Easy Crypto NFT Management With EIDOO
What are Non-fungible tokens?
Non-fungible tokens or NFT's are a version of a cryptographic token, another type of digital asset, but representing something unique. These sorts of tokens cannot be exchanged. Rather, it’s their unique nature that makes them valuable.
Fungible assets are those that we use daily, whether it be a digital or transitional currency. They can be replaced by something that is of identical value and widely available. Non-fungible assets are more rare and pricey and more than likely one-of-a-kinds. They can represent a piece of art or a collector's item, perhaps even a sought after sold-out ticket to your favorite band's concert in Golden Circle.
Non-fungible assets cannot be divided or split among investors. They are always sold in their entirety. You couldn't buy 10% off the concert ticket and still gain entry to the concert. Another example of an NFT that most people can identify with is a website domain name or a Twitter handle.
Why are NFT's important in the crypto space?
NFTs can modernize the art and collectibles market, whether they be rare comics, an actual historical art piece, or digital art/photography. NFT's can eliminate fraud in the entertainment industry and counterfeiting in other industries and open up new possibilities in gaming or even allow someone to own a real-world asset that's thousands of miles away. And if you thought that was amazing, a parallel universe of digital assets is growing, and once "registered" as an NFT like Crypto Punks and CryptoKitties, they too gain in value! In online gaming, rare weapons can be traded.
Once an NFT is registered on the blockchain, your ownership is secure, and fraud highly unlikely. The NFT cannot be taken away from you, and via the chain, it is easy for you to transfer the assets around and trade them freely.
One of the biggest and most important ways that NFT's can be used, as far as we are concerned, is related to personal identity, especially in this day and age.
NFT's have the ability to unlock new revenue streams within mainstream industries like sports and arts and, of course, newer online industries like gaming, which means that blockchain and crypto will be exposed to more potential users.
The current market related to NFTs
Major companies like Nike, Samsung, Vodafone, and Louis Vuitton are starting to take notice of NFT's. Louis Vuitton is using NFT's to counteract counterfeiting and assure their high-end clients of verified authenticity. In addition, Nike has started trading in digital shoes, which will eventually become real-world shoes. The NFT space is starting to burgeon, and as we mentioned, there is money to be made.
The bulk of the industry at the moment seems to be centered around gaming, where cards and digital assets or weapons have been traded for large sums. The biggest being the F1 Delta Time Apex Virtual Race Car "1-1-1," which sold for $113 124 in 2019. In 2020, CryptoKitties hit sales of 12 million dollars. By July of 2020, the NFT market had made $100 million in trades, and by December 2020, that had increased by over 50%.
How can you get into the NFT market and effectively manage your assets with Eidoo?
Now that we have run you through the rapid expansion of the NFT market, we think it's fair to say that NFT's can't be ignored. You do need a dedicated safe space to properly manage your profile assets as it grows and gains in worth.
The Eidoo wallet has extended support for NFTs. The wallet is non-custodial, ensuring that your NFT's are never out of your hands. The NFT manager within the wallet can buy, hold, and trade Non-fungible tokens. The Wallet is simple and directly integrated within the Eidoo app. Still secure. Still in your hands. Eidoo makes it easy to view & transfer your non-fungible tokens, whether they be crypto collectibles or digital artwork.