Non-fungible tokens (NFT) are a unique kind of tokens that are not interchangeable due to their individual distinctive attributes. Simply put, non-fungible tokens possess unique attributes that make it impossible for them to be replaced or exchanged.
They are ERC-720 compliant, and have been mostly used in the storage of crypto-collectibles such as arts; providing a means of proving authenticity and ownership, and in crypto gaming. Non-fungible tokens are tokenized versions of digital or real-world assets.
NFTs gained momentum in 2017, following the launch of crypto game known as CryptoKitties. As an early pioneer of NFTs, the game Cryptokitties provided players the ability to collect, store genetic materials, breed and sell virtual cats. Amazing right?
As at December the same year, CryptoKitties transactions on the ethereum network skyrocketed, amounting for more than 12,000 transactions which resulted in an increase in the birthing fee for kittens. (See this tweet)
NFTs have also been instrumental in the growth and development of virtual lands, and as a result enabled ownership of lands in the virtual space. The economic potential for virtual lands are very significant as it enables inevstors build up a solid and secure business for advertising or online sales in the digital space.
OVR, an augmented reality and ethereum blockchain-powered platform, is trailing this path by providing users with the opportunity to own virtual lands using a non-fungible token known as OVRland.
OVR is expected to begin auction for OVRlands at the end of this month of May, therefore get set to own your land in the virtual space.