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What is an NFT or non-fungible token?

An NFT token is such type of token that utilizes smart contracts to store interesting data in every token. That's why one NFT token is unique in relation to another NFT token. Let's understand this by an example. Suppose, you have 1 bitcoin worth $50000. Your friends also hold 1 bitcoin. What if you want to exchange your bitcoin with your friends?? It will not make any difference because both bitcoin are of the same worth. This will not create any difference in the rate of bitcoin. But let's suppose, you have an NFT token. Your friend also owns one token. We already told you that the NFT token varies from person to person. Your token and your friend's token are not the same worth because the value of an NFT token depends on what is stored on the token. This is the basic feature of this token. Also, an NFT token cannot be broken and transferred like bitcoin, etc.

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How to use NFT token?

Suppose, you are playing an NFT tokenized game. That means everything in this game is connected to the blockchain. You have earned a new character or new weapon etc. which is also NFT tokenized. You can sell the weapon or character etc. in the exchange in the form of a token. Since the token is based on blockchain, You have access to the private key of those tokens. That means the price of the NFT token will definitely increase more than it was before. In this way, you can earn from NFT tokens. This makes each NFT token unique.

The future of NFT tokens

The future of NFT tokens is very bright. It can be used in real-life incidents by updating the NFT tokens. All these NFT tokens can be compatible with any property, any old object as per demand, birth certificate, ID card, etc. As a result, all those sectors can be more transparent and easy to access.

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"Decentraland - An NFT project"

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Virtual cities have been created by utilizing virtual reality where the plot is being sold for real money. An Argentine company has come up with this idea of ​​real estate business in the artificial world. They have created an artificial city called 'Decentraland' where people can buy artificial land, they can build whatever they want on that land. Thus another world like the real world is being created online, which is also slowly gaining popularity. Millions of dollars are transacted every day in this artificial real estate.

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How Decentraland works.

Let's think of it as a game. Many people had played the Cityville game on Facebook where land could be bought and a city could be built. The idea of ​​Decentraland is like this. But this is the world of 3D technology. Each plot here is 10 square meters in size. This city has been designed as a real city. Each plot has a different price. Even the price of land goes up and down depending on the importance of the position. In this artificial world, a currency called 'MANA' is used for land transactions which are not just a play online coin. It has a real dollar value that fluctuates based on the activities and popularity of Decentland. Land can be bought in this world through dollars and cryptocurrencies. This whole artificial world can be explored only with a VR headset on the head.

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Possibiltiy.

The technology comes at a time when conventional social media is becoming much more mainstream. Now is the time to come up with something new in social media technology. Those who are buying plots in Decentland think that this technology has the potential to take social media one step further. Just like opening a Facebook profile now, you can buy land in Decentralia and build a house where your friends can come to visit and talk. You two can go to the gaming room and play games together. With that, there is the opportunity to earn thousands of dollars which are not currently prevalent on social media. Suppose you are an artist. You bought a piece of land and turned it into an art gallery and are taking a few 'MANA' for display. That way you can make money. Another way is to change the ‘land’. Land prices are constantly rising and falling here. There is also the possibility of buying at a lower price and selling at a higher price. Another reason for the huge potential of the technology is the online status. The more popular virtual reality becomes, the more social classification will spread online. Here you will need something different to differentiate yourself. There is an opportunity to differentiate yourself in the artificial world through Decentland. It can be a factor of online social status.

Risk Factor.

Many are already earning thousands of dollars by selling land in Decentland. This project is quite hyped like bitcoin now. When a lot of people get involved in this artificial world and the financial size increases, some problems will arise. At present, the model of this business is in blockchain but control is in the hands of one company. There is no law to control these huge transactions. So there are risks in investing heavily in this artificial world. This city can shake any new technology at any time.