The Power of NFTs

Who is an NFT

The NFT is created with a contract on the chain. On Ethereum there are the ERC721 and ERC1155. These are the two most popular standards at this point in time.

What is an NFT

An NFT is a digital asset that belongs to an individual person. Even if there are 1000 of the same NFT each of those digital assets are tied to specific wallet addresses. You can utilize this in multiple ways.

When is an NFT

We are still in the very early days of NFTs. The use cases will continue to expand as time goes on.

Where is an NFT

You can find NFTs everywhere now a days, and on multiple chains. There are marketplaces like the below. I’m sure there are other’s as well but am just listing a few as an example.

  • CNFT.io. This is Cardano’s chain
  • MagicEden. This is on Solana’s chain
  • GameStop. TBD. However with partnerships like immutable X and Loopring it will be built on those.

Why

This gives the power of digital assets back to the “player”, to use GameStop lingo. Those assets once bought belong to THAT specific wallet address, which only you should have access to. Please practice good security in regards to your crypto assets.

What can GameStop do with it’s marketplace

It can make $$$. How would it do this? Just like any middle-man/broker of a sale. It will take it’s cut of every purchase made on the platform. This is no different than how current NFT marketplaces work today.

Why use GameStop’s market?

You may ask… why would a 3rd party choose to use the GameStop marketplace? Other than the base of people that already utilize GameStop in some form or fashion… Let’s take Blizzard as an example (which is now Microsoft).

  1. GameStop (Marketplace fee of say… 2%). GameStop would pocket .02 ETH ($20) of that sale
  2. Blizzard would pocket that remaining .95 ETH ($980) of that sale
  1. GameStop (Marketplace fee of say… 2%) would pocket their normal market fee and get .02 ETH from that sale
  2. Blizzard (Assuming they put say… a 5% royalty fee) would pocket ~.05 ETH from that sale
  3. VeniVidiVici. I would get the remaining ~.93 ETH back into my wallet

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store