What is a Non-Fungible Token(NFT)? Here’s Everything You Need To Know.

NFT

Non-fungible tokens (NFT) are unique assets that cannot be easily replaced or duplicated. They are also known as collectibles because they represent something special.

NFT are a new kind of token. They are similar to bitcoin or ether, but at the same time they are completely different. Fungible means “can be replaced by any other unit”. A dollar is fungible because I can give you $10 and it’s the same as $10 from someone else. Non-fungible tokens are unique because each one can’t be replaced with another token. Some of their most popular uses include ownership of digital art, authentication of physical goods, and virtual currencies for gaming. But there are many more uses of NFT that will soon emerge in the near future. Here’s what you need to know about non-fungible tokens.

NFT are becoming increasingly popular in gaming and other industries. In fact, some games even allow players to purchase their own virtual items.

A NFT is a type of asset that represents something unique. For example, a baseball card is a fungible token because it can be replaced by another card. However, a rare baseball card is a non-fungible asset because it has a unique value.

The term โ€œnon-fungibleโ€ comes from economics and finance: A fungible object is exchangeable among multiple objects of its kind. The phrase was used to describe money before the advent of modern fiat currency.

Itโ€™s worth mentioning that blockchain technology allows users to create non-fungible tokens without any additional coding. This eliminates the need for third party platforms to host these assets and enables access through mobile devices or web browsers, among others. As more people use the technology to launch their own projects, we expect this trend to continue.

Here are three applications for non-fungible assets on blockchain:

Game Development โ€“ Imagine an MMORPG in which you could buy your own sword or armor instead of using random loot drops. Non-fungible assets help developers create truly interactive experiences where users can customize their avatar with their own art.

Art & Collectibles โ€“ If you own the original Mona Lisa painting, then why should anyone else have a copy? Why not sell only one? These types of non-fungible digital property provide owners with a way to monetize their work.

Digital Land โ€“ Think about buying a piece of virtual real estate. It would probably seem pretty cool if you owned your very own plot of land. With non-fungible, thereโ€™s no longer the issue of duplicate copies. Instead, owners get full control over how their assets look.

How Do I Create My Own Non-Fungible Tokens?

This question came up when we first started thinking about creating our own non-fungible inventory for our business. After doing some research, we found that it wasnโ€™t possible to create your own non-fungibles directly from scratch using Ethereumโ€™s smart contracts. That meant we would have to build everything from scratch โ€” from development to marketing.

We knew what we wanted to accomplish. But how did we do it? Through a combination of design, usability, programming expertise, and user testing. The process took us almost 3 months. And once we were done, we had a fully functional game.

Next Stepsโ€ฆ What Should We Be Doing Next?

So now that we have created a working version of our project, here are some things we want to do moving forward:

1.) Add a marketplace.

Our goal is have a functioning experience so that users can start purchasing items. This will mean launching an escrow service. Users will deposit funds into our platform to buy items available for sale. Our team is already making progress on this front.

2.) Offer discounts.

One of our biggest challenges during development was getting a feel for the pricing structure. We ultimately decided on a flat 15% discount across all purchases (15%). Users who purchased early will receive bigger discounts as well.

3.) Connect to social media.

Since our business relies heavily on word-of-mouth promotion, itโ€™s important that existing customers can easily promote their products to other users via Facebook, Twitter, and Instagram stories. For example, they might post โ€œCheck out my new sword!โ€ Or โ€œI just bought 100 extra hours of playtime!โ€ Or โ€˜Buy me for $5โ€

4.) Make sure we know our users.

We want our users to be able to log in and immediately find their favorite swords, armors, pets, and much more. So we need to make sure that we keep track of who has previously purchased what in order to deliver the right content to them. We currently store user data in an SQL database. From this point forward, we plan on switching to a No SQL database.

5.) Integrate payment methods.

Users will need to pay for items through a variety of methods including credit cards, PayPal, Venmo, etc. As part of this integration, we will also need to ensure that our platform works seamlessly with these third party services.

6.) Build a mobile app.

The final step in our journey is to develop a mobile application. Not only does the app allow users to purchase and manage their items, but it also provides features like chat, messaging, and notifications.

7.) Start Marketing.

Once we launch our mobile app, we will begin promoting it to both existing and potential users. Itโ€™s important for us to get feedback from real users, so we will be conducting user tests throughout the process.

8.) Continue Development.

At this stage, we plan to continue developing our platform by adding additional features like loyalty programs, rewards systems, and more. Once we reach a stable state, we will release our MVP onto the App Store and Google Play.

9.) Grow.

After reaching critical mass, we will focus on growing our user base and revenue streams.

10.) Repeat.

And repeat again.

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