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Jul 01, 2022

Applications of NFT in life

NFT - a term in blockchain - is something too confusing for non-tech-savvies like us? Absolutely not, I will help you to understand the concept of NFT and its applications. in life with only 5 minutes reading this article!

 

WHAT IS NFT?

First we will learn about the concept of NFT, starting from its name,

NFT stands for NON-FUNGIBLE-TOKEN, MEANING A TOKEN THAT CAN NOT BE REPLACE

How is a non-fungible token different from ETH and BTC? ETH or BTC or all fiat currencies, including gold, are fungible assets, that is, when you borrow 1 BTC, 1 ETH, or an ounce of gold, you can repay it with 1 BTC, 1 ETH or a completely different ounce of gold as long as it's the same amount. This is not possible with NFTs, each NFT is unique and irreplaceable. If you borrow Van Gogh's Starry Night painting, you can't return it with another Starry Night painting because the 2nd Starry Night doesn't exist. You also can not pay with one or more other paintings of equal or greater value. There is only one Van Gogh Starry Night painting and if the agreement is that you must return the painting, you cannot replace it with any other property.

 

 

POTENTIAL APPLICATIONS OF NFT.

With its properties, the potential for NFT to be applied in practice is extremely diverse, such as:

ART

Ownership of digital works remains a headache because of their ease of reproduction and dissemination. However, the advent of NFT has made it easier to secure copyright by attaching each work of art to a unique NFT. This makes proof of ownership safer and more reliable. The creator can even code so that every time the work is traded, they get a share of the fee.

GAMING

One of the most popular areas of NFTs applications, Gaming is probably where NFT shines. The application of NFT to the game makes each item you receive unique and you have full ownership of that item. Every Item tied to NFT has become your property, you have the right to trade it without any issuer being able to delete or revoke or prevent you.

REAL ESTATE

Currently, some advanced blockchains have supported you to Tokenization (the trend of digitizing everything on the blockchain) of your real estate into NFTs to encode ownership.

LANDFiEX is a real estate exchange that has applied Blockchain Welups and NFT to make buying, selling or raising capital for real estate projects easy, safe and fast. Project owners will put real estate projects on LANDFiEX and tokenization it as NFTs. Investors can use the project's coin, LAFI, to buy and sell NFTs of a small part or all of the land or house in that project.

You can find more information about the project here: https://www.facebook.com/Landfiex-102226915772324

 

Hopefully, through this article, it helps you better understand what nft is and its true potential in different fields. Follow Welups.com for more useful information

 
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