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            • Bitcoin Price Volume Decline with Lowering Volatility
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      • Mortgage rates today, April 3, 2020 plus reviews
        • cmc currency details
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      • Microsoft Vulnerability: Hundreds of Microsoft Servers Contaminated By Crypto-Mining Botnet Since 2018
        • Cision PR Newswire
        • Coupons – Best websites
          • Aeromexico Rewards Chart
          • Get Avios Points Free
      • Today Bitcoin Price at $6,800 USD
      • Pandemic Is Changing BTC Usage in ‘Unexpected Ways’
      • Macropay on Alternative & local payment methods that are reshaping global e-commerce
      • Bank of America is preparing for a flood of Applications to Small-Business Loan
      • Microsoft might be the best tech stock in this market
      • US Airlines To Work Collectively, Consolidate Flights
      • Bank of America maintaining business continuity and protecting the bottom line
      • US long-term mortgage rates drop
      • Bitcoin Price Bulls have been rejected at $7,000
      • Stock Market: 4 Top Stock Trades for Wednesday: NVDA, AVGO, BAC, IQ
      • Stock Market April 2 – Edge Higher; Oil Surges, Bonds Fall, Dollar Rose
      • Chase bank will raise up to $10 billion
        • Bitcoin Price Simply Surged to $6,500 After Over 10% Weekend Crash
        • Today Bitcoin Price at $7,000: BTC Leaps to Retest $7,000
        • Bank of America agreed to allow 50,000 mortgage customers to defer payments
      • Bitcoin Price Prediction April: Three Key Causes Why BTC May Plunge Beneath $5,000
        • Roll up the Sleeves! American Airlines was down -10.34%
        • Mortgage calculator rates today April 2, 2020
        • Mortgage Calculator Small businesses: SB have ‘a million inquiries’ regarding check help loans
        • Bitcoin Price Today April 1 – Bitcoin Takes Tumble
          • With Bank of America card you can request a payment deferral online
            • Bank of America fields 150,000 installment deferral demands
          • Coronavirus – Travel Insurance no cover cancellations
            • Bank of America said it won’t cut any positions
        • Bitcoin Price Today April 2 – BTC rise to $6,700
        • Mortgage calculator rates today March 31, 2020
        • Bitcoin Price Momentum Sign Reverses, Bull Run Lastly Inbound?
        • Bitcoin Price Recovering After a Sharp Decline
        • Fintech News Airbnb – How hosts are fighting back against Covid-19 fallout
        • Market Stock Boeing – Challenging Times Ahead for Boeing Stock
      • Bank of America U.S. Minimum Hourly Wage Reaches $20
        • Bitcoin Price Bulls – is Forming a Bull Cross After Rallying to $6,500
        • P2P Crowdlending – Average Interest Rate 18%
        • $633 Million BTC Transferred For Simply $0.26 Payment
      • Prime ICO Advertising and marketing Companies
      • Bank of America will provide up to $250 million
      • Bank of America VC: You tend to do the wrong thing at the wrong time
        • Bitcoin Price Jump as Coronavirus Curve Begins to Flatten
          • Bitcoin Price Today April 3
          • Bitcoin Price Is Sometimes Bullish in Q2
          • Bitcoin Price Tumble Beneath $ 6,000
          • BTC Price Today 5 | April, 2020
          • Bitcoin Price and S&P 500 – Here’s how much bitcoin beat the Dow and S&P 500 in the first quarter
            • Today Bitcoin Price at $6,600
              • Bitcoin Price Bulls Reaches: “Live or Die”
              • BTC Price Today | 6 April 2020
        • Bank of America sees big year for Microsoft ahead
          • American Airlines coronavirus downgrade
            • Bitcoin Price Rejected $6,600
            • Bitcoin Price Trace It Will Fall to $ 5 K
            • BTC Price Today April 4
              • Stock Market Today 31 March, 2020
            • US Bank Raises $586M Against COVID-19
              • Bank of America’s Solid Liquidity to Help Covid-19 Crisis
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      • Mortgage calculator rates today April 1, 2020
      • Mortgage Calculator – Students Benefits
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      • Calculator for mortgage to millennials
      • Mortgage Calculator Modification – What Is?
      • Mortgage Calculator Canada: Rates Are Rising
      • Mortgage Calculator Home – Is it time to repair your own home mortgage?
      • Mortgage Calculator
      • Mortgage Calculator Rates Today April 3
      • Mortgage Calculator Online
      • Mortgage Calculator Coronavirus: UK mortgage market goes into lockdown
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      • Ask for Proposal
  • Insurtech
