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What are Non-Fungible-Tokens (NFTs)?

  • Published .
  • Updated .

Purpose

This article aims to educate the reader on what an NFT is, and what the current and potential use cases are for NFTs.

Assumptions Made

This article assumes the reader understands the information in the following articles:

What is a Blockchain?‍ 

Procedure

An NFT is a unique item that exists on a blockchain in limited supply. In the Gala Games and Entertainment ecosystem, NFTs are collectible items that can be used in-game, traded, or sold.

NFTs are part of what will enable players to take control over the ownership of their game items.  Items, land, buildings, and nearly anything that you can imagine that would usually only retain value inside of one game will have the potential to add value to other games inside of the Gala Games and Entertainment ecosystem.

An example of a current NFT is the CraneBot, which can be used in the game Common Ground World.

NFTs are based on the ERC 1155, ERC 721 or other ERC standards.