Non-Fungible Tokens - The Most Promising Crypto Technology So Far

NFTs (Non-Fungible Tokens) have become a major trend in recent years, starting with the sale of Beeple’s NFT artwork, “Everydays: 5000 Days”. This digital piece captured everyone’s attention for its unique approach to art, making it a statement artwork that resulted in a fabulous sale of over $69 Million dollars.

As many of you already know, Ground X has launched KrafterSpace which is a service that allows anyone to easily and quickly mint NFTs on the Klaytn blockchain. When you upload an image or a video-based file, it is immediately issued as a KIP-17- the token standard for Klaytn-based non-fungible tokens.

NFTs Have an Edge Over Older Technologies

Following these major events, NFTs are still at the center of attention for their capacity to facilitate ownership to everyone. With NFTs, people can acquire original artworks and even contribute to the creative process either partially or entirely by creating the NFTs themselves. Unlike regular digital art, NFTs allow the users to check the provenance of the artworks they own at any time by tracing the unique NFT code. This method grants protection to digital artworks, which is a great step from the traditional World Wide Web technology where digital artworks could be stolen and used by virtually anyone.

But that’s not everything. NFTs are expanding in use cases, far beyond their initial use for digital art. Tether’s co-founder William Quigley has predicted that NFTs will become a necessity within 10 years, according to Bloomberg News.

In this regard, he said that every product which is not edible will have a “twin” in the digital space in the next 10 years, the twin being in the form of NFTs.

What Does Klaytn Have in Store For You?

In July, Klaytn launched its own NFT artwork platform — Klip Drops.

A Digital Artwork Curation Gallery & Sales Platform

Klipdrops is a service that curates and sells limited edition digital art within Klip. Klipdrops also provides legal and technical protection to collector’s rights on their limited edition digital artworks.

In the future, Klipdrops will support secondary trading of limited edition digital art on the marketplace. Collectors who acquire digital art from Klipdrops will enjoy a variety of benefits and new experiences.

Klipdrops is now here, presenting a unique form of digital art by MrMisang, Kuk Won Woo, Jung Woo Ha, and many other extraordinary artists.

24 FUTURE COLLECTIVE is a one-of-a-kind, limited, collection of NFTs from 24 cutting-edge artists, that is blurring the lines between art and technology. You can explore great digital art pieces making use of Klaytn’s NFT technology.

Klipdrops is currently only available to Korean users, but the Klipdrops team mentioned that they aim to expand their reach much more in the future.

In conclusion, NFTs are here to stay, as the market is in its early years, and Klaytn will continue to be an integral part of this journey.

You can find more information about KlipDrops here: klipdrops.com

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© Klaytn Foundation 2022. All rights reserved.