When you look at some of the hottest new tech start-ups, chances are that they’ve raised millions of dollars and started with a strong, experienced team of engineers and developers. But one of the biggest hurdles they often face is that their product is an innovative way of doing something that’s already out there.
For example, think about the recent AI boom, where several companies have tried to make artificial intelligence (AI) mainstream, but with little success. A lot of this has to do with the fact that AI is not only incredibly complex, but it’s also a deeply theoretical field that requires a huge amount of both computational power and human input.
The other big problem is that most of these AI start-ups are trying to reinvent the wheel. What they’re not realizing is that the wheel is not only already invented, but it’s also part of your online presence.
What is NFT?
An NFT, or non-fungible token, is an object that has its own unique identity, similar to a UUID. These tokens represent things like digital assets, collectibles, or even just collectible tokens. They’re completely fungible, meaning that all tokens in a given collection are interchangeable.
You can think of NFTs as a digital version of physical collectibles. They’re also really good for crypto, as they can be traded just like any other crypto asset. It’s possible to even create fungible, or non-fungible, NFTs that are not tokens at all.
Why Use NFTs?
The first is that it’s much easier to use NFTs than it is to use traditional digital assets. When you use traditional digital assets, such as ETH, BTC, or a fiat currency, it’s difficult to tell what the value of that asset is. As you probably know, this can be very dangerous when you’re dealing with large amounts of money.
When you use nft marketplace curios, the value of your asset is represented by the NFT itself. The value of the NFT is completely transparent and immutable, so you never have to worry about the value of your asset going down. It’s also a lot easier to use NFTs in a decentralized manner, where everyone can access them without needing a centralized service or a big exchange.
The second reason to use NFTs is that they can be used for more than just tokenizing your crypto. You can also use NFTs to create a digital version of a physical collectible or even a tangible product. For example, it’s possible to create an NFT that represents the weight of an apple or the age of a wine. This gives you the power to track how the collectible’s value changes over time.