Non-fungible Token are asset in the world of digital that that has tangible features wholely,they can be bought and sold like any other property.

NFT can also be unit of data which are stored in ledger which are digital in nature(this can be referred to as blockchain like Ethereum, Flow, and Tezos).NFTs are monitored on blockchains which in effect gives the owner with a test of ownership that is different from copy.

There has been increased interest in using Non-Fungible Token in the year 2021. The market value of NFT raised in a triple form in 2020 reaching not above $250 million. Photos, videos, audio and other types of digital files can be represented with NFT.

NFTs can also be used in the representation of real-world items such as artwork and real-estate. NFT are unique in nature in a way that they cannot be replaced with anything. NFT can also be anything digital such as music,fashion,drawing etc

   Quantum by Anil Dash and Kevin McCo was the first NFT that was created which was in the year 2014. In this, a set of spinning dollar symbols which  was set in a picture frame was depicted. The NFT for this was valued at US$7 million. Interest in NFT has continued to spike year in year out.


    In the real sense,cryptocurrency is fungible therefore they are capable of being exchanged and traded. For instance, a unit of bitcoin is equal in value to another unit of bitcoin. 

Also, a unit of Ether is equal to another value. In the case of NFT,it makes each token irreplaceable and unique which makes it not possible for one non-fungible token to equal another.

For easy identification and transfer betwoon Token holders, NFT has ownership details just like the bitcoin. Cryptokitties is the popular use case of NFTs which launch in November,2017. Cryptokitties are cats representation in digital form with most emphasis or special identification on Ethereum’s blockchain.

Each kitty has a price in Ether. The kitties produce new offspring which they have different valuation to there parents. The most important benefit of NFT is the market efficiency in which physical assets are converted into digital one which streamlines the process and also remove the intermediaries involve.

NFT allows artist to connect with the audience directly without any need for an agent representing the digital aspect and the physical artwork on the blockchain. NFT also warrant business improvement.

Image Source

    NFT can be used for colloectibles like card collections (digital artwork, sports cards, and rarities)  but must be in a digital type. LeBron James slam dunk NFT card in February, 2021 on the NBA Top Shot platform sold for $208,000 in collection cards. Also, William Shatner's (personal life and career from 1930sq)125,000 non-fungible Token trading cards which featured images were sold on the WAX blockchain within nineteen minutes. NFTs are also mostly useful in the area of the in-game asset in the likes of the digital plot of land which is being controlled by the game user instead of being controlled by the game developer.

In NFTs,asset are trade in third-party marketplace with out the permission of the game developer. Also with non-fungible token on blockchain, NFT enables different musicans to tokenize there music,like the rock band kings of leon who announced plan to release their first music album ever on NFT.

Also in the area of sport, nowadays Athletes takes full usage or advantage of the boom in NFT sector in various ways. Sportsman now make it a habit to tokenize their contracts so that the populace can invest in it.

A POPULAR PROJECT THAT USES NFTS

  Over the years,many projects has use NFT. This project includes the likes of the sandbox which is website platform that is community-driven where manufacturer can turn their asset(voxel asset) into money. The sandbox is also a blockchain platform. Under this project we have three sub platform like VoxEdit which users can use to create and also animate art works,also the marketplace enable a place for sales of asset and lastly the Game maker which enables users to play games they desire.

Another is Pascal Boyart,SuperRare,Lil Moon Rocket and also the CryptoPunks.

  For the purpose of this study, the CryptoPunks will be emphasized. 

CryptoPunks

This is part of the earliest NFT and it was released in the month of June 2017 and it has 10,000(males-6039,females-3840) CryptoPunks characters which was punk(generated).

An American studio Larva Labs consisting of Matt Hall and John Watkinson(Canadians) in which they are software developers.Each punk mentioned has a ownership which are filed on Ethereum blockchain. This punk were given free initially when it came into being but are now traded in marketplace. Its the most simplified art type of NFT. The great sales and price of CryptoPunks has led to high growth of NFT.

The punks are based on attributes, accessories and it type. We have male and female punks,also there are nine alien punks,eighty-eight Zombie and 24 Ape i n which the male punk is the commonest of all. Each punks(male,female and alien) possess some accessories like cloth,hats,glasses and so on.

The price of a punk is usually determined by the worth or the number of accessories it has. Punk can be gotten by installing MetaMask which will give eligibility to connect to the Ethereum wallet after which punk can be bought and sold on marketplace like the OpenSea. The modern CryptoArt movement was inspired by the CryptoPunks project.

  In conclusion, NFT are intangible in nature! For instance, in fungible token, if you borrow #1000 from a friend you don't have to pay back with the same #1000 note. You can repay with another #1000 note entirely or even 2 #500 notes. This payment will be okay because naira are fungible.

Let's assume you borrow your friend's car, it won't be okay if his car is broken up and you give him back the tire, engine or the car's AC. In this sense, a car is said to be collectible which make it non-fungible.

@levycore