    • Insurtech “Best of…”
      • Best Life Insurance of 2020
      • The Best Renters Insurance Companies 2020
      • Best Pet Insurance Providers of 2020
      • Best Home Insurance Companies for 2020
      • Best Car Insurance Quotes Online
      • Best Homeowners Insurance Companies of 2020
    • Insurtech Guides
      • Insurance will not cover coronavirus losses
  • Lifestyle
    • Real Estate
      • Aston Martin Residences
      • The Best Miami Luxury Homes
    • Entertainment
      • Gambling
        • Understanding Different Types Of Online Slots
        • How to Read Odds: NBA Odds
        • Online Casinos
        • Betting
          • US Betting Sites
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          • The Best Sports Betting Sites
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      • Gaming
        • GameStop
        • Roblox
          • Is Roblox shutting down? Vs. Robox will be listed NYSE
      • Music
        • Spotify
    • Luxury
      • Most Expensive Watches
      • Best Luxury Clothing Brands
      • Best Luxury SUVs for 2020
      • Porsche
      • Luxury Yatchs
      • Best Luxury Cars
      • Best Luxury Sports Car
      • Best Electric Cars
      • Best Luxury Yoga Retreats
      • The Best Luxury Sports Cars
      • Best Time to Buy a Car
    • Health
      • Sex
      • Covid-19
        • Direct Payments in coronavirus
    • Tech
      • iPhone 12
  • Loans
    • Loans Guides
      • First time loan with no credit
      • Find the Best Private Lender for Personal Loans
      • Emergency personal loans for veterans
      • Fafsa deadline
      • Cash Loans
      • Bad Credit Loans
      • Bad Credit Loans Guaranteed Approval
      • Merrill Lynch Benefits
      • Loans CLO Pain Just Starting With Leveraged loan Rating Cuts
      • Can you get a loan without a bank account?
    • Loans “Best of….”
      • Best place to get an auto loan
      • Best Loan for Students – The Best Private Student Loans of 2020
      • Best Student Loan Refinance of 2020
      • Best Business Loan Lenders of 2020
      • Best Personal Loans of 2020
      • Best Auto Loan Rates for 2020
      • Best payday loans 2020
      • Best Online Loans for Bad Credit 2020
    • Loans Calculators
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      • Loan Calculator
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      • FHA loan calculator
      • Auto Loan Calculator
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    • Loans Companies
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      • Rocket Loans
      • Nelnet Student Loans
      • Wells Fargo Student Loans
      • Discover Student Loans
      • AES Student Loans
      • Amigo Loans
      • Likely Loans
      • Tesco Loans
      • Sunny Loans
      • Great Lakes Students Loans
      • Caliber Home Loans
    • Loans Types
      • Payday Loans Bad Credit
      • Online Loans
      • Personal Loan
      • Personal loans for debt consolidation 2020
      • Payday Loans
      • Auto Loan
      • Student Loans Calculator: Pause Scholar mortgage Funds
      • Payday Loans
  • Cryptocurrencies
    • Crypto “Best Of…”
      • Best Crypto Wallets 2020
      • Best Crypto Hardware Wallets of 2020
      • Best Cryptocurrency Exchange 2021
      • Best Crypto to Invest in
      • Greatest Cryptocurrency Tax Software program 2020
      • Best Crypto Trading Bot
      • Best Cryptocurrency Exchanges | April 2020
    • Wallets
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      • Crypto Exchange News
      • Exchange Fee
      • Crypto Exchange Ranking
    • Services – ICO
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      • ICO – Premium Listing
      • ICO Calendar
      • Greatest ICO itemizing websites ICO Score Businesses (2019) | Cryptocurrency ICO Checklist | ICO Calendar
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      • ICO – Connect Investors
      • Airdrops News
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      • Binance Coin
      • COINBASE
    • Top Cryptocurrencies
      • Tether
      • Bitcoin Cash
      • Dogecoin
      • Litecoin
      • Bitcoin
        • Bitcoin Guides
          • Bitcoin ATM near me
          • How to get a lot of bitcoin for free?
          • Bitcoin BTC Price
          • How to Buy Bitcoin
          • Bitcoin
          • Where to buy Bitcoin?
          • Bitcoin Price Guide
          • How to Mine Bitcoin on PC
          • Bitcoin Halving
          • How Long does it Take to Mine 1 Bitcoin?
          • What can you Buy with Bitcoin?
          • Easiest Way to Buy Bitcoin
          • Bitcoin Hoje
          • Bitcoin Halving
          • How to Make Money with Bitcoin
          • Bitcoin Price Prediction
