Non Fungible Tokens https://nonfungibletokens.io Advertise your NFT Tue, 20 Oct 2020 22:45:58 +0000 en-US hourly 1 https://wordpress.org/?v=5.5.1 https://nonfungibletokens.io/wp-content/uploads/2020/09/faviocn-1-100x100.png Non Fungible Tokens https://nonfungibletokens.io 32 32 VIDT Datalink Enters the World of NFTs https://nonfungibletokens.io/nft-news/vidt-datalink-enters-the-world-of-nfts/ https://nonfungibletokens.io/nft-news/vidt-datalink-enters-the-world-of-nfts/#respond Tue, 20 Oct 2020 08:15:45 +0000 https://nonfungibletokens.io/?p=607 We’ve had ICOs, IEOs, DeFi, and now NFTs have become the new buzzword in the blockchain space. What are NFTs (non-fungible tokens) and how is it that they are opening up a door to the most incredible value proposition where all kinds of assets can be digitized and tokenized in order to prove ownership and…

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We’ve had ICOs, IEOs, DeFi, and now NFTs have become the new buzzword in the blockchain space. What are NFTs (non-fungible tokens) and how is it that they are opening up a door to the most incredible value proposition where all kinds of assets can be digitized and tokenized in order to prove ownership and be traded with ease?

VIDT Datalink has really taken this value proposition on board and have recently integrated NFT operability into a new smart contract. Having recognized the value in ownership and provenance of certain assets, this can be a real game-changer for this cutting edge blockchain company.

NFTs are meant for gamers and digital collectors of manga artwork, right?

A bazooka that can fire shells full of molten metal that spray in all directions when they explode —  and what’s really cool is that you are the only dude on the planet who owns it!

A blue cat with green stripes and some big fat smug look on its face that says “I’ve just been sold for $100,000+ in ETH to my next owner.”

A NFT featuring a portrait of Bitcoin inventor Satoshi Nakamoto (do we know what he looks like?) sells for around $131,000 at Christies  —  the first NFT to ever be sold at a major auction house.

All the above are perfectly legitimate examples of collectibles whose ownership can be completely verified through the hash on a unique NFT held on the blockchain. However, this is just the tip of the iceberg in relation to just how useful NFTs can become, and I believe we are just on the brink of NFTs becoming unique widespread holders of undeniable value in all sorts of sectors outside of just collectibles.

Enter VIDT Datalink

It seems V-ID have had their eye on NFT integration for some time now. The recent Kucoin hack gave the team the impetus and opportunity to implement their new smart contracts with B2B and B2C NFT functionality on the Binance Smart Chain. It can be said that V-ID is ahead of the curve with NFT integration into their platform, and they have big plans for utilizing the advantages that NFTs offer to their services.

V-ID have already proved the concept of validating and securing a unique physical object when they made history by validating the first of the grand masters on the blockchain — a Rembrandt owned by the Douwes Fine Art Gallery.

They also quite recently forayed into the world of luxury watches and on-boarded a client called Amsterdam Vintage Watches. With this client, every time-piece has features and markings that, together with all its certification, makes a unique fingerprint that V-ID anchors to the Binance Smart Chain.

V-ID have named their non-fungible token VIDTC. The “C” stands for “Claim,” given that the token gives its owner a claim on its ownership, whether that be a complete or partial claim.

Luxury goods

Just like fine pieces of art, ownership of a desirable, high cost, brand name article such as a Gucci handbag, for example, gives the owner that sense of exclusivity that might set them apart from the crowd.

What about some high-end basketball sneakers endorsed by Lebron James that are part of a limited product line release? Or perhaps a line of jewelry by Cartier or Tiffany that is completely unique and highly sought after?

Generally, most high-end goods, such as fashion clothing, accessories, jewelry, etc. can be certificated and a fingerprint stored within a NFT, making it unique. If the owner wanted to sell the item, they would have legal proof of ownership, together with its provenance, in the identification records stored within the non-fungible token they owned that resides on the blockchain.

