These days, everyone is talking about NFTs. Non-fungible tokens are either the future of art and a revolution in the very concept of ownership, depending on who you ask, or an environmentally destructive fad ripe for mockery.
But, with tens of billions of dollars in transactions, corporations jumping on the ever-expanding bandwagon, and a word of the year award, it’s clear that NFTs have made a name for themselves. While whether or not this is a good thing is debatable, NFTs are, for better or worse, just getting started, according to the many artists, creators, and developers we spoke with.
What is an NFT?
Non-fungible Tokens (NFT) are digital assets such as collectibles, gaming, art, and virtual assets that are exchanged on blockchain platforms such as Empire Marketplace and come with a digital signature that designates ownership of the asset. NFTs are one-of-a-kind cryptographic tokens that exist on the blockchain and cannot be replicated.
What makes NFTs remarkable?
NFTs can be used to represent real-world items such as artwork and real estate. “Tokenizing” these real-world tangible assets makes buying, selling, and trading them more efficient, while also lowering the likelihood of fraud.
Where will NFTs be in the future of DeFi?
Many businesses have flocked to the NFT market after realizing that community is also a form of utility and value. The outcomes have been unpredictable: game changers for some projects, but the charm is there is no clear formula for repeatable success. DeFi is dynamic, but we must acknowledge that the NFT world has enormous potential. Even if some trends come and go, the utility feature of NFTs will ensure their longevity.
Large corporations are attempting to determine how cryptocurrency fits into their operations. This year, everyone from hedge fund managers to Starbucks executives is making decisions that will have an impact on how we use digital money.
Some of America’s most recognizable brands, including Nike, are already working to expand the use of NFTs. However, NFTs used in consumer products could be just the tip of the iceberg. How about using an NFT to prove you’re who you say you are?
Before Americans see a comprehensive framework for crypto-focused legislation, more milestones may need to be met. However, if industry leaders and elected officials can collaborate, regular cryptocurrency users and investors may benefit while environmental and security issues are addressed.
Here’s Our Say
We know that NFTs are here to stay. Empire is known for creating the Empire NFT marketplace and is always looking out for new ways to help users and make things easier. Our mission is to integrate with other chains such as Solana, Ethereum, and many more. This will bring value in a big way to the community because it will be easier for people to create, buy, sell and trade their collectibles globally on a single platform. We look forward to seeing what the future holds for us.