What is an NFT?
An NFT stands for non-fungible token. Fungible tokens are interchangeable and non-unique assets on the blockchain. For instance, Bitcoin and Ethereum are fungible tokens. Every single Bitcoin/Ethereum coin is the same and holds the same value as the other at any given time. Whilst, non-fungible tokens are unique digital assets that cannot be subdivided. Each NFT item is a one-of-a-kind and unreplicated cryptographic token existing on a blockchain.
We can go as far as to say that anything can be turned into an NFT from physical artworks to contracts. NFTs vary in terms of their value, rarity, and functionality. An NFT can be a part of the series or a stand-alone item. Unlike fungible cryptocurrencies, NFTs are not equal in value with different factors contributing to the value. There are NFTs that are sold for under $1 as well as NFTs artworks that are sold for a couple of million dollars.
There is a huge market for NFT collectibles, such as rare digital artworks, different types of cards, etc. NFTs items, such as characters, inventories, or weapons are increasingly used in online gaming.
What Makes NFTs So Special?
Blockchain technology makes it easier to create, sell, trade, or exchange NFTs without intermediaries and extra fees associated with them and enables NFT artists and NFT buyers to connect and enjoy the immense benefits of new markets.
There are many factors that make NFTs so attractive and special:
- Efficiency and accessibility. Converting a physical asset into a digital item removes intermediaries and makes it easier to acquire an NFT item of your choice from any part of the world at any given moment. All you need is your crypto wallet and a click.
- Authenticity and identification. With the uniqueness and crypto data attached to it, you can track the details of NFT assets from the very beginning. Everything is there on a blockchain for everyone to see.
- A tool to monetize one’s talent. Blockchain-based NFT technology is a next-level instrument for artists to monetize their talent in the crypto world.
- Attractive investment. Just like fungible tokens, NFTs can be used for investment purposes.
NFTs are effectively used and integrated into the industries and services such as real estate, the medical field, intellectual property, gaming, and the list goes on.
For instance, real estate is one of those industries that may easily integrate NFT tools into practice. NFTs can be used to draft smart contracts for land or other properties, transfer ownership, and track the changes in property value over time. With a few clicks, you could find out the entire information regarding the property you consider purchasing — previous owners, renters, renovations made, etc. — all the data can be tracked down on blockchain.
3D NFT Assets and Gaming
NFTs quickly found their way into the gaming industry. In-game content such as the player characters, skins, inventory, tools, weaponry, and even the most common objects from trees to stones, can be an NFT item. This is possible by launching games on blockchains and anchoring them with digital asset-based economies. Blockchain technology provides game developers with the means to expand their game realm and generate more revenue. At the same time, gamers have an opportunity to play to earn, engage in easier in-game trading, and advance their playing experience with various NFTs provided within the game. Given the rarity and uniqueness of the items, game assets can be quite valuable.
NFTs add excitement and attractiveness to the gaming experience.
For instance, the Sandbox may be the most popular and good example of a blockchain game with integrated 3D NFT assets. The Sandbox is a vast digital world that enables players to create, own, and customize their in-game items, earn while playing and enjoy the opportunities of trading their 3D NFT assets. Players can design the objects, turn them into NFT items and sell them at the Sandbox marketplace. The game also provides them with the opportunity to build the scenarios, events, etc, and earn rewards by participating and winning.
Or the likes of t- an Etherium blockchain-based 3D virtual world platform where users can buy virtual plots of land as NFTs. Officially launched in February 2022, it has become the place to buy and sell virtual lands, estates, avatar wearables, and so on.
Other notable examples include NFT games such as Thetan Arena, Axie Infinity, and Gods Unchained, which have gained huge popularity amongst gamers and NFT enthusiasts. With the ever-expanding metaverse and advancement of blockchain technology, the future of 3D NFT is immense.
A Bridge Between 3D NFT Creators and Users
In the ever-expanding metaverse and growing NFT-based gaming industry, the demand for NFT items is increasing rapidly. When it comes to 3D NFT assets, there is a demand and supply gap due to the missing infrastructure for accommodating the expansion in the metaverse — the gap, where the demand for the 3D items and the creators of the very items interact.
This is where MetaHi — a revolutionary 3D NFT Asset marketplace — bridges the gap between 3D NFT Asset Creators, Users, and the Metaverse.
MetaHi platform provides creators with the tools to bring their creative work to Web3. It allows creators and users to create their unique 3D assets and launch them on an easy-to-use platform at the lowest rate and make higher profits from the assets owned.
For more information about MetaHi visit: https://metahi.world/
