Non-fungible Tokens (NFT) have been gaining more traction in the crypto space recently than previous years, they have been around since 2017 but did not get popular until after the DeFi (Decentralized Finance) boom in 2020.
A NFT is a unique unit of data stored on the blockchain, as a particular non-fungible token is different from another. Its non-fungibility property means it is not interchangeable and a particular token is distinguishable, a NFT is not equivalent to another.
It is possible for people to mistake NFT with a cryptographic token (cryptocurrency) because it functions the same way, but the difference is that NFTs are not mutually interchangeable like crypto currencies.
There is a unique identity and ownership of an NFT, it is verifiable through blockchain ledger. Simply put, NFT can be referred to as a digital representation of assets
NFTs have use-cases in sectors such as Digital art, Collectibles, Games, Music, Film, Sports, Fashion. OKEx is very much interested in NFT as it helps in THE wide adoption of blockchain and cryptocurrencies.
When NFT started getting popular, up to $232 million were transferred in the first six months of 2020. Now in 2021, the NFT sphere has seen total sales of $342 million just in two months.
OKEx, a world-leading cryptocurrency spot and derivatives exchange, listed two popular gaming tokens (Enjin Coin $ENJ, Sand Coin $SAND) in March to show its support of NFT. Both tokens are trading against USDT on the crypto exchange.
ENJ is an ERC-20 token that allows game developers to tokenize in-game items on the Ethereum blockchain. Unlike standard non-fungible tokens, assets created in the Enjin ecosystem are backed by ENJ, meaning that ENJ is locked into them, which can be traded, bought and sold across multiple platforms with real-world value.
SAND is the main utility token of the Sandbox platform on which a unique virtual world where players can build, own, and monetize their gaming experiences using the SAND token. As a player, you can create digital assets (Non-Fungible Tokens), upload them to the marketplace, and drag-and-drop them to create game experiences with The Sandbox Game Maker.
"We're thrilled to welcome Enjin Coin and Sand Coin to the OKEx platform. Both projects have shown immense popularity among gamers and their communities, and their commitment to taking blockchain technology to the mainstream is something that we find exciting and admirable at OKEx. There are many use cases for blockchain technology, and gaming, in particular, has the potential to be massive."
-OKEx CEO Jay Hao
Blockchain enthusiasts are optimistic about NFTs and the potential they have in revolutionising gaming, collectibles, digital art and other sectors.
A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.
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