          • Bitcoin Tax
          • Bitcoin Value
          • Bitcoin for Beginners
          • Mercado Bitcoin
        • Bitcoin Calculator
          • BTC to USD Converter
          • Bitcoin Preev
        • Bitcoin “Best of…”
          • 23 Best Place to Buy Bitcoin Online 2020
          • Bitcoin Betting
          • Best Bitcoin Sports Betting Sites 2020
        • Buy Bitcoin
          • Buy Bitcoin With Gift Card
          • Buy Bitcoin with Credit Card
          • Buy Bitcoin Cash
          • Buy Bitcoin Anonymously
          • Buy Bitcoin with credit card
          • Buy Bitcoin with Prepaid Card
          • Buy Bitcoin with Paypal
          • Buy Bitcoin Near Me
          • Buy and Sell Bitcoin
          • Buy Bitcoin: Best Ways to Buy BTC Instantly
          • Buy Bitcoin at Walmart
          • Buy Bitcoin ATM
          • Buy Bitcoin Through Paypal
          • Buy Bitcoin Without ID
        • Bitcoin Price
          • Bitcoin Price USD
          • Bitcoin Price Live
          • Bitcoin Price Live Ticker
          • BTC to USD
          • Price of Bitcoin
          • Price Charts – Bitcoin Price
          • Bitcoin 가격
          • Bitcoin Price Prediction
        • Bitcoin News
          • Current Bitcoin News
            • Bitcoin Price Analysis is now value as a lot as PayPal
            • Bitcoin Price Volume Decline with Lowering Volatility
      • Ethereum
        • Ethereum News
        • Ethereum Worth
      • Ripple
        • Ripple Price
        • Ripple News
        • Ripple
  • News
    • Fintech News Today
    • News
      • Mortgage rates today, April 3, 2020 plus reviews
        • cmc currency details
          • cmc exchange details
            • Shortcodes
      • Microsoft Vulnerability: Hundreds of Microsoft Servers Contaminated By Crypto-Mining Botnet Since 2018
        • Cision PR Newswire
        • Coupons – Best websites
          • Aeromexico Rewards Chart
          • Get Avios Points Free
      • Today Bitcoin Price at $6,800 USD
      • Pandemic Is Changing BTC Usage in ‘Unexpected Ways’
      • Macropay on Alternative & local payment methods that are reshaping global e-commerce
      • Bank of America is preparing for a flood of Applications to Small-Business Loan
      • Microsoft might be the best tech stock in this market
      • US Airlines To Work Collectively, Consolidate Flights
      • Bank of America maintaining business continuity and protecting the bottom line
      • US long-term mortgage rates drop
      • Bitcoin Price Bulls have been rejected at $7,000
      • Stock Market: 4 Top Stock Trades for Wednesday: NVDA, AVGO, BAC, IQ
      • Stock Market April 2 – Edge Higher; Oil Surges, Bonds Fall, Dollar Rose
      • Chase bank will raise up to $10 billion
        • Bitcoin Price Simply Surged to $6,500 After Over 10% Weekend Crash
        • Today Bitcoin Price at $7,000: BTC Leaps to Retest $7,000
        • Bank of America agreed to allow 50,000 mortgage customers to defer payments
      • Bitcoin Price Prediction April: Three Key Causes Why BTC May Plunge Beneath $5,000
        • Roll up the Sleeves! American Airlines was down -10.34%
        • Mortgage calculator rates today April 2, 2020
        • Mortgage Calculator Small businesses: SB have ‘a million inquiries’ regarding check help loans
        • Bitcoin Price Today April 1 – Bitcoin Takes Tumble
          • With Bank of America card you can request a payment deferral online
            • Bank of America fields 150,000 installment deferral demands
          • Coronavirus – Travel Insurance no cover cancellations
            • Bank of America said it won’t cut any positions
        • Bitcoin Price Today April 2 – BTC rise to $6,700
        • Mortgage calculator rates today March 31, 2020
        • Bitcoin Price Momentum Sign Reverses, Bull Run Lastly Inbound?
        • Bitcoin Price Recovering After a Sharp Decline
        • Fintech News Airbnb – How hosts are fighting back against Covid-19 fallout
        • Market Stock Boeing – Challenging Times Ahead for Boeing Stock
      • Bank of America U.S. Minimum Hourly Wage Reaches $20
        • Bitcoin Price Bulls – is Forming a Bull Cross After Rallying to $6,500
        • P2P Crowdlending – Average Interest Rate 18%
        • $633 Million BTC Transferred For Simply $0.26 Payment
      • Prime ICO Advertising and marketing Companies
      • Bank of America will provide up to $250 million
      • Bank of America VC: You tend to do the wrong thing at the wrong time
        • Bitcoin Price Jump as Coronavirus Curve Begins to Flatten
          • Bitcoin Price Today April 3
          • Bitcoin Price Is Sometimes Bullish in Q2
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Tron – What is a Non-Fungible Token (NFT)? • Fintech Zoom

