Rare Collectibles, Layer 2 Utilization And Polkamon: A Next Generation NFT

Introduction

What Exactly Is An NFT?

What Are Some Of The Characteristics Of NFTs?

  • NFTs are not interoperable: NFTs are not interoperable, which means that one NFT cannot be used in place of another. For example, a CryptoKitty cannot be used as a character on the CryptoPunk game, and vice versa.
  • NFTs are indivisible: NFTs cannot be divided, unlike fungible assets like Bitcoin that can be further divided into Satoshis. NFTs exist as a whole and cannot be divided.
  • NFTs are verifiable: Since all data with respect to NFTs is stored on the blockchain, digital collectible items can easily be traced back to their original creator or owner. This allows easy verification and authentication of the NFTs without any third-party interference.
  • NFTs are indestructible: NFTs run on blockchain technology, utilizing smart contracts to store data on the Ethereum blockchain. This ensures that each NFT cannot be destroyed or duplicated. The ownership of the NFTs is also immutable, which means that collectors actually own their NFTs. This is different from purchasing a song or an album from a music streaming service where the user who buys the song or the album doesn’t actually own it.

Why Are NFTs Gaining Popularity?

A Few Examples Of NFT Sales

  • An NFT art piece by digital artist Beeple sold for $69.3 million at a Christie’s auction.
  • Dragon is one of the most expensive CryptoKitties in the NFT space, currently valued at 600 ETH.
  • The “1–1–1” car from F1 Delta sold for 415.5 ETH in 2019.
  • A character, Angel, from the NFT-based game Axie Infinity, sold for 319 ETH.
  • A digital collectible card of basketball legend LeBron James sold for $100,000.

Introducing Polkamon

What Are The Ways In Which Polkamon Can Be Utilized?

  • Layer 2 Utilization: Polkamon is easily integrated into Layer 2 utilization applications. Each Polkamon has a rich meta-data set that describes the individual properties of each unique Polkamon.
  • Proof of Ownership: Polkamon is backed by non-fungible tokens, which give them a significant advantage. The proof of ownership is immutable, and the owners can integrate the Polkamon into their collection or use them as an in-game asset.

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