Have you ever heard all about the craze of digital avatars being sold for thousands and even millions of dollars? Most likely they’re ‘NFTs’ or Non-Fungible Tokens.Globally there are countless NFT projects with a plethora of utilities. The most popular ones are from games, art, and various metaverse such as CryptoPunks, Axie Infinity, Splinterlands, The Sandbox, and Decentraland to name a few.
These NFTs can be Characters, Land, Items, and even Cards. Some of which can have various rarities, parts, effects, and purposes that can ultimately change how you strategize. Some people even buy them just because they’re appealing, cool, or just plain cute. It is entirely up to you how you utilize your NFT.
These are only a few instances for those who haven’t been paying attention over the last few years and are presumably living under a rock.
NFTs have been outspread throughout the entire internet, especially in social media, creating diverse groups to which they may appeal and practically anyone who appreciates their purpose. However, affiliating with people’s interests can be quite challenging, hence an innumerable amount of initiatives were made.
As these NFTs continue to pique the interests of people, so does their value. Some of these NFTs have an exclusive sale in which a select number of people can mint, while others have a restricted amount that is only available to those who are early adopters and advocates of that specific NFT.
In this sense, NFTs are unique in nature. One-of-a-kind. Particularly distinctive and uncommon forms of NFTs can fetch a high price on the market, differing from the original mint price. You will have to spend extra if you want to drink this superb, rare wine. Once you have an NFT, it becomes yours and yours alone; it is effectively a digital ‘deed,’ a contract that states you own that NFT.
The idea is to connect individuals through the marketplace, which functions similarly to a genuine market in that you may buy and sell, put NFTs up for auction, and even haggle for some.
Rare and coveted NFTs can be distinguished from their counterparts by their utility, aesthetics, and exclusivity, which can attract a high price.
NFTs and their Social Implications
Numerous charities, communities, and people have benefited from NFT projects. Charity and environmental projects may benefit millions of people all over the world. A game that uses NFTS to generate rewards is an example. Projects that reward users with tokens effectively create an economy that will help the project grow and attract new members.
Some initiatives are even designed particularly for charity; these projects address charitable reasons as well as societal critical concerns. These initiatives take the initiative to contribute a portion of their earnings sales to charitable organizations. The mission is to eradicate worldwide social concerns like poverty, homelessness, climate change, and gender inequality.