Yuuma Nakamura by Yuuma Nakamura
March 4, 2021
in Cryptocurrency
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Tron – What is a Non-Fungible Token (NFT)? • Fintech Zoom

A non-fungible token (NFT) is a digital asset that is unique and indivisible. NFTs are one-of-a-kind digital assets used for collectibles and rare items.

How do NFTs Work?

NFTs are typically built using Ethereum. The use of Ethereum for some NFTs proved so popular that it hurt the cryptocurrency. 

But not all NFTs use the popular crypto Ethereum. Other blockchains like TRON and NEO can be used for NFTs.

NFT company Dapper Labs created its own blockchain called Flow that is now being used by the company’s own NBA Top Shot NFT line.

NFTs allow users to own digital assets like retail estate, art, digital sneakers and video moments. The concept of digital assets is similar to in-app purchases of items in video games. The big difference for NFTs is their uniqueness and ability to be easily transferred to another owner thanks to blockchain technology. 

NFTs also give artists more control over their assets and allow them to set sale prices. Some NFTs are also set up to where the original creator gets a portion of each sale of the digital asset, creating a never ending stream of revenue.

The industry has quickly exploded and turned what is a non-fungible token into a popular topic question and internet search.

How to Buy Non Fungible Tokens

Some NFTs can be purchased and exchanged on their own trading platforms. Lots of NFTs are offered up for sale as drops or limited time sales for those who are lucky enough to be at the right place at the right time to take advantage of the sale.

Crypto exchange sites like OpenSea offer a way for investors and fans of NFTs to buy the digital assets from individuals. OpenSea has hosted works from musician Shawn Mendes, Twitch co-founder Justin Kan and artist Beeple.

With crypto taking over the digital art world, NFTs are even making their way to popular auction houses like Christie’s.

