How the NFT Marketplace Could Contribute to Revolutionising How We Purchase, Distribute and Exchange Digital Products

Similarly to the crypto marketplace, there is a huge demand for the growth of non-fungible tokens, also known as NFTs. There is an already existing marketplace for NFTs that is separate from crypto, which many people are looking to get involved in. For those who are unfamiliar, non-fungible tokens are crypto assets on a blockchain platform that contain unique identification codes to distinguish them from one another. Outside of crypto, NFTs are becoming ubiquitous in the gaming, food and fashion industries. High-profile corporations such as Adidas, Dolce & Gabbana, MAC and Coca-Cola all have NFT marketing initiatives – representing the rapid growth of value and popularity of these digital assets. This article will explore what factors can contribute to the marketplace for NFTs continuing to grow.

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The Evolution of NFTs

Non-Fungible Tokens (NFTs) first came into inception in 2012, where they were known back then as “colour coins” – are designed primarily for issuance on Bitcoin (BTC), as Ethereum was yet to exist. Colour coins were pitched as the class of methods for managing and conveying real-world assets through Bitcoin. However, due to the advancement in technological features such as smart contracts – more prominent NFT ideas came forward, ultimately eradicating the initial project of colour coins.

In 2014, the first NFT was minted by two digital artists named Anil Dash and Kevin McCoy. The actual asset showed a video clip of McCoy’s wife, which led to him minting this clip on the Namecoin blockchain network. Eventually, McCoy sold the video clip to the open-source cryptocurrency Dash for $4, a reasonable profit at the time for a digital asset. As blockchain technology began to develop, the first NFT project came into existence in 2015, and that was Etheria. NFTs then gathered wider exposure when Ethereum (ETH) launched in the summer of 2015 when it introduced the ERC-721 standard, which promoted the issuance of NFTs in the Ethereum blockchain. It’s no wonder that Ethereum remains the second most profitable cryptocurrency, as they are heavily responsible for normalising NFTs.

Current Prominent NFTs

In 2017, several NFT projects emerged into the market, with Cryptokitties being the first prominent one as it is blockchain games where users are able to share their works, list them for a price and distribute it. An upcoming crypto project that plans to dive into NFTs is RoboApe (RBA) – a futuristic meme token that addresses economic shackles, allowing the possibility of growth through its feasible community development and rewarding culture. It has its own marketplace for NFTs called RoboApe NFT Marketplace – a platform surrounding the meme culture to take meme coins to the next level by permitting its users to mint NFTs in the form of RoboApe cards that they can preserve or distribute.

Additionally, there is the Ethereum NFT project The Sandbox (SAND), which is predominantly known for its video game and virtual reality that is built on a blockchain. Essentially, SAND is a community-driven virtual metaverse game which provides users with the ability to monetise their assets through blockchain technology. Furthermore, SAND is also able to be used when purchasing LANDS – digital pieces of real estate that are represented by the NFT token ERC-721.

Conclusion

Overall, the advancement of NFTs has never looked brighter. With the likes of veteran blockchains such as Bitcoin and Ethereum pioneering the use of NFTs in crypto, it has allowed platforms like RoboApe and The Sandbox to flourish. These new technologies have the capability to expand the digital sphere and make web 3 come into fruition soon – which is why they are digital aspects to pay attention to. If you are interested in getting involved with RoboApe (RBA), other cryptocurrencies or NFTs, do further research to finalise where you would like to put your money.