In recent years, the blockchain industry became a large market for firms to release their own products and services. Distributed ledger technology did not only help companies to create their own virtual currencies but they have been also able to create non-fungible tokens (NFT).
Nowadays, there are many use cases for non-fungible tokens such as collectables, art, items in blockchain-based games and also speculation. Furthermore, there are several leaders in the space that are also leveraging the power of blockchain technology so as to help others create their own collectable tokens.
What is a Non-Fungible Token?
Non-Fungible Tokens are cryptographic tokens that provide users with the possibility to own digitally unique things. The main benefit of these NFTs is related to the fact that they cannot be mutually exchanged as it can happen with some privacy-focused virtual currencies. Each of these NFTs is going to be unique and special in its own way.
Due to this quality and specification, NFTs became very useful in a wide range of industries, even outside the traditional crypto and blockchain worlds. With NFTs firms can easily create verifiably scarce assets based on blockchain technology.
Nowadays, these NFTs have been working massively on blockchain networks such as Ethereum (ETH) or Tron (TRX), each of them with their own standards. The RSK network is also allowing users, firms and developers to create collectable tokens and NFTs in just a few simple and easy steps.
One of the ways in which NFTs have expanded is with CryptoKitties. This was perhaps the first time that NTFs were massively used by crypto and non-crypto users. The platform used the Ethereum network in 2017 and the beginning of 2018 in order to build a platform where users could exchange their collectable cats – in some cases they were worth thousands of dollars.
The craziness for this game led to the congestion of the Ethereum network that registered a massive spike in transaction fees and slow processing times. Many users at that time decided to move to the Litecoin (LTC) network due to the lower fees and congestion.
CryptoKitties settle precedent. Users were exchanging NFTs tokens without even know they were handling unique and valuable objects. Users didn’t need to know these cats were unique. There were no two identical cats on CryptoKitties and each of them had a unique ID code to identify it.
Evolution of NFTs
The ERC-721 is considered to be the standard for NFTs. At the moment, it is used all over the world by firms and users in order to handle non-fungible tokens. While CryptoKitties was the first solution massively implemented in the crypto space, there are many other use cases of NFTs.
Games and other initiatives started to use these NFTs in order to offer users the possibility to handle blockchain-based tokens that were unique. Users could be sure the items they hold are not repeated and cannot be copied.
Now, when it comes to NFTs, Ethereum is not the only option. RSK is also providing an easy-to-use solution for those that want to create ERC-721 tokens in just a few simple steps. In the next sections, we will analyze the influence that RSK is currently having in the market and how it is promoting and using ERC-721 tokens.
In the future, we could see crypto and traditional art being represented with non-fungible tokens, among other things. The market is very large for NFTs, and this is certainly going to be leveraged by companies and firms in the market.
There have been some cases in which firms and sports teams created their own NFTs to share among their fans. Despite it didn’t reach a large number of users, the initiatives have been certainly a good step towards increasing the knowledge of scarcity and blockchain uniqueness among non-crypto users around the world. This is still an early market and the potential growth is certainly a lot for the future.
RSK Builds the Infrastructure to Create Collectable Tokens
While creating an NFT token can be somehow complicated, RSK is currently allowing users to follow a simple guide to create non-fungible tokens. This is going to be very straightforward and using the RSK blockchain network. Users can simply follow the guide the company has created or try new solutions and possibilities if they have experience in handling ERC-721 tokens.
ERC-721 tokens are very important because it allows users to transfer the ownership of a token, and it also includes the possibility to query a token’s owner. In this way, users will be the real holders of the assets backed by blockchain technology.
RSK is also sharing with the community educational content on how to create non fungible tokens on top of the RSK network in just a few simple steps. They have held an online webinar in which they are showing all the information users must know in order to have their own non-fungible tokens deployed on the RSK network and ready to be used.
There are several webinars that have been shared by RSK Smart and that are currently allowing users to have more information about NFTs, among other things. They are sharing very detailed guides with Step-by-Step data for companies and developers to have very clear information on how to properly set up their NFTs in the market and start leveraging their power.
NFTs have been expanding all over the world in recent years. There have been a few companies offering clear solutions and information about Non-Fungible Tokens. Two of these companies include CryptoKitties, which has released the first successful application and collectable game on top of blockchain technology using NFTs.
Meanwhile, RSK is working on a daily basis in order to educate the community on how to deploy Non-Fungible tokens. They have created webinars and educational content that is going to be very helpful for the community to start using for their projects.