles. In addition, NFTs can also be used in the future for tracking supply chains and for verifying the originality of clothing, which actually already exists in a very popular sportswear brand.
Examples of some uses of NFTs
If it is true that NFTs are still something of a niche, it is equally true that there are already many projects that make concrete use of them. Here we will mention some of the most interesting projects that are already in full swing and that have shown, if there was still a need, that in reality, the world of NFTs can also offer a lot to sectors other than art speculation.
- Decentraland and video games
We have already talked about it in the section specifically dedicated to the best NFT systems currently on the market. Decentraland may be a pilot case, which could be reviewed and improved by more commercially structured projects. It is not certain that in the future we will not be able to see these systems applied to more popular games, such as World of Warcraft and all the other very successful MMORPGs.
- NBA Top Shot
The world of stickers and fantasy basketball has already moved, at least in part, to NFTs. The NFT Top Shots project is proof of this. It runs on Flow infrastructure – which we have already talked about in this guide – and distributes digital stickers of the best NBA players for a fee. And the strongest players, like LeBron James, ended up in the auction for six-figure values.
- UFC: collectibles
The hugely popular MMA circuit will also soon make its debut on the Flow network, offering digital collectibles through NFT technology. Another huge franchise that chooses the digital path of the future, recognizing the good things a system of this type can offer even to sports collectors.
- So rare: the global fantasy football
Another very interesting project that today uses NFT technology is Sorare, which offers a sort of fantasy football game on a global scale, which also relies on the world of NFTs. Also in this case we are faced with a decidedly futuristic project that focuses on the best possible technology for the management of multiple and even unique cards. We at Criptovaluta.it also talked about Cristiano Ronaldo‘s card which sold for just over $ 290,000.
- Nike and CryptoKicks
One of the most popular brands in the world of sports has long been thinking about how to take advantage of the incredible fashion of NFTs. And it did so through the CryptoKicks project, tokenized shoes within the Ethereum blockchain. In the future, the system can also be used to certify the scarcity of certain collectible models and their originality.
NFT educational resources: let’s get to know Non-Fungible-Tokens better
If we want to know more about the world of cryptocurrencies, we can turn to different channels to study the functioning of NFTs and the commercial implications of this new technology. We will start with the videos and then deal with forums and other types of channels that can deepen our knowledge of the system.
Best NFT Video Tutorials
We have selected four videos that can help us deepen the topic of NFTs, whatever our level of preparation on the subject.
- Why the NFT Art Market is Exploding
An excellent video from Bloomberg Technology, which faces from an exquisitely speculative perspective the art world that has already moved to NFT technology, obviously starting from the incredible auction closed at Christie’s, where a work by Beeple was sold for nearly 70 million dollars. From a particular event to some general consideration. To watch absolutely.
- What is NFT
A more technical video, although still intended for beginners. Although in English we can enjoy it through YouTube automatic translations. We recommend viewing it because it explains in very simple terms what are the functionalities and characteristics of the NFT world. And what their technological and commercial implications could be.
- NFTs Are Fueling a Boom in Digital Art. Here’s How They Work
Video of the Wall Street Journal, an authentic American information oracle, similar in terms of topics to that of Bloomberg that we have already mentioned. Also in this case we start from the particular to end up instead of the general case, with a good explanation, especially for novices, on the characteristics of these very particular tokens.
Unfortunately, for the moment there are no good ebooks on NFTs, even taking advantage of what is offered in English. Our guide is and will remain constantly updated over time and as soon as they are available, we will not fail to inform our readers.
Best Books for Studying NFTs
Unfortunately, the same can also be said about books. The sector is very new and there is still no systematic and reliable coverage offered by books on NFTs, either in English or in Italian. Also in this case we will not fail to update this section as soon as titles are available that Criptovaluta.it feels recommended to its readers, because of its undoubted quality.
NFT Opinions and real reviews
The explosion of NFTs has led to a flood of comments, opinions, and reviews both in print and on the Internet. We have taken care to summarize how credible and valid to read we can find today on the subject. Certain that over time – and with the greater diffusion of NFT technology, more channels and more information sources will be found with a correct approach to non-fungible tokens.
Authoritative opinions from famous experts
Several commentators of classical economics, if we want to call it that, have also expressed themselves in the world of NFTs. We collect the most authoritative opinions here. Opinions that, will surely leave some of our readers stunned, are on average very positive.
The famous network dedicated to finance – quintessential to international capitalism – has expressed itself on several occasions on the phenomenon of NFTs. The most important comment is certainly that of Leonid Bershidsky, who is a long article explaining to the readers of the website of the popular network that NFTs are here to stay and that they will become increasingly important for the world of art and collectibles. A sector that is a game for the rich regardless of the technologies involved and which therefore would not have profoundly changed its nature even with the arrival of non-fungible tokens.
Another publishing network is intended for those who want to know more about investments. Even the famous newspaper, which holds the famous classic Fortune 500, has dealt with NFT several times. The most important piece published by this big piece of financial information is signed by David Z. Morris, who explains to an audience perhaps more calibrated on the stock market, the revolution in the concept of ownership and art in the era of art on blockchain, i.e. in the era of NFTs.
With a warning: the maneuvers we see now are highly speculative. With the entry into the market of players of the depth of Christie’s – who, as readers of Cryptonasa.com know, has already offered NFT auctions, prices and markets could converge.
