What is NFT? | A Complete Use-Cases of Non-Fungible Token (NFT)Q - PowerPoint PPT Presentation

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What is NFT? | A Complete Use-Cases of Non-Fungible Token (NFT)Q

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Title: What is NFT? | A Complete Use-Cases of Non-Fungible Token (NFT)Q


1
What is NFT? A Complete Use-Cases of NFT
2
NFTs Introduction
NFT as they are commonly abbreviated, are the
newest sensations in the blockchain world. Some
noted celebrities like Lindsay Lohan have
skyrocketed its popularity in this and empty
revolution. It has also become a craze among
digital content creators, musicians, and artists.
Let us look at the details of what these
non-fungible tokens are all about.
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Properties Benefits of NFTs
  • There are certain attributes of NFTs that bring
    certain benefits.
  • Non-fungible tokens are limited in their supply.
    It is the scarcity of their supply that brings it
    value. While theres a possibility that NFT
    developers can have an unlimited supply of
    non-fungible tokens, they ensure that the supply
    is limited, so there is an ongoing interest.
  • The non-fungible token is indivisible. You either
    buy the entire token or dont buy it at all.
    While this might directly contradict the
    possibilities of partial ownership, it is
    designed to facilitate complete ownership of
    certain valuables and unique assets.
  • Needless to say, an NFT is unique and they have a
    strong repository of information. These pieces of
    information make it unique and the information is
    fully secured and genuine.

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All these properties bring Non-Fungible Tokens a
few undeniable advantages.
  • Non-fungible tokens are easily transferable and
    can be moved on the blockchain from one place to
    another. It makes it easy to transfer ownership
    without compromising the authenticity of the
    information. This makes non-fungible tokens easy
    to trade on marketplaces as well.
  • Since the NFT resides on the blockchain, it is
    considered extremely trustworthy. As you may have
    known, you cannot easily tamper with the
    information stored on the decentralized digital
    ledger, and this would mean that there is a high
    degree of authenticity. Therefore, the instances
    of counterfeits are almost close to zero.
  • The information stored on the blockchain about
    the NFT also includes the details of ownership
    and origin. Earlier, the records for the position
    of valuables and collectibles were done on paper,
    making it extremely cumbersome and complicated.
    However, by bringing in NFTs, authentic
    information and the history of ownership can
    easily be stored and maintained.

5
Use-Cases of NFTs
A Non-Fungible Token has a wide variety of
applications in multiple fields. Let us look at a
few of them below.
NFT Development Platform
NFT Marketplace Development
NFT Art Marketplace
NFT for Sports
NFT for Music
NFT for Videos
NFT Marketplace for Memes
NFT Gaming Platform
NFT Exchange Platform
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NFT Development Platform
  • To create a non-fungible token, you will need to
    have a proper platform for NFT token development.
    Using existing blockchain like Ethereum, it is
    possible to develop non-fungible tokens. Certain
    platforms like Rarible help you create
    non-fungible tokens without any technical
    knowledge or hassle.

7
NFT Marketplace Development
NFT Art Tokenization Platform
  • Art is one of the most prominent forms of
    collectibles. However, to preserve them, you will
    need to keep them in specialized rooms that meet
    certain requirements in terms of pressure,
    cleanliness, and hygiene. Therefore, you can just
    claim the ownership of a collectible out using
    non-fungible tokens. The non-fungible token, in
    addition to representing ownership, can also help
    through authenticity and facilitate easy transfer
    of ownership.

Any tradable asset requires a marketplace
non-fungible tokens are not an exception. NFT
market places are in vogue today and they help
even common people with non-fungible tokens and
sell them later when the prices go up.
8
NFT Exchange Platform Development
NFT Gaming Platform Development
  • Gaming is one of the arenas where NFT is expected
    to find extensive usage. Since the gaming world
    has a lot of unique virtual assets that cannot
    find any representation in the real world,
    non-fungible tokens can help in trading those
    game assets.

Although non-fungible tokens are replaceable in
their entirety, there can be an exchange
mechanism where one person can trade some
non-fungible token for another non-fungible token
based on a consensus of value.
NFT Sports Platform Development
Non-fungible tokens can also be used in the realm
of sports. In the world of fantasy sports,
non-fungible tokens can represent certain players
or certain assets that can be traded within the
fantasy game players. This ensures that the
supply is limited and the value does not go down
either.
9
NFT Videos Platform Development
NFT Music Platform Development
  • Non-Fungible Tokens built for creators are
    perhaps the easiest concept to understand. A
    music creator can create non-fungible tokens and
    send them to the fence to give them exclusive
    rights to experience their new music creation.
    Non-fungible tokens, in the long run, will lead
    to easy copyright management and regulated use of
    such copyrighted music material.

Just like music, there are also video creators
who can use non-fungible tokens in the same way
music creators use them.
10
Conclusion
  • Non-fungible tokens are quite a revolution not
    only in the blockchain space but in the entire
    realm of handling valuables, establishing their
    authenticity, and transferring ownership. With
    some big names being involved in this revolution,
    it is quite possible that non-fungible tokens
    will be the next big thing in the blockchain
    world.
  • READ MORE https//www.blockchainappfactory.com/nf
    t-development-services

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