Ethereum-based NFT trades have remained strong throughout uncertain crypto market movements, with leading NFT marketplace OpenSea reporting month-over-month gains.
NFT trading data indicates that NFT...
NFT stands for non-fungible token. The most popular understanding of an NFT is not a long way off from what a non-fungible token is fundamentally. An NFT, or non-fungible token, is a unique, one-of-its-kind digital asset which represents a physical or digital item.
An NFT is attached to one unique owner, and therefore cannot be duplicated, plagiarized or otherwise falsified or copied. Most digital ecosystems on which NFTs are traded and held implement security measures which actively work to prevent, or at least dramatically reduce the risk of theft and other such disruptive occurrences.
A Reason And Use Case
NFTs have often been promoted as digital images or artwork that seems to not have a large amount of utility and real-world significance or use case often. Many NFTs do possess functionality within some digital ecosystems in which they are deployed however.
NFTs can work as keys and principle elements of any digital ecosystem, needed to unlock layers, or otherwise barred aspects of a network. NFTs are used in some staking protocols, social and Web3 metaverse platforms, and other scenarios in which they hold specific functions and relevant uses.
Recent NFT News Shines On Shiba Inu And Others
In NFT news, the Shiba Inu community had more reason to add to the already buzzing cryptocurrency ecosystem. On August 1, the second anniversary of Shiba Inu, an announcement went out via the community Twitter feed, in which a logo was released first, followed by news of Shiba Eternity, the new NFT game developed with the official support of PlaySide. PlaySide is a gaming company which previously worked with major companies like Disney and Pixar before aligning with Shiba Inu to assist in the Shiba Eternity game project.
The expected release date has not yet been determined, but the Shiba Inu tweet did express that a testing schedule and release was being determined as they work alongside PlaySide. The August 1 tweet also referenced that Shiba Eternity will be available on both Google Play Store and Apple App Store.
Global Fashion Brands Joining Web3 And NFT Landscape
More participation from global fashion entities is becoming increasingly popular these days. Tiffany & Co, a globally recognized Jewelry brand, announced the release of its NFTiff pendant project. Select CryptoPunks NFT holders will be given the opportunity to turn their NFTs into one of a kind pendants created and made by the famous jewelry company.
It was reported that early access was given to 100 CryptoPunks holders on August 3, with more specific information to follow. 250 bespoke pendants in total, will be created by Tiffany & Co. Information published reveals that the one-of-a-kind pendants will implement diamonds and 30 other stones in each unique design.
Gucci Becomes More Blockchain Friendly
Joining the ranks of iconic fashion brands with NFT news, Gucci recently announced it will begin accepting APE at select US retailer locations. The Bored Ape Yacht Club is a Miami-based NFT ecosystem, which launched its coin, APE on Ethereum, earlier this year in March.
The move by Gucci suggests it may be a good idea to be on the watch for a larger trend developing. Both Tiffany & Co and Gucci are considered major entities which could have a part in establishing and shifting major trends through fashion and even entertainment.