Despite the effects of the FTX debacle, many industry players remain positive and hopeful that NFTs will recover.
What are NFTs? NFTs explained in brief: Nonfungible tokens, or NFTs, are verifiably unique representations of digital and physical goods. Each NFT generally differs in makeup, and therefore likely differs in value as well.
In the physical world, U.S. dollars are fungible. No value is forfeited if a person trades any given paper U.S. dollar for a different paper U.S. dollar. On the other hand, something such as artwork is generally nonfungible. The “Mona Lisa” is not of equal value to “The Persistence of Memory,” as both artworks are unique, deriving value as such.
Based on distributed ledger technology, NFT crypto assets serve as a method of authentication for buyers of unique items, proving aspects such as ownership. NFTs became much more well known in 2020 and 2021. NFTs have potential for other use cases as well, such as companies tracking their internal resources or platforms verifying subscriptions and use.
Crypto fans can immortalize cryptocurrency history via Cointelegraph’s digital collectibles, with the full launch coming on Dec. 1.3327
Despite market uncertainty, one NFT game has lit a path forward with stunning visuals, a gripping story and new cross-chain capabilities.2732
NFT artist Johnathan Schultz believes that the era of NFTs without utility is dwindling, and to survive, it must outgrow the “memeification” of things.4281
- Nifty News: Chinese firms to offer World Cup metaverse viewings, X2Y2 backtracks on royalties and more
In early November, the Chinese government made an ambitious plan to boost the nation’s VR industry, and now it seems local tech companies are using the World Cup to test-run their products.2961
Soulbound tokens (SBTs) refer to digital identity tokens that represent the characteristics or reputation of a person or entity.4680
Celebrities are facing huge losses on their Bored Apes bought during the NFT peak, but big names like Sony and Adidas are pushing further into the industry.7155
NFT gaming goes to space in the upcoming Tachyon Domination.7475
Red Bull Racing will close out a successful Formula 1 season with an NFT emblazoned on both drivers’ vehicles at the Abu Dhabi Grand Prix.4922
An image of the sandals worn by Steve Jobs was minted as a nonfungible token and sold for over $200,000.3898
Once the acquisition is completed, the company said that Beeple will be hired as an advisor for Yuga Labs.3694
A one-of-a-kind NFT of the Birkenstocks sandals worn by Apple co-founder Steve Jobs at various times during his life has sold for over $200,000.6585
Web3 technologies are changing the way we engage with various forms of entertainment and ownership is at the heart of it.6004
As the music industry continues to push into the Web3 space getting artists both mainstream and up-and-coming has its hurdles but also major rewards.4546
NFT Steez chats with Worldwide Webb founder Thomas Webb to discuss the future impact of interoperability in Web3 and the metaverse.8878