Here’s all you need to know about NFTs

So what even are NFTs.

  • Non-fungible: The first one is in the name. One of the main reasons why tokens like Bitcoin or XED can be used as currency is that they are fungible. Even though you can track every Bitcoin down to the moment it was minted, every single one is, for all intents and purposes, the same. It makes no difference which one you have. With NFTs, it’s the other way around. Every one is different. It contains different information, it has a different value, and it can never simply be traded in an exchange.
  • Non-interoperable: This means they don’t all work in the same ways. For instance, say you’ve won an NFT cup from an Exeedme tournament. If you decide to participate in a trading card game… you won’t be able to use it. You will need trading card NFTs. Bear in mind, in any case, that Exeedme and some partners are pushing the boundaries here and exploring some interoperability features between NFTs.
  • Indivisible: NFTs are whole things. You can’t own percentages of an NFT like you own satoshis.
  • Indestructible: This is true of most everything on the blockchain. It’s not unique to NFTs. But it does bear keeping in mind since it distinguishes them from other kinds of digital certificates. Whatever’s on the blockchain is there for good. You can’t erase it. NFTs, once minted, are forever.
  • Verifiable: This too is common to all denizens of the blockchain. In the same way digital ledgers allow for easy verification of digital currencies, so too do they allow for easy verification of NFTs, right down to the original author. This is what makes them valuable. You can verify originality.

Why do we care?

The art world saw the potential

We love collecting stuff

NFTs will be crucial for gaming

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Exeedme

Exeedme

Exeedme is a blockchain-powered gaming platform allowing gamers at all skill-levels, developers and organisers to monetise their skills