Company stocks

A way of tokenizing all stocks, so that their ownership can be proved, and they can be transferred much more easily than they are today, would be a huge step forward for this sector.

Paper stock certificates are very intricate these days and feature complex designs and swirls, pretty much like fiat currency — and we know how that sometimes goes…

However, a lot of stock certification these days is online. When you think of it, though, it’s still just a PDF and could be forged, perhaps even more easily than with paper. However, if part of the process of transferring ownership included transferring a non-fungible token with complete certification and a unique hash within it, then this would prove provenance and ownership beyond a shadow of a doubt.

Social privileges

So you’ve purchased your luxury accessory, your branded garment, or one of the myriad of items that would benefit from being rolled into a NFT and anchored to the blockchain; you aren’t even wearing/carrying your item and yet, when you walk into the store that you purchased it from, or any other store that is participating in the scheme, privileges start to kick in.

There are a number of ways this might work, but here’s a few: you’ve made your purchases and make your way to the register. There’s a long queue and you are faced with 10 minutes of kicking your heels. No problem. The NFT that is stored in a wallet on your phone is recognized by a shop device and you are ushered straight to a register, opened especially for you.

When you make the purchase, you find that 5% has been taken off the bill, all thanks to that NFT. You then make your way to the in-store cafeteria and order a coffee and cake. Once again, 5% is taken from the overall amount of the bill. You leave and go to another store which is participating in the scheme. Rinse and repeat.

Conclusion

In the arena of fraud and manipulation, the fraudsters are always looking for that elusive attack vector, a flaw in the system that they can exploit. Paper documents are copiable and PDFs can be copied. However, a unique fingerprint stored in a non-fungible token can hold documentation, scans of all features and markings, and a complete history of provenance.

It makes the physical item linked to the NFT one of a kind and holds undeniable proof of its legitimacy. V-ID is creating an impenetrable fortress around your data, files, and physical property. This is just the beginning, and I can see many further use cases coming to light in the near future.

Source: https://www.altcoinbuzz.io/cryptocurrency-news/blockchain-technology/vidt-datalink-enters-the-world-of-nfts/

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NFTs take on DeFi? https://nonfungibletokens.io/nft-news/nfts-take-on-defi/ https://nonfungibletokens.io/nft-news/nfts-take-on-defi/#respond Tue, 20 Oct 2020 07:54:09 +0000 https://nonfungibletokens.io/?p=600 NFTs have been gaining traction in the background, but where is the industry headed? Decentralized finance has become the center of attention throughout most of 2020, sparking talk of a renewed alt season, with many believing that mass adoption of DeFi will be coming within the next three to 10 years. Nevertheless, other sectors in…

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NFTs have been gaining traction in the background, but where is the industry headed?

Decentralized finance has become the center of attention throughout most of 2020, sparking talk of a renewed alt season, with many believing that mass adoption of DeFi will be coming within the next three to 10 years. Nevertheless, other sectors in the space have also been gaining traction.

Nonfungible tokens are a perfect example of this. An NFT is a tokenized version of an asset, digital or otherwise. They are similar to stablecoins, for example, but are used to represent nonfungible assets like artwork, real estate or collectibles instead of a fiat currency. Popular applications for these tokens include virtual games such as CryptoKitties and Decentraland.

These types of tokens and associated projects have been on the rise this year, especially recently. In the first week of September, NFT sales came close to $1 million, according to NFT data resource NonFungible.com. In the last seven days, however, almost $2 million worth of NFTs have exchanged hands.

Following DeFi’s footsteps, projects in the NFT world have also begun issuing governance tokens, a trend that may help the industry gain traction as it did for DeFi in the liquidity space. Ilya Abugov, project manager at DappRadar, told Cointelegraph:

“There is more hype around NFTs right now. To some extent it’s an extension of the DeFi excitement. We have seen with DeFi that once a trend starts it creates a snowball effect. Compound started the governance token one and others were almost forced to follow. Now that Rarible has started this on the NFT marketplace side, other marketplaces may feel forced to distribute their own tokens as well.”

How do NFTs work?

