The market for unique tokens has been hot for some time, and many artists, game companies and collectors are looking to enter the field. But what is the reason for all this taboo?
Cryptocurrency in the report It just seeks to answer the question of why so many people are trapped in the world of blockchain and cryptography. This space is compared to a baby’s traditional finance world; He cannot stand on his own two feet, he is still growing and trying to understand the issues around him. However, it is exciting to watch it evolve, discover new territories and possibilities, and see how it disrupts and removes traditional rules and barriers.
The potential of this industry to make your most rebellious ideas and dreams come true is spectacular. But lately, more and more people are realizing something completely exciting and relatively new: NFT tokens.
The advent of the Blockchain and digital currencies has opened the door to access to value transfer for anyone anywhere. Then came Decentralized Finance (DFA) in 2020. China’s blockchain technology has suddenly expanded to more complex financial uses, from trade and insurance to savings, loans and more. With astonishing disruption and unlimited defensive capacity, it is no surprise that it became the biggest craze of 2020.
But when most people looked at Defy, a glowing black horse was growing in the shade. Non-duplicate tokens are tokenized versions of a digital or non-digital asset. They represent immovable (non-proprietary) assets such as collectibles, works of art or real estate; The uniqueness and rarity of these assets is their main feature.
This is what makes them special and attractive. Currencies, whether traditional Fiat currencies or digital currencies such as Bitcoin or Stable Coins, are interchangeable and easily exchangeable. They are the equivalent of what they can buy for you.
A one-dollar bill in your pocket can be exchanged for a one-dollar bill in your spouse’s purse; One bitcoin unit can be traded with another bitcoin unit without losing anything. But unparalleled tokens are different. You can not exchange them as exchangeable assets; Because no two NFTs ever have the same unique features.
Unparalleled tokens first became popular in 2017; At the time, an Ethereum blockchain game called CryptoKitties motivated hundreds of people to collect, exchange, and even breed virtual cats. No cat in this game is the same as any other cat, and the game was so engaging that it transferred millions of dollars and attracted thousands of beginners to the world of digital currencies.
The unique tokens market remained stagnant after the cryptocurrency boom, until it began to grow rapidly in the second half of 2020. The projects achieved new records. Like the blockbuster sports card of Kylian Mbappé, the striker of the Paris Saint-Germain football team, which sold for $ 66,850. Meanwhile, such sales, with multi-million dollar sales such as a work called “Crossroad” by the famous artist Beeple, have forgotten the previous ones.
Uses of non-replica tokens include a variety of assets: virtual collections, game items, digital artwork, events, real estate, identity documents, certificates, and more. NFTs open up new revenue streams and opportunities for artists, game designers, musicians, and others; But why engage in unparalleled tokens instead of real, non-tokenized versions of these unique and rare assets? There are three reasons: NFTs provide proof of authenticity, ownership, and transferability.
The standardization of unparalleled tokens and the precise characteristics of its smart contracts make each of them unique and authentic. Users know that there is only one number from each allegorical token; Therefore, they cannot be copied or imitated. The probability of encountering something counterfeit is zero. The transparency of Blockchain technology means that authenticity can be verified and proven.
Counterfeiting is a big problem for many industries such as art or luxury brands; The Cointelegraph website writes:
Blockchains that create unparalleled tokens counteract counterfeiting and reassure buyers that they are getting what they paid for.
The Coindesk website also reports that Louis Vuitton, the owner of the famous Louis Vuitton brand, is riding a unique wave of tokens and is preparing a Blockchain to prove the authenticity of its luxury goods.
The goal is for products to receive unique tokens to verify their authenticity. The life cycle of a handbag can also be traced from the crocodile farm to the store where it was sold, and the many subsequent owners who bought and sold it.
Blockchainchain technology allows people to actually own what belongs to them. It should be noted here that NFTs can only be traded and transferred by the owner (or owners) of the asset because of smart contracts and related rights. This means that even the issuer of a non-proprietary token cannot copy or transfer it without the permission of its owner.
Gamers have been trading currencies and virtual assets for years; From Fortnite character skins to the gold of World of Warcraft. But in a traditional game, you do not really own anything in the virtual world, because its economy is tied exclusively to a market.
You may have to pay $ 60 to get a software license, play with it for a month, finish the game, and set it aside without getting caught. In other words, you can not exchange currency or in-game goods for Fiat currencies, nor can you take it with you to another game, because you do not really own it.
But in the world of blockchain games, you have all the in-game tokenized assets (in the form of unparalleled tokens) in your wallet and you can trade, fight, fight or compete with them in multiple games.
You own and control all of these assets, from an enchanted sword to shells or currencies in the game. In a panel at the 2020 Futurism Conference entitled “The Future of Unparalleled Games and Tokens,” Dr. Jesse Reich, CEO of Splinterlands, explained how property ownership is a one-way street:
Second, you acquire your sword, armor, characters, and custom attributes; The idea that you go after it and do it again and spend hundreds or thousands of dollars, but you do not own any of these things, will no longer appeal.
Mik Naayem of Dapper Labs makes a similar statement. He says that when users experience uniqueness, scarcity and ownership in a virtual world, paying cash in regular games will no longer appeal to them.
Because non-traditional tokens are decentralized, there is no need for a central entity to issue them, and they are much easier to move. This allows users to enter peer-to-peer interaction, exchanges, and peer-to-peer specialized stores without the need for cumbersome third-party presence that slows down or complicates the process.
According to the game example mentioned above, NFTs solve the problem of monopoly in traditional games, because the assets can be easily transferred for use in various Blockchain games. Because assets created or purchased by you belong to you and not the game company, these assets are transferable between different worlds and can be moved from one game to another. The portability of these assets means that tokens enable millions of people to access them and they can be traded in digital currencies.
Unparalleled tokens are exciting and interesting because they are more efficient than money. They make room for themselves in the human habit of collecting things that arouse passion or entertainment. Another reason for their attractiveness is that they represent special and rare items; But they have a greater function, because the owners of the goods know that these items are genuine and easily transferable, and that they really own them. Unparalleled tokens provide a wide range of possibilities for real and virtual assets. They have opened up opportunities for creators and new revenue streams in the fields of games, art, sports and technology.
The current digital currency market is heavily centered around bitcoin and digital currency trading and mining. But the industry needs to move away from this to encourage mass acceptance. Unparalleled tokens have the ability to capture people’s hearts and minds and can direct them to the Blockchain space in a way that interchangeable currencies have never been able to.
Familiarity with the world of cryptography through entertainment channels makes it easier for novice users to access and understand the value that blockchain technology and decentralization can provide. So if you are not ready to enter the interchangeable part of the world of cryptography, how can you set foot in the land of unparalleled tokens? Spend your interest in digital art, games and sports where it really matters to you.