For example, digital artist Beeple posted a new digital picture online every day for more than 13 years. The result is now Everydays: The First 5,000 days, a digital art unique work.

Christie’s will be the first major auction house to offer a NFT digital work. Christie’s will also be the first major auction house to accept cryptocurrency, in this case Ether, as a payment option for the work.

Nifty Gateway is one of the top marketplaces for digital assets and has partnered with some top names in the music, art and celebrity worlds. The company was purchased by cryptocurrency company Gemini in 2019.

Brief History of NFTs

NFTs can be traced back to colored coins on the Bitcoin network. NFTs that recreated Pepe the Frog also popped up around this time with rare ones selling on eBay and at live auctions.

CryptoPunks became the first Ethereum based NFT with 10,000 unique offerings. Each CryptoPunk has a different set of characteristics. The NFTs from CryptoPunks, a Larva Labs company, are considered digital assets that are truly unique and collectible with their limited supply.

In 2017, CryptoKitties from Dapper Labs became the first NFT to truly hit the mainstream digital asset market. The digital assets were part of a blockchain based game as well.

NFT Use Case

NFTs can be digital assets that store art or videos and don’t have as much usability. Other NFTs like CryptoKitties are part of a blockchain game that have more usability to the owner of the digital asset.

CryptoKitties is a blockchain game that lets users collect and breed creatures. The CryptoKitties are all unique NFTs that can not be replicated, taken away or destroyed. Each CryptoKitty has different appearance and traits that make it a unique digital asset.

CryptoKitties were popular in 2017 and helped launch NFTs into the mainstream. The NFTs for the game are seeing strong sales once again with the rise in popularity of digital assets.

How to Transfer a Non-fungible Token

Non-fungible tokens can be transferred similar to cryptocurrencies. Some vary in the degree by which they can be transferred and traded.

Most NFTs are traded within their existing game or created platform. Blockchains make ownership and trading of NFTs easy on open marketplaces. The open marketplace style of the blockchain allows non-fungible tokens to be transferred in marketplaces such as auctions or placed for sale for cryptocurrency on digital asset transaction platforms.

The blockchain technology provides a digital record of each transaction for the non-fungible asset.

NFT Popularity Rising

The rise of popularity and acceptance of Bitcoin and other cryptocurrencies was a top story in 2020. NFTs look to be the hot story in the cryptocurrency and digital asset world in 2021.

NBA Top Shot has been one of the dominant crypto collectible NFTs with sales of $225 million in the month of February 2021, according to CryptoSlam. NBA Top Shot, owned by Dapper Labs, sold over 200,000 packs of highlights at a price point of $9 in a recent digital asset pack drop sale. A LeBron James dunk highlight from NBA Top Shot was sold for $208,000 recently.

A decade old rainbow cat meme was sold for $580,000 recently. An animated artwork created by Beeple featuring Donald Trump laying face down in the grass covered in graffiti was sold for $6.6 million.

The rise of NFTs is attracting some big names to the market. Logan Paul offered NFT highlights of a Pokemon box break that sold out in less than an hour. Musician Steve Aoki is launching a NFT drop with Nifty Gateway. Even William Shatner has NFTs using his likeness.

NFTs were a $41 million market in 2018 and started to see strong growth with $338 million in sales in 2020. That figure is set to rise exponentially in 2021 with the popularity of NBA Top Shot alone looking to surpass last year’s figure. Predictions call for the NFT market to be worth $1.3 billion in 2021 thanks to the growth of digital art, games and collectibles.

Frequently Asked Questions

Q: What is a famous example of a non-fungible token?

1

Q: What is a famous example of a non-fungible token?

asked 2021-03-03

Luke Jacobi

1

A: NBA Top Shot has become the most popular and highest grossing non-fungible token digital asset class. NBA Top Shots are sold in packs and can be bought and sold through the company’s own marketplace for users.

Answer Link

answered 2021-03-03

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Yuuma Nakamura is a staff writer covering crypto, blockchain, finance and other technology for FintechZoom. Contact: yuuma.nakamura@fintechzoom.com

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