The value of NFTs revolves around the nonfungible nature of digital assets which is the feature that sets them apart from cryptocurrencies, as NFTs and cryptocurrencies are not the same things. NFT has its own unique set of attributes including creator, size, and scarcity, among others, and therefore can not be interchanged with another asset. Bitcoin (BTC) is a fungible asset, on the other hand. The French startup Sorare, which sells NFTs of football trading cards, has raised $680 million (£498 million), as reported by Cointelegraph.
What are NFTs used for?
Programmable art, which uniquely combines creativity and technology, is the most common NFT crypto application. There are currently a number of limited edition works of art in existence. Surprisingly, they make it possible for programmability to alter behaviour in many circumstances. For instance, using oracles and smart contracts, designers may produce artwork that responds to changes in the value of digital assets based on blockchain technology.
Blockchain has seamlessly merged into the world of fashion with the promise of advantages for all supply chain participants. The risk of counterfeiting is eliminated since consumers can easily check the ownership information of their goods and accessories online. Users might, for instance, just scan an NFT QR code on a price tag for clothing or accessories.
In 2017, CryptoKitties was the first company to release virtual cats on the blockchain and allow users to communicate and conduct transactions with them. The model was so effective that it briefly overloaded the Ethereum network with a large number of transactions.
The counterfeiting of goods and tickets is among the most important issues affecting the sports sector. Blockchain is the best option for efficiently addressing such issues. The immutability of blockchain technology helps to prohibit the sale of fake tickets and memorabilia.