Non-fungible token (NFT)

Non-fungible token (NFT)

Non-fungible tokens are specialized types of cryptographic tokens that represent something unique or rare.

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A non-fungible token (NFT) is a specialized type of cryptographic token representing something unique, like a domain name, a limited-time skin for a video game, or other digital properties owned by a user. Therefore the NFTs are not mutually interchangeable, meaning an individual might trade ownership of a domain name for ownership of a rare character skin for a video game or a cryptocurrency. NFTs differ from cryptocurrency, NFTs are entirely non-fungible, and they cannot be traded for something identical. Cryptocurrency is fungible and is exchanged for something that is of equal or identical value.

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CryptoPunks by LarvaLabs and traded on EtherumEthereum
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A non-fungible token (NFT) is a specialized type of cryptographic token representing something unique, like a domain name, a limited-time skin for a video game, or other digital properties owned by a user. Therefore the NFTs are not mutually interchangeable, meaning an individual might trade ownership of a domain name for ownership of a rare character skin for a videogamevideo game or a cryptocurrency. NFTs differ from cryptocurrency, NFTs are entirely non-fungible, and they cannot be traded for something identical. Cryptocurrency is fungible and is exchanged for something that is of equal or identical value.

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Blockchain had early use in the art industry, allowing individuals to own digital intellectual property with records stored in the digital blockchain roster. NFTs are used to prove ownership and authenticity of digital art. In June of 2017, a company called Larva Labs released an art collectors line called CryptoPunks. The “Punks” were available free of cost for anyone with an EthereumEthereum wallet. Only 10,000 Punks were developed, no two alike, and all were quickly claimed. Ethereum wallet holders may now sell or trade punks for Ethereum coins. The average punk sold for approximately 4.12E, which equated to $2,998 on December 29, 2020. CryptoPunks is just one example of rare digital art.

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Non-fungible token (NFT)

Non-fungible tokens are specialized types of cryptographic tokens that represent something unique or rare.

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Is a
Cryptocurrency
Industry
Cryptocurrency
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Documentaries, videos and podcasts

Title
Date
Link

An Introduction to Non-Fungible Tokens (NFTs)

August 29, 2020

Fungible vs non-fungible tokens on the blockchain - 0xcert - Medium

April 26, 2018

Non-Fungible Tokens (NFT): Beginner's Guide

November 9, 2020

Tokenizing Our Virtual Future: A Deep Dive Into Non-Fungible Tokens | Hacker Noon

September 13, 2020

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Further reading

Title
Author
Link
Type
Date

5 Examples of Non-Fungible Tokens (NFTs) | Sequence

Web

August 25, 2020

Token Models: Fungible vs. Non-Fungible

Kaleido Servies

Web

What's this Non-Fungible Token (NFTs) Craze All About, Anyway?

Veronica Morozova

Web

November 5, 2020

Documentaries, videos and podcasts

Title
Date
Link

NFT crypto (Non fungible token) with Layah Heilpern

November 10, 2020

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December 21, 2020

Tezos announces launch of first NFT platform called Kalamint.
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December 7, 2020

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December 29, 2020

The beginning of the MFRM token was a fair launch, with an announcement ahead of community channels giving an equal chance to participate.

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December 17, 2020

Israeli-born and Malta-based progressive house musician, Guy J, sold the income rights to a track dubbed "Cotton Eyes" on the Rocki platform by selling an ERC-721 standard NFT worth $26K.

December 7, 2020

AnRKey XTM, a blockchain startup aiming to merge the worlds of DeFi, esports gaming, and non fungible tokens (NFTs), has announced a $1,272,500 private fundraise from leading investors to bring a new gaming experience called m$sportsTM to the crypto industry.

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Further reading

Title
Author
Link
Type
Date

The Role of Non-Fungible Tokens in Art | Grit Daily News

Joel Comm

Web

November 30, 2020

Timeline

December 29, 2020

MemeFarm announces the launch of the first Crypto Farm, which shares rewards with artists.

The beginning of the MFRM token was a fair launch, with an announcement ahead of community channels giving an equal chance to participate.

