What Are NFTs? The Latest News by Cointelegraph

In a lot of regular games you can buy items for you to use in your game. But if that item was an NFT you could recoup your money by selling it on when you're done with the game. You might even make a profit if that item becomes more desirable.

The smart contract of a non-fungible token immutably proves the identity of the recipient or owner and could be stored in a digital wallet for ease of access and representation. One day, our digital wallets could contain proof of every certificate, license, and asset, we own. Their potential, however, is much wider; possible applications include copyright and intellectual property rights, ticketing, and the sale and trading of video games, music and movies.

In October 2015, the first NFT project, Etheria, was launched and demonstrated at DEVCON 1 in London, Ethereum's first developer conference, three months after the launch of the Ethereum blockchain. Most of Etheria's 457 purchasable and tradable hexagonal tiles went unsold for more than five years until March 13, 2021, when renewed interest in NFTs sparked a buying frenzy. Within 24 hours, all tiles of the current version and a prior version, each hardcoded to 1 ETH (US$0.43 at the time of launch), were sold for a total of US$1.4 million. Need to fill your video game, VR world, or project render with 3D chaff? Trained on 2D images, it can churn out customizable 3D objects ready to import and tweak.

Ethereum never goes down, meaning your tokens will always be available to sell. Projects are beginning to explore using NFTs as collateral instead. Imagine you bought a rare CryptoPunk NFT back in the day – they can fetch $1000s at today's prices.

An NFT ticket for an event can be traded on every Ethereum marketplace, for an entirely different NFT. Companies with digital items must build their own infrastructure. For example, you can use digital artwork as collateral in a decentralised loan. Even so, non-fungible tokens could be an important technological development. In a new digital era that blurs the lines between the physical and virtual worlds, a new way to track digital asset ownership and distribution online will be increasingly important. These blockchain-based tokens could also disrupt financial intermediaries and lower the cost of buying and selling big-ticket items such as autos and real estate.

In recent months NFTs have evolved from simply being about ways to make investors money to projects with 'utility' – longterm uses in the metaverse and in real life. The early adopters include Beeple – who set an NFT artwork auction record – as well as CryptoPunks and Bored Ape Yacht Club, but now includes Nike, Disney and the world's most prominent galleries. Game producer Square Enix has even sold off Tomb Raider to fund its NFT business. "By creating an NFT, creators are able to verify scarcity and authenticity to just about anything digital," says Solo Ceesay, co-founder and COO of Calaxy. "To compare it to traditional art collecting, there are endless copies of the Mona Lisa in circulation, but there is only one original. NFT technology helps assign the ownership of the original piece." Both cryptocurrencies and NFTs use the blockchain network for ownership verification.

Big money was accompanied by ever-bigger names, as artists and celebrities rode the wave of enthusiasm for NFTs. The game itself is a Pokémon-style affair that sees you collecting cute monsters called Axies, pitting them against each other in battles, and breeding them to create new Axies. The game's "play to earn" mechanic has seen players in countries like the Philippines making a living from breeding and trading Axies. However, the game itself has a steep learning curve, and with individual Axies trading for hundreds of dollars, assembling a team to get started isn't cheap.

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