It has been quite hard to ignore the noise that Bitcoins had been creating in the past couple of years. Now a new thing has come up called NFT. Now I am assuming since you have clicked on the link to this article, you must be possessing some sort of knowledge about technology.
If you do not, there is nothing to worry about, as throughout this article, I will be telling you everything there is to know about NFT.
NFT, too, uses the Blockchain Network. NFT stands for Non-Fungible Token. These tokens are used in crypto games. They basically represent scare assets digitally.
These tokens have gained worldwide popularity in the last couple of months, especially after the COVID-19 pandemic. Since the COVID-19 pandemic, people have been staying at their homes and trying out all sorts of crazy stuff.
Among such crazy stuff is playing crypto games with friends; this is where non-fungible tokens play their parts. So let us know what Non-fungible tokens actually are.
Non Fungible Token 101
It is a token that is cryptographic in nature, much like cryptocurrencies. Each and every token has some unique purpose. These tokens are mainly used to create digital scarcity. If you play android games, you must know there are in-app purchases.
It is where you have to purchase something in order to progress in a game. The trend of buying NFT is new, but it’s been a while since NFTs have been lingering around. It was first launched in 2012. It was introduced in the market with the name Bitcoin 2.0. But unfortunately, it did not come out as successful as Bitcoins.
Is NFTs worth investing in?
As a crypto trader, I do not find NFTs to be much valuable. They do come in handy while playing crypto games and using a few other decentralized finance apps but other than that it does not serve any special purpose. Unlink Bitcoins. You cannot invest in them.
To be precise, you can invest in it, and your investment would be totally futile. I suggest you invest in Bitcoins instead. Visit https://bigmoneyrush.io to start investing.
Top 2 Reasons Why You Should Start Investing In Bitcoins
The reasons are numerous, but for the sake of convenience, I am going to list down only 2 for the sake of convenience.
- No scope for Inflation
Since the stakeholders of the crypto industry have set a mining limit, the number of Bitcoins that can be mined is limited. For now, the limit has been set to 21 million. This makes Bitcoins a scarce digital asset. Since Bitcoin is a scarce digital asset, it has become a safe haven for investors that fear Inflation. As Bitcoins do not have Inflation, the value of Bitcoins does not diminish.
- Optimum use of Digital Payment methods
Unlike NFTs, Bitcoins can be used to buy goods and services and too with just a touch of a button. Ever since the COVID-19 pandemic, most nations’ legal authorities have been condoning the use of digital payment methods. People are turning more towards Bitcoins since it is decentralized and easier to use.
Top projects of NFTs
Coming back to NFT, let us see some of the major projects where the concept of NFT was used.
- Terra Virtua
It is a part of the NFT ecosystem. When Pokemon Go was launched, this was taken into account. It gives the users an unbelievable experience, where the users feel they are actually hunting pokemon.
Being a fan of NFT, if you have not heard about RARI, then you must be living under a rock. It is a special app that lets its users create digital collectibles.
One of the most underrated projects of NFTs is ENJIN. It is a gaming platform; it has over 20 million users.
Final Thoughts on NFTs
There you go, that was everything you needed to know about NFT. Apart from a few major projects here and there. NFT has lost its shine, but with the recent trend of gaming, it has come back to action. Visit official site for a better understanding.