For you to fully understand the potential of NFTs and understand what our mission is at Nifty Gateway, a detailed explanation of NFTs is necessary.
What is an NFT?
The best way of wrapping your head around what a NFT is (a non-fungible token) is to compare it to real world examples.
Non-Fungible? What does that mean?
Fungibility simply refers to assets that are completely interchangeable. If I lend you a dollar bill and you pay me back later with a different dollar bill, it does not matter. Both bills have the same value. A non-fungible asset refers to an item that is not interchangeable. For example, a plane ticket. All plane tickets have different names, destinations, etc. which means that each one is completely unique.
How does this relate to the digital world?
An NFT is a digital collectible. Digital collectibles have existed for a while, but their full potential had not been unlocked until the emergence of NFTs. This is because NFTs incorporate blockchain technology, which gives them a myriad of benefits over traditional digital collectibles.
What is the future for NFTs?
NFTs are growing in popularity, and becoming increasing relevant for many industries and people. That said, many people haven't heard of NFTs, or don't know how to use cryptocurrency. With Nifty Gateway, the user does not need to own cryptocurrency to purchase NFTs on our marketplace. There is a simple credit card checkout which solves the issue of a non-user friendly platform.
Where do I see NFTs going within the next couple years?
Owners of NFTs will expand exponentially once they begin seeing more mainstream success. Additional research is located here. There has also been speculation that NFTs will someday power physical documents (diplomas, house deeds, etc.). I completely agree with this speculation. The world is moving towards a digital future free of paper and NFTs are just one piece of the puzzle towards doing so.
To learn how to create your own NFT project, head over to this post.