What is the application of NFT?
NFT can be used by decentralized applications (DApps) to release unique digital items and encrypted collectables. These tokens can be a collectable item, an investment product, etc.
The gaming economy is not new as now, many online games have their own ones. Using blockchain to token-ize assets in games is just one more step. In fact, using the NFT helps us have abilities to either solve or mitigate the inflation problems that are popularly happening now and many games have to face with.
While the virtual world is strongly flourishing, another way of using NFT is to token-ize assets in real life. These NFTs can represent small parts of real assets which can be stored and traded as tokens on the blockchain. This helps increase liquidity for many poor markets such as art, real estate, etc.
Digital identity is also a field that can get benefits from NFT’s properties. Storing identity and ownership data on the blockchain will increase privacy and data integrity for many people all over the world. Moreover, transferring these assets easily and trustlessly also helps the global economy become much smoother.
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