Non-Fungible Token (NFT), in its shortest definition, is a unique digital asset. It can represent one of many unique digital assets, from collector items to virtual fashion, from virtual game content to digital properties.
NFTs are produced using blockchain technology, mostly with the Ethereum token standards. However, unlike tokens, NFTs are not created in Ethereum’s ERC-20 standard, but in ERC-721 and ERC-1155 standards. NFTs using other blockchain infrastructures also have different standardization than tokens.
With the technological innovations brought by our age, having digital products has become widespread among people and hundreds of millions of dollars have been spent on NFTs since 2017. The supply-demand balance ensures that prices are determined in NFTs, as in all assets that have value. Due to the uniqueness of NFTs, the products sold are considered collectibles, and thus demand a higher value.
What Makes NFTs Valuable?
The fact that all NFTs contain unique information and are easily accessible reveals the advantages of having a digital product compared to a physical product with collectible value. The technology of NFT’s help prevents the making and reproduction of counterfeit products and ensures that the digital asset contains all of the information about the origin, down to the previous owner and manufacturer. Looking forward, we can say that NFTs are defined as the “future of ownership”.
Outside of being great for security purposes, NFT’s have also become almost like a social club, like we have seen with the rise of the Bored Ape Yacht Club. Not only does the project value continue to rise due to celebrity endorsements, but recently at NFT New York. The BAYC holders took over a night club for an exclusive event. With a popular social circle of holders from comedic showman Jimmy Fallon to NBA Steph Curry, BAYC NFTs have been selling into the millions.
The NFT boom has only just begun.
NFT Effect in Gaming Industry
The gaming industry, which is always ready for innovation and constantly developing, has been the most productive sector open to the development of new business models and features for the industry. Especially true in the gaming industry, the value of assets equals gaming experience. NFT offers a new way for players to create and monetize their own and other user experiences. Until now, all the power was in the game companies, but with the power of NFT, the power can now be in the hands of the player. The gospel is that all player-driven economies can be created with cryptocurrencies and NFTs.
SuperBots and NFTs
The UpBots team announced decentralized trading bots and a metaverse gaming project around it that is named SuperBots a while ago. NFTs will be a part of the SuperBots gaming that will launch next year and will create opportunities for players to earn UBXT– the native utility token for UpBots and Superbots platforms.