December 1, 2020

DeFi Money Market Launches Non-Fungible Tokens to Empower $14 Billion-Dollar DeFi Ecosystem
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Non-fungible digital art collections

Collection name
Website

CryptoArte

CryptoCelebrities

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Blockchain had early use in the art industry, allowing individuals to own digital intellectual property with records stored in the digital blockchain roster. NFTs are used to prove ownership and authenticity of digital artdigital art. In June of 2017, a company called Larva Labs released an art collectors line called CryptoPunks. The “Punks” were available free of cost for anyone with an Ethereum wallet. Only 10,000 Punks were developed, no two alike, and all were quickly claimed. Ethereum wallet holders may now sell or trade punks for Ethereum coins. The average punk sold for approximately 4.12E, which equated to $2,998 on December 29, 2020. CryptoPunks is just one example of rare digital art.

Erin Scherfner
Erin Scherfner edited on 29 Dec, 2020
Edits made to:
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Article

Blockchain had early use in the art industry, allowing individuals to own digital intellectual property with records stored in the digital blockchain roster. NFTs are used to prove ownership and authenticity of digital art. In June of 2017, a company called Larva Labs released an art collectors line called CryptoPunks. The “Punks” were available free of cost for anyone with an EtherumEthereum wallet. Only 10,000 Punks were developed, no two alike, and all were quickly claimed. EtherumEthereum wallet holders may now sell or trade punks for EtherumEthereum coins. The average punk sold for approximately 4.12E, which equated to $2,998 on December 29, 2020. CryptoPunks is just one example of rare digital art.

...

Blockchain games also use NFTs, for example, CryptoKitties, a game developed by a Canadian company called Axiom Zen. The game allows users to use the EtherumEthereum blockchain to represent in-game assets controlled by the user instead of the developer. In-game assets for CryptoKitties can be traded in third-party marketplaces requiring no added permissions from the developer.

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Non-fungible platforms

Non-fungible token marketplaces

Marketplace name
Website
Description

Decentraland

Decentraland is an informal NFT marketplace, described as a fully decentralized digital world –like virtual reality. The users can purchase plots of land (non-fungible unique digital assets) that they can develop upon.

Enjin Marketplace

Enjin is the official marketplace for Enjin based NFTs. It allows users to discover, buy, and sell NFTs from the web-based interface and also the native Enjin wallet.

OpenSea

OpenSea focuses on every type of non-fungible token. It allows users to sell art, game items, collectibles, virtual stuff, domain names, etc.

Rarible

Rarible offers minting and marketplace services for NFTs. It also has a governance token called RARI, which allows users to participate in voting on important matters. The users can keep the minted NFTs, gift them, and sell them on the marketplace.

Super Rare

Super rare, as the name states, deals in super rare art. It’s an NFT marketplace that deals with unique digital art-works.

Non-fungible and blockchain gaming

Game name
Website
Description

0xUniverse

0xUniverse is a blockchain space strategy where you build spacecraft, launch exploratory efforts, find new worlds and trade with other discoverers.

Blankos Block Party

Blankos Block Party is an open-world multiplayer game styled like a block party. It focuses on custom art and design, building, exploration, and curating collections of unique and rare Blankos.

CryptoKitties

CryptoKitties is a blockchain game on Ethereum developed by Canadian studio Axiom Zen that allows players to purchase, collect, breed and sell virtual cats.

CSC - Space MMO

CSC | Space MMO. CSC is a casual space MMO with fast-paced combat, a player economy, and an uncapped crafting system.

Decentraland

Decentraland is an informal NFT marketplace, described as a fully decentralized digital world –like virtual reality. The users can purchase plots of land (non-fungible unique digital assets) that they can develop upon.

Hash Rush

Hash Rush is a real-time strategy game that allows gamers to compete with each other for cryptocurrency and other rewards such as new skins and boosts.

My Crypto Heroes

My Crypto Heroes is a turn-based battle game. Players gather historical heroes, level them up, acquire extensions, and aim to be at the top of the Crypto World.

THE SANDBOX

Users may buy, sell, and trade their voxel creations on secondary markets and truly become a part of this user-built world where everything you see is built by and for the community.

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CryptoPunks by LarvaLabs and traded on Etherum
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Blockchain had early use in the art industry, allowing individuals to own digital intellectual property with records stored in the digital blockchain roster. NFTs are used to prove ownership and authenticity of digital art. In June of 2017, a company called Larva Labs released an art collectors line called CyberPunksCryptoPunks. The “Punks” were available free of cost for anyone with an Etherum wallet. Only 10,000 Punks were developed, no two alike, and all were quickly claimed. Etherum wallet holders may now sell or trade punks for Etherum coins. The average punk sold for approximately 4.12E, which equated to $2,998 on December 29, 2020. CyperPunksCryptoPunks is just one example of rare digital art.

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