NON FUNGIBLE TOKENS (NFTs)
It is said to be a token that is entrusted solely to one user. It is backed and protected by an Etherum Blockchain which makes it impossible to be corrupted or hacked.
Non fungible token is rare and unique, and it has no close substitute. Unlike any other cryptocurrencies, it is indivisible, which makes it authentic and valuable.
Most importantly, one of the project that uses Non Fungible Tokens is National Basketball Association (NBA).
USES OF NON FUNGIBLE TOKENS (NFTs) IN NATIONAL BASKETBALL ASSOCIATION (NBA)
Non Fungible Tokens are said to be interchangeable, in the sense that it has no substitute, and is also owned solely by one owner.
An association like NBA can legally launch this platform where the statistics of their players, the memorable game moments, the achievements of the association and also information about the history of the association can be stored and accessed only by the association.
Many at times the progress of the team and the association may be forgotten or lost, but NFTs can accessed such files or statistics that have gone missing. Its unique Blockchain assist it in accessing valuables files and documents that have being collected and stored.
In terms of monetary value, the NFTs creators i.e NBA, can store up valuable artifacts and collectibles that they created, which they can later sell in the digital market for funds.
Non Fungible Tokens can provide powerful digital tools through the Blockchain that is imprint in it, and as well as secure the files and document of the association from any other digital platforms or hackers. It has a unique property which enables it to hold an authentic coded information which can only be accessed by the NBA Officials.
NFTs placed its owners in charge in the sense that they can limit the rate of remitting their assets, hereby creating scarcity in the digital market. That is to say, the system of the digital market can be decided by the unique identifiers.
It is important to know that NFTs are specified and security concious by its Etherum Blockchain, which makes it impossible to penetrate or be manipulate by an outsider.
Also, during an NBA game, the association always issued tickets to their customers or fans who wants to come see the match. The introduction of Non Fungible Tokens in NBA will make it possible that, no one is permitted to be allowed to see the match without a ticket which has being created by the NBA Officials. The ticket shared can only serve one purpose which is for the NBA match, after the match, NFTs owners can alter the usefulness of the ticket since it has serve its purpose of creation.
Non Fungible Tokens provides powerful tool for content creator which gives the owner right to create whatever be their desire or goal and thus, selling them to make profit.
CONCLUSION
Non Fungible Tokens (NFTs) are still evolving and many investors are going for it due to its uniques properties. It is a platform that has taken up the crypto world,even today.
NFTs is reliable, unique, indivisible, authentic, and secured. It is of a great use to National Basketball Association and am sure that there are other platforms or project that NFTs can be of great use.
)
