Non-fungible tokens are used to create verifiable digital scarcity, as well as digital ownership, and the possibility of asset interoperability across multiple platforms.
A major benefit of NFTs, beyond their unique function, is that they can be easily integrated into mainstream apps and websites. This opens up new possibilities for artists by encouraging a greater number of people to engage with their work on a daily basis.
From trading card games to art and fashion, a number of projects have been using NFTs to create collectibles. With the release of CryptoPunks in June 2017, NFTs became a reality. The crypto-collectible Blockchain Link cards appear on the Ethereum network as smart contracts. The CryptoPunks artists get paid for each card their work is used on as depicted by the picture above.
Blockchain games like CryptoKitties were first to market with a valuable use for blockchain. NFTs, which represent in-game assets, are traded and bought without the permission of the game developer. Marketplaces for limited-edition art and collectibles include Nifty Gateway, Super Rare, and Known Origin.