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What is an NFT?

Editor: Ruth Pal Chaudhuri

NFTs or non-fungible tokens are tokens that we can use to represent ownership of unique items. They let us tokenise things like art, collectibles and even real estate. They can only have one official owner at a time and they are secured by blockchain so that no one can modify the record of ownership or copy–paste a new NFT into existence.

NFTs have gone mainstream with sales surpassing over 27 billion US dollars in 2021. Despite all these successes, the full use cases of NFTs are yet to be fully explored and controlled.These NFTs can disrupt the industry as you see sports collectibles are new ways for fans to collect player cards and even video highlights from games. One of the most popular collections is the NBA Top Shot.

The way games work is that fans can buy, collect and trade NFT player cards used to manage a virtual team. And beyond being treated as digital collectibles, NFTs can be integrated into live sports games as virtual access tokens. For example, fans who are willing to pay for NFT tickets could unlock VIP videos from the stadium’s player cameras, or they can even listen in to behind-the-scenes conversations between the team and coaches.

And not only that NFTs can change how everything works in every industry, but they also can revolutionise everything.


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By : Shubham Singh

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