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Why Is Everyone Suddenly Minting NFTs?

Topic: SoftwarePublished May 20, 2021
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NFTs, NFTs, NFTs everywhere! Makes you wonder, doesn't it? Just why are non-fungible tokens a big thing? Non-Fungible Tokens or NFTs, are the new Barbie doll of the DeFi sector of the Blockchain market, and all energies are directed towards developing new use cases for the NFTs of the world. Through 2020 DeFi saw one phenomenal platform after the other grow at astronomical rates. Besides Bitcoin and Ethereum, they have scored more gains than any other sector in the investment market. But, NFTs have taken over, and they're roaring through the crypto marketplace. Every day you have some new record being made by the sale of another NFT memorabilia and how much it fetched. So Just What are NFTs: Technology and Features Non-Fungible Tokens are one-of-a-kind crypto tokens created on the Ethereum Blockchain, mainly created under ERC-721 standard. They began as a part of game development using Ethereum and Solidity programming language. A Canadian company named Dapper Labs first came up with an idea of an online game called CryptoKitties. This blockchain game, that was all the rage three years ago, and all it did was allow you to collect and breed unique virtual cats on the Ethereum network.rnThis begs the question, just what are the main fetures of NFTs? What turned the tables was combining memorabilia from famous people and converting them into tokens.rnCelebrities from Super Bowl champ Tom Brady to the digital artist Beeple to the alt-rock band Kings of Leon are involved in either creating NFTs and selling them or jumping into the NFT business themselves. rnThat is not it; the list includes franchises like the NBA, Formula 1 car racing, celebrity music icons, and many more. rnWhat Can You Tokenize With NFTs? Tokenization of assets is virtually just encasing an asset or its fractions with identification into a unique code written in Solidity through something called Smart Contracts. The token can represent anything from an art piece to real estate and property in the real world to precious metals like Gold and Silver. What tokenization does is creates a synthetic or virtual equivalent. Many celebrities have done this via tokenizing the unique assets that represent a specific milestone. For example, recently Twitter's CEO has sold his first tweet of a great sum of money. How Did Tangible Assets Begin Tokenizing? The tokenization of real assets has long been done in order to create what is called a bundled, or synthetic asset for making it attractive for investors. Through a process called Securitization, banks and other entities have been bundling contractual debts like mortgages, personal loans, credit card debt, and other accounts receivable. Investors take a piece of such bundled debt and invest their money in them. Although tokenization has been here all along, what has supercharged it is the pairing with the crypto markets.

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