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Nonfungible Tokens and the Future of Commerce

Published 07/09/2020, 11:11 AM
Updated 07/09/2020, 01:00 PM
Nonfungible Tokens and the Future of Commerce

Close your eyes and imagine the future. You walk into a shoe store. You buy a pair of expensive shoes with your favorite cryptocurrency. You did not have to pay the entire cost of the shoes because you had some digital store credit that you had earned by blogging about the business. Now, you own a physical pair of shoes, but the store has also given you a digital token representing your shoes.

It is your lucky day. The digital shoes you just received are ultra-rare. They have platinum laces and are diamond-studded. You just hit a digital lottery! You race home and turn on your game console. You send the digital shoes from your wallet to your game. You find the digital card representing your favorite basketball star, and you equip them with the digital shoes. Boom! Powerup unlocked, and now your sports star runs faster, and the chance of spraining their ankle in the game has reduced.

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