As activity soars and projects blossom, with record-breaking sales like the recent Bitcoin-code-inspired artwork that sold for over $130,000, even celebrities have been engaging with nonfungible tokens. Paris Hilton, for example, sold a drawing of a cat for 40 Ether (ETH) in August. The amount was worth almost $17,000 at the time. So, what exactly are NFTs? And why are they gaining so much traction?

As previously mentioned, nonfungible tokens represent nonfungible assets. On the surface, NFTs work like any other token. However, unlike most tokens, NFTs are indivisible, meaning that it is not possible to send a fraction of an NFT token like it is to send a fraction of a Bitcoin (BTC). They also have certain characteristics that set them apart from both other types of tokens and among themselves.

NFTs can be used to represent a variety of assets, such as virtual collectibles, in-game items, digital artwork, event tickets, real estate and much more. This opens a wide range of possibilities for digital and real-life assets, such as easy transfer and proof of ownership, among other things, and can also help solve many of the old problems found in multiple industries. Abugov said:

“Art and collectibles are the easiest use cases for retail users to understand, and so it may be where the hype concentrates for some time. If we see an exciting game and more artists onboard into the ecosystem the trend may get more mainstream traction. However, there are more use cases that get unlocked with NFTs from asset tokenization to documentation.”

Putting the art back in smart

So far, the art world represents one of the most popular applications for NFTs. Digital art auctions that leverage NFT technology are becoming more common. The first big record for the highest-valued NFT art auction sale was set in July, when “Picasso’s Bull” was purchased for over $55,000. After that, a digital artwork based on Bitcoin’s volatility, “Right Place & Right Time,” was sold for over $100,000 via Async Art. This record was subsequently broken on Oct. 7 when one painting from a Bitcoin-code-inspired collection titled “Portraits of a Mind” sold for over $130,000 via major auction house Christie’s.

NFTs can also help artists like musicians and filmmakers register their work, protecting it against copyright infringement. These projects can even improve and streamline artists’ revenue by connecting them directly to consumers through blockchain-based payment and exchange solutions. Vasja Veber, co-founder and chief business development officer of Viberate — a company leveraging blockchain technology to help artists with copyright issues, among other things — told Cointelegraph that “NFTs could bring some order into this chaos,” adding:

“Right now, the most obvious use case is track copyright. Tracks bring a couple of revenue streams to the artist: copyrights, performance rights, neighboring rights, proceeds from synchronization, streams and sales, etc. For bigger artists there are usually a lot of intermediaries involved, each taking their portion of the pie. […] It is a complex process, with a lot of money being stuck somewhere in the system, not ever getting to the rightful owners.”

A gaming level up

NFTs have also become popular within the gaming industry, allowing for in-game items to be tokenized and easily transferred or exchanged. For example, NFTs can be used to transfer or exchange in-game items for currency, without the need to trust the buyer/seller or a third party. This type of system can be integrated with existing games or can be used to create entirely new games.

NFTs not only improve the game experience itself, making it more tangible and rewarding, but also create a new economy within games, allowing the players to earn actual money from their time spent in-game and the game developers to create new incentive systems for their games.

While there are several popular blockchain-based games, many projects also leverage NFTs to provide infrastructure services for gamers, game developers and other participants of the industry. This includes Enjin, which has recently partnered with Coincheck to bring NFTs to certain Minecraft servers. Simon Kertonegoro, vice president of marketing at Enjin, told Cointelegraph:

“We’ve only just started to see the effect that blockchain markets can have within games, and we expect NFTs to unlock many more opportunities for value creation for game developers, publishers, and players alike. Putting assets on the blockchain, allowing players to trade them, and being able to prove their scarcity is a proven, effective way to build valuable economies at scale.”

Bringing collectibles to the virtual world

Collectibles are currently the most popular application of NFTs in terms of sales volume, with nearly 40% of September’s sales coming from collectible-related projects. In 2017, CryptoKitties, a game where users collect and breed digital cats, became one of the most talked-about topics in the crypto industry, and it is still one of the largest NFT-collectible projects by sales volume.

