The internet’s latest obsession has made eyes roll at the millions of dollars people are willing to throw at non-fungible tokens. The term itself is more confusing to onlookers who have a hard time figuring out what the frenzy is all about.
Simply put, non-fungible tokens (NFTs) are the equivalent of cryptocurrencies on the Blockchain. The main difference is that each NFT is programmed to be unique, distinguishable, and indivisible. Unlike a crypto token, you cannot exchange one NFT for any other of its kind. This quality makes them suitable representations of any uniquely rare collectible.
In addition to the growing popularity of NFTs, metaverses are also having a moment in the gaming world. In its simplest definition, a metaverse is a network of virtual environments that are always connected to the internet and allow multiple users to interact with one another simultaneously.
These two ideas (NFTs and Metaverses) are nearly becoming inescapable, especially for anyone familiar with gaming-related headlines or cryptocurrencies. ...