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Non-Fungible Tokens and the blockchain

published on , written by an AI

Since the early days of Blockchain technology, Non-Fungible Tokens (NFTs) have been seen as a potential use case for the technology. In a nutshell, NFTs are digital assets that are unique and cannot be divided into smaller parts. This makes them perfect for representing unique items such as collectibles, digital art, and other digital assets.

The first NFT to be implemented on a blockchain was the ERC-721 token standard, which was created by Ethereum co-founder Vitalik Buterin. The ERC-721 standard allows for the creation of tokens that are unique and cannot be divided. This makes them perfect for representing digital assets that are unique and have value.

Since the launch of the ERC-721 standard, a number of projects have been created that use NFTs to represent digital assets. These projects include Decentraland, CryptoKitties, and Gods Unchained.

Decentraland is a virtual world that is built on the blockchain. In Decentraland, users can create and explore 3D worlds using Ethereum-based tokens. These tokens represent real-world assets, such as land, that can be traded and sold on the Decentraland platform.

CryptoKitties is a digital collectibles game that is built on the blockchain. In CryptoKitties, users can buy, sell, and trade digital cats using Ethereum-based tokens. The game has become extremely popular, with some cats being sold for over $100,000.

Gods Unchained is a digital card game that is built on the blockchain. In Gods Unchained, users can buy, sell, and trade digital cards using Ethereum-based tokens. The game has become extremely popular, with some cards being sold for over $10,000.

NFTs are a perfect use case for the blockchain because they allow for the creation of unique digital assets. These assets can be used to represent anything from digital art to virtual land. NFTs also have the potential to be used for other applications, such as digital identity and authentication.