A Non-Fungible Token (NFT) is a blockchain-based smart contract representing ownership of different virtual assets including but not limited to art, music and sport.
What makes it special is that when an NFT is minted, an individual contract is produced and then recorded on the blockchain. As a result of this, there can only ever be one owner of an object at any given time. Solana (SOL), Stepn (GMT) and FIREPIN Token (FRPN) all have different approaches to NFTs but are all utilising the technology to their advantage.
Solana (SOL) is a high-performance blockchain that utilises a consensus technique called Proof-of-History to process transactions at a high rate. It is reported that the SOL network can process more than 60,000 transactions per second.
Transaction fees on Solana always cost next to nothing. Numerous NFT projects and collectors have migrated to Solana to take advantage of the scalability and low fees. They have greater freedom to develop their initiatives without being constrained by technological constraints, which is why Solana is becoming the hub for NFTs.
Solana based NFTs are currently in a BETA period on the leading NFT marketplace, Opensea. If the BETA is successful SOL will likely continue to establish itself as the go-to blockchain for all non-fungible token projects.
Stepn (GMT) is a brand new health and lifestyle app that is using web 3.0 technology to benefit its users. Centred around daily activity, Stepn rewards its users for being active via the steps that they take each day.
Once set up with the app, you can purchase NFTs in the form of sneakers and then choose between walking, jogging and running as your activity. The more steps you take the more GMT you can earn. This can then be used to purchase more sneaker NFTs or exchanged for your native currency.
STEPN’s Game-Fi initiative intends to nudge millions toward a better lifestyle, battle climate change, and link the public to Web 3.0 technologies. Users will also be able to interact with each other via a social platform where they can interact with people who may want to spend GMT to buy a unique pair of sneakers.
FIREPIN Token (FRPN) is a relatively new crypto on the market that is only available for purchase via its presale. To date, FRPN has increased by over 3000% since the presale began in early February.
The team behind FIREPIN Token aim to use funds raised on the network to produce NFT, 3D and Metaverse based games that will be the bedrock of the GameFi future. Alongside this, the website states that FRPN will collaborate with other developers to help bring their NFT projects to life.
Funds will be raised via a unique multi-chain network that links FRPN with 5 of the major blockchain networks used for transactions. Ethereum, BNB Chain, Solana, Avalanche and Polygon are the five networks that you will be able to bridge between with FRPN. For every transaction that takes place on the network, a tax fee will incur. The funds raised from this will go into the treasury and then into the development of NFT projects.
Hopefully, this article has increased your understanding of the world of non-fungible tokens. This emerging technology could be used in nearly all aspects of life in the future. If you are interested in investing in an NFT then consider one of the three projects mentioned above.
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