Why you should care about NFTs
It’s likely that you heard of NFTs, or non-fungible tokens, for the first time when one of them was sold at an art auction this year for a headline-making sum — 69 million USD, to be exact.
NFTs explained, and how they’re related to crypto
In the real world, physical goods are bought and sold. NFTs allow you to do the same with digital goods. The term “non-fungible” refers to something unique that you can’t replace — so with NFTs, you are able to be the sole owner of a digital image, piece of music, etc.
This is achieved thanks to Blockchain technology, which is also what makes cryptocurrency like Bitcoin possible.
When you buy an NFT artwork (or indeed cryptocurrency) the token is transferred to your digital wallet that only you can access. The sale is recorded on a blockchain, and the token proves that your digital file is the original — even if someone takes a screenshot of your artwork or saves a copy to their device.
How NFTs can quickly become a part of your life
The scope of what NFTs can achieve is wide. Let us give a few examples of how NFTs can quickly enter your daily life.
You can play NFT games for profit
Games like Axie Infinity are pioneering a new “play to earn” model of mobile gaming that’s allowing users to earn money through gaming. Players buy, breed, and battle monsters called Axies, which are NFTs. Once they’ve created a rare or strong type of Axie — a process that requires spending various digital currencies — they can sell it for a decent profit.
NFT sports tickets and collectibles
NFTs may soon act like tickets to a sports game. When you buy your NFT ticket, information like your name, the date, and the event are all coded into the token’s metadata. Your NFT ticket is unique and traceable back to you. Sure, someone could duplicate your ticket, but it won’t work because the record of the purchase is on the blockchain — unless you decide to sell it to someone else, transferring the NFT’s ownership.
NFTs for buying a house
Just like how buying an NFT artwork creates a unique record of that transaction on a blockchain that provides tamper-proof certification of ownership, this model could work perfectly for property ownership.
Pacific is a decentralized NFT marketplace and an integrated platform for metaverse/GameFi assets. The project has received endorsement from some of the most eminent institutions and investors, including the Web3.0 Foundation, NGC, Gate.io, Krypital Group, PAKA, Candaq etc.