It is not a common act for decentralized projects to make use of NFTs in their ecosystem, but this project is quite special as it makes use of a special asset, NFT. #defi What are NFTs? NFTs are non-funguble tokens that looks just like non-fungible assets, but are tokenized. Non-fungible assets could be art pieces, collectibles(in-game currency) etc. These assets are special as they contain both properties and individual features. NFTs can serve as a way to create digital scarcity at any time.
This is not the first time to come across the concept, NFTs, because the first time it was heard of was when a certain Bitcoin. 2x was created and acted like an NFT-like token. It was created in 2012, and was known as the colored coins. Later on, Cryptokitties, an NFT-based platform was created where users could collect and breed cats digitally. This platform further exposed NFTs to the world. Cryptopunk was also launched in 2017, and it was a platform that focused mainly on tokenizing artworks with the use of NFTs.
What makes NFTs special?
Non-fungible tokens are special in nature, and have three main features that makes it special. They are unique, indivisible, and rare.
- Unique: NFTs are unique. They do not work just like fungible tokens such as Ethereum, Bitcoin etc. Each NFT owns their own property or metadata, and this is not the case with fungible tokens. No two NFTs on the same project can have the same property. It just doesn't work that way.
- Indivisible: It can not be shared into bits. It's either you purchase NFTs as a whole or you don't purchase it at all. Fungible tokens can be easily shared into smaller units, but non-fungible tokens can not.
- Rare: These kinds of tokens are rare collectibles, and have little supply which makes them rare. Its rarity is one of the features that makes it special and valued at the same time.
NFTs are not only constricted to in-game currency or art pieces. However, it has been used to mostly exhibit them. It can be used for basically anything, based on the operations of the project in question. Non-fungible tokens could be used to signify real estate, bonds, shares etc. Different projects are known to have fully introduced NFTs to certain assets such as Cryptokitties and godsunchained which introduced NFTs to in-game currency while Decentraland, The Sandbox and Spheroid Universe introduced NFTs to real estate sector digitally.
The main reason for the adoption of NFTs to in-game currency on Meta City @Citizen Finance is to enable the full rights of in-game assets to gamers, and also to legally allow for the exchange of in-game currency among different players. #nft4fps #citizenfinance #ownership
Conclusion: Not only Meta City offers NFTs on their platform, but other applications available on Citizen Finance such as CifiPowa, Santa Fe etc #cifipowa also recognize the use of NFTs in their individual projects. All citizens in the community can earn from doing different activities on the platform such as gaming, farming, staking etc #citizens.
citizenfinance, #nft4fps #nft4XR #cifipowa #metacity #gamefi #citizens #cifi #defi #ciphi #bsc #blockchain #ownership
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