Best NFT Forums and Social Groups
Forums that deal primarily with finance and cryptocurrency investments typically also deal with NFTs, although they are not the only ones to do so. We have selected 4, certain of being able to offer a useful integration for those who want to deepen their knowledge of non-fungible tokens and maybe even become part of a community.
- Reddit /r/NFT
The Reddit channel dedicated to NFTs is not yet very popular and the numbers pale in comparison to what is offered by other channels that deal more with cryptocurrencies. However, discussions are starting to become frequent and there is no shortage of detailed guides, created by users themselves, for those who want to create NFTs and trade them.
Since the millionaire auctions for the most requested NFTs on the market started, even the first forum in Italy dealing with finance has begun to take an interest in the story. Great for those who want to learn more also from the financial side, by participating in a community that discusses in Italian.
- Cardano Forum
It is the official forum of the Cardano cryptocurrency, where the next implementation of NFTs within the aforementioned blockchain is technically discussed. For now, the discussions are very technical and could and should attract those who want a more genuinely nerdy perspective on the matter.
- Invest today
NFTs are also frequently dealt with at the second Italian finance forum. Discussions are becoming more common and many are attracted and interact. If the other forums were not to our liking, this is one to try as an alternative.
Our opinion on Non-Fungible-Tokens
NFT tokens are the fashion of the moment, despite having been around for several years now, albeit previously in much less advanced forms. If on the one hand there is certainly fashion to push prices up, on the other hand, we find a concrete application – even commercially – increasingly vast for this type of product.
The birth of many blockchains capable of supporting them – which we have adequately illustrated in the course of our guide today – tells us of an embryonic situation, but which is rapidly gaining traction within the world of blockchain and also in the markets for the exchange of property rights.
NFT technology can revolutionize the world of video games, collectibles and even decentralized finance , as it is already widely used in the management and control of supply chains and value chains . The potential is enormous, despite the fact that today it is talked about almost exclusively for the crazy-priced auctions that hit the headlines.
We are still in an extremely experimental phase of the world of NFTs and the prices of some of the assets at auction reflect this extremely immature state of technology and the markets that surround us. However, there are other considerations to make in this regard, avoiding falling into banalities that do not help us at all to understand the present and the future of this type of ecosystem.
- Yes, they will be a very valid channel for the ownership of artistic works
We have very few doubts about this. The auctions that have already been held at Christie’s and Sotheby’s will lead to a massive entry of NFT technology into the art markets. We believe that there is no kind of doubt about it: NFTs are a smart, fast, safe, and cheap way to exchange ownership, digital and otherwise, of works of art.
- Revolution for the world of video games
Where there were already several companies that had to manage very complex economies, not having the possibility of delegating exchanges to efficient third-party systems such as blockchains that host NFTs. We already have clear evidence that NFTs will become the standard for any kind of virtual world, present, and future. And whoever fails to comply will end up losing a huge amount of profits.
- NFTs will also be a turning point for collectors
And even on this, there is very little to doubt. We are not just talking about collections of digital works, but also about physical objects. Let’s imagine, for example, the trading card sector, which today sees many speculators taking part in auctions. A Pokemon or Magic the Gathering card can exceed $ 100,000 in value. Physically moving them is expensive and risky. When third parties emerge to guarantee the transaction, they can be kept in banks or custody services, and to pass (and guarantee the passage), it will be only the NTF token that represents the ownership of the card.
- For finance: OTC contracts
We enter a territory for specialists. The OTC market could find in the blockchains that support NFTs excellent support for the transfer of personalized contracts, without having to refer to internal clearinghouses: expensive and unsafe and above all also exposed to human error. Many derivative investments with specific contracts could find an excellent ally in NFTs.
To understand this, there are many sectors that NFTs will be able to revolutionize. It is not certain that they will succeed with all the sectors that are currently taking an interest in this technology. But the prospects are more than interesting and open to very positive scenarios, especially for those who are now entering the market.
NFT tokens are partly fashion, partly a very interesting technological solution, which can really make a difference in the management of digital and non-digital properties. Even for those wishing to invest in this sector today, there are two ways: focus on exclusive works of art – and therefore speculate on their possible revaluation, or focus on the tokens of the projects that host them. Two very different paths, cross precisely with NFT: tokens we will continue to hear about even when the hype in the non-specialized press has finally faded.
A background noise that does not allow everyone to understand the actual functioning of these circuits and this technology. A noise that we have decided to eliminate with this in-depth analysis, with a technical and financial mix of one of the most interesting realities – together with decentralized finance, from the world of blockchains and cryptocurrencies.
FAQ – NFT: Common Questions and Answers on ” Non-Fungible-Token “
What are NFTs?
They are unique and non-fungible tokens, which represent the right of ownership over a given digital asset. They can be created, sold, and bought. Can you invest in NFTs?
Theoretically, we can speculate both on NFTs in the strict sense, and invest in the tokens of the blockchains that support them. Our in-depth analysis indicates the best projects of the moment.
Are NFTs a Scam?
No. _ They are a serious and reliable technology, which is already used by many large companies. But be careful, it is always better to turn only to reliable marketplaces.
What can be exchanged via NFT?
Whatever is digital and tokenized. We can choose to buy an image, a video, a song, but also a digital sticker. Or even virtual goods in equally virtual worlds.
What are the best blockchains that support NFT?
It depends on the type of NFT. We have selected seven different projects in our guide, with extensive insights. Overall, there are 30 blockchains that support NFT in our guide.