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Crypto Com NFT Brief Introduction and History

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Crypto Com NFT Brief Introduction and History ( crypto-com-nft-brief-introduction-and-history )

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Use Cases As you can imagine, NFTs can be extremely powerful since they can represent literally any asset, digital or real. Below are just some uses for NFTs: Source: Crypto.com Research Crypto.com 7 Collectibles With the likes of CryptoKitties and CryptoPunks, we have seen that NFTs can be used to create incredibly desirable new kind of digital collectibles. More traditional collectors’ items such as baseball cards and stamps are also being tokenized. Gaming Tradeable in-game items are also one potential use case for NFTs. So far, we have seen most implementations revolve around turn-based battle or trading card games like Axie Infinity or Gods Unchained. With NFTs, however, games such as Fortnite or CS:GO with vibrant item economies may one day support on-chain item trading! Art With the launch of the art marketplace Rarible and their yield farming incentive program, tradeable digital art has become a hot topic. NFTs allow artists to monetize their artwork and protect their copyright. NFTs also allow artists to receive royalties every time their creations change hands. Virtual Assets The Ethereum Name Service and Unstoppable Domains have turned .eth and .crypto domain names into NFTs, which can then be traded. Real estate in virtual worlds Decentraland and Cryptovoxels have also been tokenized into NFTs. Real-World Assets One of the original imagined purposes for NFTs was to tokenize real-world assets that can then be traded. OpenLaw created a system to trade real estate using the ERC-721 token standard, and Nike last year also patented a system to tokenize shoes. Identity With NFTs, users would be better able to protect and control their personal information, like medical histories, birth certificates, and more. 7

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