What is a Non-Fungible Token (NFT)?
NFTs or non-fungible tokens are essentially digital goods, with proof of ownership recorded on the blockchain.
Usage:
VeVe is the first platform to have licensed NFTs from big brands such as Disney and Marvel.
Full Definition:
NFTs or non-fungible tokens are a way of establishing ownership rights for digital goods via the blockchain.
NFTs were first enabled on the Ethereum blockchain and grew to popularity in 2020 and 2021, with the first NFTs such as Crypto Punks and Ether Rocks achieving million dollar valuations.
Many other NFT projects soon folllowed, such as Bored Ape Yacht Club which has wide adoption among celebrities, and the launch of NFT marketplaces such as OpenSea.
The idea behind NFTs is that most digital assets are fungible (they can be easily copied and replicated), but by storing meta data around the proof of ownership of an asset on the blockchain, it’s possible to create digital assets that are non-fungible.
Collectibles and comics within the VeVe app are all NFTs, which are stored on Immutable-X, a layer-2 scaling solution for Ethereum.
VeVe NFTs are distinguished from most other NFT projects in that they use licensed IP from the world’s largest brands such as Disney, Marvel, Givenchy and Coca-Cola.
VeVe NFTs are also premium 3D objects which can be displayed and interacted with in VR & AR, unlike other NFTs which are simple JPEGs.
NFTs and crypto in general have been criticized in some circles for the large use of energy required to support them, which leads to carbon emissions, but because VeVe leverages the IMX layer-2 scaling solution, VeVe NFTs are 99% carbon neutral.
As the world moves more and more towards digital technology, augmented reality, and virtual reality metaverses, it is believed that NFTs will help to provide the concept of ownership for digital assets in the digital world.
VeVe NFTs will eventually be usable in the VeVeVerse, a metaverse project currently under development by the VeVe team.
VeVe NFTs will also eventually be interoperable, so they can be taken out of the VeVe app and bought and sold on third party marketplaces.