It doesn’t end there, as NFT technology is being leveraged to create tokenized versions of athletes and celebrities, virtual land, and much more. In the first week of October, the fantasy soccer game Sorare saw over $220,000 in sales. The decentralized application allows players to collect “limited edition digital collectibles” while also managing a team.

NFTs are becoming quite popular in sports — and not just in online games. In February, members of both the NFL and the NBA were speakers at the Cointelegraph-hosted event NFT NYC. Both leagues showed their interest in working with NFT technology and exploring the benefits that can come with it.

NFTs can also be used to tokenize real-world collectibles like cards, coins and stamps in order to provide immutable proof of ownership that can be safely stored, easily transferred and is impossible to replicate.

The road ahead for the sector

Although the examples above are the most popular applications for NFTs so far, the possibilities are almost endless. NFTs can be used as tokenized domain names and can even help fight fake news, according to Italian blockchain firm LKS.

Related: Blockchain to Disrupt Music Industry and Make It Change Tune

Record-breaking sales are also likely to help push NFT technology forward, especially as venture capital companies such as Morgan Creek get involved. New governance tokens may also help spark exponential interest in this sector of crypto as they did for DeFi.

However, the road may not be fully clear for NFT projects, which may face regulatory hurdles in the future and still have many challenges to overcome before being ready to welcome a mainstream audience, as Abugov explained:

“Although there is a bit more engagement, there is not much ready for mainstream use in terms of UX/UI. Moreover, NFTs inherit all of the typical difficulties of a blockchain-utilizing project and some of the traditional industry challenges may cross over as well. For example, art and collectibles are not very liquid. Crypto art may face a similar challenge once the yield farming hype subsides.”

Source: https://cointelegraph.com/news/nfts-take-on-defi-nonfungible-tokens-push-to-be-the-next-crypto-craze

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What Are NFT’s? https://nonfungibletokens.io/nft-news/what-are-non-fungible-tokens/ https://nonfungibletokens.io/nft-news/what-are-non-fungible-tokens/#respond Tue, 20 Oct 2020 07:12:32 +0000 https://nonfungibletokens.io/?p=597 In a nutshell, Non-fungible tokens (NFTs) are cryptocurrencies that do not possess the property of fungibility. A non-fungible token is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not mutually interchangeable. This is in contrast to cryptocurrencies like bitcoin, and many network or utility tokens that are fungible in nature. Art was an early use…

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In a nutshell, Non-fungible tokens (NFTs) are cryptocurrencies that do not possess the property of fungibility.

non-fungible token is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not mutually interchangeable. This is in contrast to cryptocurrencies like bitcoin, and many network or utility tokens that are fungible in nature.

Art was an early use case for blockchain. NFTs prove authenticity and ownership of digital art. The launch of CryptoPunks In June 2017 paved the way for “rare” art on the Ethereum Blockchain. DADA.art built from the CryptoPunks model and launched the first marketplace for rare digital art in Oct 2017.

Later, popular blockchain games like CryptoKitties made use of non-fungible tokens on the Ethereum blockchain. NFTs are used to represent in-game assets, and are controlled by the user, instead of the game developer. This lets the assets be traded on third-party marketplaces without permission from the game developer. Marketplaces for rare art include Nifty Gateway, Rarible, Known Origin and MakersPlace.

Specific token standards have been created to support the use of blockchain in gaming. These include the ERC-721 standard of CryptoKitties, and the more recent ERC-1155 standard.

NFT Growth

Non-fungible tokens made their way into mainstream news when CryptoKitties went viral and subsequently raised a $12.5 million investment.

RareBits, a Non-Fungible Token marketplace and exchange, raised a $6 million investment. 

Gamedex, a collectible cards game platform made possible by NFTs, raised a $800,000 seed round. 

Decentraland, a blockchain-based virtual world, raised $26 million in an initial coin offering and had a $20 million internal economy as of September 2018. 

Nike holds a patent for its blockchain-based NFT-sneakers called ‘CryptoKicks’.

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