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A Non-Fungible Token (NFT) is a digital asset that can be created (minted), sold, or bought on the open market and held and controlled by any individual user without the authorization or endorsement of any centralized company.
To have actual, long-term worth, digital items must exist independently of an entity that could decide to delete or disable the item at any time. It is because of this feature that NFTs can command hundreds of thousands of dollars. A collaboration between Trevor Jones and DC Comics artist José Delbo, for example, sold for 302.5 ETH ($111,000 at the time). Now that ETH is valued at more than $220,000, it’s time to invest.
A Non-Fungible Token (NFT) is a digital asset that can be created (minted), sold, or bought on the open market and held and controlled by any individual user without the authorization or endorsement of any centralized company.
To have actual, long-term worth, digital items must exist independently of an entity that could decide to delete or disable the item at any time. It is because of this feature that NFTs can command hundreds of thousands of dollars. A collaboration between Trevor Jones and DC Comics artist José Delbo, for example, sold for 302.5 ETH ($111,000 at the time). Now that ETH is valued at more than $220,000, it’s time to invest.
There will be a demand for permissionless identification, financial services, and high-speed trade behind the scenes of the metaverse. Millions, if not billions, of individuals will need data is stored and served. Cryptocurrency technology has the key to solving these issues.
Companies such as Decentraland and The Sandbox have created virtual worlds that integrate cryptocurrency, allowing gamers to design and monetize structures such as virtual casinos and theme parks. The currency utilized in Decentraland is called MANA, and it can be purchased on platforms like Coinbase. In Decentraland, there are even casinos where you may gamble in MANA and where dealers pay in MANA to show up for work.
NFTs will also play a key part in the metaverse, allowing players to fully own their characters, in-game objects, and even virtual land. The greatest transaction to date was an NFT of a 259-parcel virtual estate in Decentraland, which sold for more than $900,000.
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