Non-fungible tokens have now become mainstream storage of dataLarva Labs sold CryptoPunk 1190 for 400 ETH on its portalNFTs are easily verifiable, non-transferable and trustworthyThe tokens might be some sort of a bubble but only for the benefit of the FinTech world.Larva Labs is the home for professional and experimental projects that have teamed up with companies like Microsoft and Google. They have started a repository of legal documents and not to forget an art project on the blockchain. Larva Labs has created a unique set of collectible tokens on the Ethereum blockchain and has recently sold CryptoPunk 1190 on its platform. The Punk was sold for 400 ETH and is currently in possession of 0x43fb99
SOME NFTS ARE WORTH MILLIONS!NFTs are unique storage of digital assets that are non-interchangeable. The tokens can be exchanged for physical or virtual assets. Non-fungible tokens have the potential to create a digital certificate of ownership that can be sold or bought. Users now take help of cryptocurrency to purchase NFTs and keep a tab in the form of a ledger in a blockchainFurthermore, ETH provides the platform for smart contracts empowering content creators more than before. The creator of an NFT decides how scarce that asset should be in supply. Additionally, NFTs may be used as collateral to start projects that require huge capital. Decentralized Finance (DeFi) and the NFT world go hand in hand as they share the same infrastructure. DOES NFT LEAVE A CARBON FOOTPRINT?NO. NFTs do not leave a carbon footprint as the whole ETH environment is decentralised and secure. You can secure your NFT with mining but minting your NFT is an arduous task. Mining does use renewable energy sources in remote locations but that shouldn’t stop users from dealing in non-fungible tokens. Ethereum is planning to make its tokens more energy efficient and just around the corner of Eth2. A consistent standard is used to build NFTs known as ERC-721. As a unique fact, Ethereum blockchain will never shut down hence the tokens will be available to be sold at any time. Lastly, it is simple to prove ownership history as the metadata and transaction history are publicly available for anyone to verify. ARE NFTS JUST A BUBBLE?Many are sceptical of the infrastructure of how the tokens work and their union with blockchain technology. Hence, the idea of buying something which is not visible is definitely a farce for some. Yet, this bubble is not something that you had seen in the past. As the tokens are easily transferable and trustworthy, they have a wider appeal. The benefits have completely outclassed the pitfalls and hence the growth. Moreover, they are indivisible and easy to verify as smart contracts are used to store data on the blockchain network. The bubble is about to burst but only to spread joy and happiness to all users.