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1Square NFT
Here are three things that make 1Square NFT ecosystem different from your typical cryptocurrency:
1. Unique: Deep inside a non‑fungible token, metadata describes what makes this asset different from all the rest. This is a permanent, unalterable record that describes what this NFT represents — almost like the certificate of authenticity that you’d get with a rare painting
2. Rare: Scarcity is an important ingredient in the recipe that makes NFTs so attractive. While developers have the freedom to generate an infinite supply of certain assets, they also have the power to limit the number of rare, desirable items in existence.
3. Indivisible: For the most part, NFTs cannot be split into smaller denominations — they can only be bought, sold and held whole. Remember the rules of non‑fungibility: you can’t purchase 10% of a plane ticket, or collect 50% of a baseball card.
1Square tokenization use cases
Virtual assets
The Ethereum Name Service — which offers .ETH domains — has turned each of these domain names into non‑fungible tokens so they can be bought and sold, while Unstoppable Domains has done the same for .crypto addresses. Square platform allows you to buy plots of virtual land.
Real-world assets
Work in this space is at an early stage, but it’s possible to tokenize real-world assets like property, with NFTs being used to prove that someone owns a piece of land.
Art
Digital artists can have a nightmare protecting their copyright — and it can be difficult for talented creators to make a living. Through NFTs, someone can buy a creation and proudly showcase it in a virtual space, with blockchain offering proof of ownership. Artists can get a bigger cut of the payment, too... and even portion out a residual profit from future sales, to create a recurring revenue stream.
Collectibles
As we’ve seen with CryptoKitties, NFTs are being used to create entirely new types of collectibles — it’s even possible to buy tokenized versions of your favorite celebrities or sports stars. These tokens are also dragging traditional collectors’ items into the 21st century, such as baseball cards, coins, and stamps.
Gaming
Selling rare weapons and skins is currently prohibited by many popular titles such as Fortnite. It can also be near impossible to use these assets in other games, too. With NFTs, coveted items can be easily transferable — solving one of the biggest annoyances that avid gamers face.
Identity
We all have attributes about ourselves that are completely unique — ranging from our appearance to our education qualifications and medical histories. NFTs could digitize all of this, and give us greater control over our data.
Last modified 1yr ago
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