A non-fungible token (NFT) is a unique digital asset that represents ownership of a one-of-a-kind item or piece of content, such as digital art, virtual real estate, or collectibles. Unlike fungible tokens, NFTs are not interchangeable, and each NFT has a distinct value based on its rarity, provenance, and demand for that specific token.

Video Guide on how to use NFT Submodule

In this video guide we have demonstrated how you can use the Check Owner of an NFT function of this NFT Submodule to create a NFT gating app. This video is also helpful to get you started on using this submodule.

Use cases of NFT's

NFTs provide various benefits and use cases for both businesses and individuals:

1. Digital Art and Collectibles: NFTs have become popular for digital artists and creators, as they can mint unique digital art pieces as NFTs, enabling them to prove ownership, protect their intellectual property, and monetise their creations. Collectors can buy, trade, and showcase their NFT collections, deriving value from their rarity and uniqueness.
2. Gaming and Virtual Items: NFTs have transformed the gaming industry, allowing players to own in-game assets such as characters, items, and virtual real estate. These NFT-based assets can be traded, sold, or transferred across different platforms, creating a new economy within the gaming ecosystem.
3. Tokenised Physical Assets: NFTs enable businesses to tokenize real-world assets like real estate, luxury goods, or even fine art. This tokenization process facilitates fractional ownership, making it possible for a broader audience to invest in and trade valuable assets that were previously less accessible.
4. Proof of Authenticity: NFTs can serve as digital certificates of authenticity for various items, ensuring their provenance and verifying their scarcity. This can be beneficial for businesses dealing with high-value products, such as luxury brands or art dealers, as it can help prevent counterfeiting and create trust in the market.
5. Royalties and Secondary Sales: NFTs can be programmed to generate royalties for creators every time their work is resold in the secondary market. This provides a new revenue stream for artists and creators, empowering them to capture more value from their work.

For common people, NFTs present a new way to participate in the digital economy, enabling them to own, trade, and invest in unique digital assets that can appreciate in value over time. Additionally, NFTs offer a means to support their favorite artists, creators, and brands in a direct and meaningful way.