By now I feel it is safe to say that if you are somewhat up to date on current trends you’ve heard the word NFT (Non-fungible token) before. You’ve also perhaps had a friend tell you it's the next big once in a lifetime investment opportunity, while another friend tells you that you are better off lighting your cash on fire. I’m not going to persuade you that one is right and one is wrong necessarily, but rather help explain and show you the capabilities of the underlying technology.

Over the past year CryptoPunks, Bored Ape Yacht Club, and numerous other NFT collections have become household names for many. High priced NFT sales have been all over the news, some selling for upwards of 70 million dollars. A five figure floor (meaning the minimum price for which an NFT in a specific collection. can be purchased) became the norm for many projects. Because of this many got the stigma that it was just crypto millionaires betting their portfolios away. In some cases, this may be true, but we would be foolish not to explore the full potential of an NFT.

So what is a Non-fungible token

Non-fungible token (NFT) is a unique digital asset that exists on a blockchain and can't be duplicated. Uniqueness is a large part of what makes NFTs so powerful, for example even if two NFTs had the same image they would still have two different token IDs on the blockchain. This is an appealing factor for creators, artists, and the consumer as ownership is indisputable as it is stored on the blockchain. It is important to note that NFTs are not limited to digital art, they can be tied to real world assets or act as a pass to a virtual or real life event. The possibilities are virtually endless.

Real World Use and Beyond

Just this week Arizona became the first state to accept a digital ID for Iphone users. Those that upload a driver's license or state ID to the Apple Wallet App will be able to use them at (“TSA”) Checkpoints in Phoenix Sky Harbor Int’l Airport. This was just approval Apple needed as they have plans to launch in five other states. Just this news alone could spark the evolution of the NFT space faster and further than ever. The thought of a license or ID held in a digital does not seem as unreasonable as the underlying technology will not only make it more secure but with complete transparency for all to view. However, the possibilities do not stop there as we have already seen the technology being used in many intuitive ways. Including NFTs that grants you access to a restaurant in which only holders can dine at, you can also lease out that specific NFT on a monthly basis if you do not plan on dining and want to earn on your NFT. Spanning to real estate where we have seen the rise of virtual worlds, along with the chatter of tokenization of real world real estate. In the not to distant future I would not be surprised if we were using NFT to gain access to sporting events, concerts, and countess others venues.

I hope this information helped you gain a better understanding of NFTs and the potential they hold. Feel free to dig into some of the topics deeper, who knows you may even go down your first rabbit hole.

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