NFTs are a new way of asserting ownership, and the tokenized assets transferred on the blockchain through an NFT will be nearly anything. With the launch of blockchain-based games like CryptoKitties, it became apparent that demand for NFTs far exceeded the speculations and expectations of market participants. In late 2018, CryptoKitties was one of the most successful DApps on the Ethereum platform, with approximately 74% of all transactions on Ethereum being for CryptoKitties alone. If you’ve heard of non-fungible tokens (NFTs), you might have thought of utilizing NFT Profit to invest in them.
This aspect of NFTs demonstrates the immense potential for NFTs in blockchain games. However, many lawyers have publicly expressed scepticism about NFTs, from the point of view that they are likely to get a prominent place in the legal vocabulary and give rise to new opportunities for dispute resolution without actually adding any value to traditional legal systems.
Others believe that, because of the immutability of the NFT record, reliance on the blockchain could become more critical than traditional judicial methods. The value created by NFTs is similar to titles and limited liability companies (LLCs) in that they provide a form of security with unique benefits.
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Here is a list of the top most popular and high-demand NFTs:
The organization launched the EOS main net on June 1, 2018. The core technology that makes EOS different from Ethereum is the election of the block producers through an approval voting system. Those with tokens on the EOS blockchain can select block producers by voting for a particular producer. Block producers are rewarded for their work every 3 seconds, which is 6 times faster than other systems like Bitcoin and Ethereum.
CryptoKitties is the first blockchain-based game. It is a coincidence that CryptoKitties made its debut just about the same time that crypto was taking off as a global phenomenon. CryptoKitties has 247 kinds of NFTs today, and you can use them in all kinds of ways, like breeding and selling them. The popularity of CryptoKitties was so great that CryptoKitties even captured the No. 1 spot on Coinmarketcap NFTs rankings.
3) Axie Infinity:
Axie Infinity is a blockchain game that has long been in the making. It is one of the few games that allow players to own characters and use them in-game. Axie Infinity uses ERC721 NFTs as battle pets, then stored in an Ethereum wallet. Axie Infinity has a beta testing phase with over 2,000 participants, and it will launch its main net at the end of 2019 or early 2020.
Decentraland is a VR platform powered by NFTs on Ethereum. It is similar to Minecraft but built on blockchain technology. The difference is that, in the case of Minecraft, players create their worlds and can do whatever they want in those worlds. In the case of Decentraland, players can buy NFTs (called MANA) to develop virtual real estate on the Decentraland blockchain.
Decentraland has been in development for about a year by a group of entrepreneurs and developers who are blockchain enthusiasts. The Decentraland team is developing it to solve many problems that plague VR platforms like VRChat and Sansar. These problems include a lack of governance, as well as a lack of user engagement and monetization. They offer a purchasing system for land, which users will use to develop digital creations like in-game stores and developer communities. Decentraland also allows users to customize their avatars and interact with each other.
Real Life use case of NFTs:
NFTs can be used in the real world and are already being used to manage digital identities. For example, in 2018, a company launched a digital public notary service in Lithuania. Using blockchains and ERC 721, NFTs enable individuals to prove ownership of their data, such as medical records and educational certificates. This technology allows them to store the data on a blockchain while maintaining the highest level of privacy. Users use the service worldwide to maintain proof of the existence of their data without fear of censorship or tampering.
The first company to introduce NFTs as digital collectables were CryptoKitties, with the subsequent introduction of Etheremon and Decentraland. However, the value of these platforms extends beyond just the application of NFTs in games. Since the launch of CryptoKitties and Etheremon, many blockchain startups have been working on similar projects that aim to tokenize real-world assets to make them tradable.