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2-0a. What is NFT?
Lootex creates a Non-Fungible Token (NFT) for every unique, tailor-made crypto-item. This token is the proof of digital ownership and authenticity of your crypto assets.
We also use an open standard (ERC-721), which means that any crypto-item is immediately available on 3rd party digital marketplaces, giving your work additional publicity. ERC-721 is also the standard applied by major blockchain-based games like CryptoKitties, Decentraland, and others.

NFT Applications

Gaming

Non-fungible tokens can be used for digital assets that require uniqueness and differentiation from each other. Take CryptoKitties as an example, each cat is one-of-a-kind, and just like your pet cat in real life, they are all special in their own way, no matter if it is fur, colors, or looks. There will be no second ‘Peanut' or 'Luna' in the world.
Source: cryptokitties.co
NFT allows players to transfer their game items across different platforms freely - which is impossible and prohibited by the mainstream (centralized) games. For instance, it is never in a billion -years that you will be able to play with your favorite Pokemon in a Digimon video game or. With NFT in gaming, imagination is your only limitation.

Licensing

Another great example of an NFT application is to use it for software licensing. Creating NFT based licenses can reduce piracy effectively and save users from long term subscription as they are able to trade it with others after their uses. Imagine you can subscribe to Adobe Photoshop for just three days or even just two days at Microsoft Office before selling it off to someone else.

Artwork

For a long time, digital art has always been pirated or replicated lawlessly online. But with NFT, we can ensure the authenticity and scarcity of each digital creation thereby presenting a solution to the long-existing problem of digital piracy.
‘La Apparizione’ by Christian Lemmerz/Khora Contemporary
In 2017, German sculptor Christian Lemmerz created "La Apparizione" (The Apparition) a levitating, golden Jesus priced for $100,000 each, for the only five pieces in the world. Imagine if the golden Jesus was just a bunch of code behind it, then putting it on a blockchain would definitely ensure that there will only be five original pieces in the world.

Future of NFT

“Blockchains may be the best way to authenticate ownership of virtual property, or even establish and preserve someone’s identity.”

Blockchain is still at its early stage, but NFT based invention is indeed visionary. Apart from certificates, traceable agricultural products, virtual items, digital artwork, or even real estate and stock ownership, NFT enables all of them to be completely traceable, verifiable, and tradable. That being said, anyone could be a collector of NFT in the future as the integration of virtual and virtual assets is getting closer every day.
Lootex provides two solutions; Forge and Marketplace.
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NFT Applications
Future of NFT
“Blockchains may be the best way to authenticate ownership of virtual property, or even establish and preserve someone’s identity.”