NFTs or non-fungible tokens are unique digital assets that cannot be replicated or replaced. Like other blockchain tokens, NFTs are digital items on a blockchain recorded their unique ‘fingerprint’ information. Since their inception, NFTs have gone from being a novel idea to becoming one of the fastest circulating and lucrative industries.
Today, you can find NFTs everywhere, especially since NFT marketplaces are often mentioned in mainstream media and even by celebrities. With all the hype surrounding it, sometimes we forget that not all NFTs have value beyond speculation. This infographic will help you understand BSV NFT marketplaces, their unique value propositions, and their uses.
What is an NFT?
There is no better way to define an NFT than to describe its unique properties.
To start, NFTs are inherently indivisible—they cannot, under any circumstances, be divided into smaller units to share ownership. NFTs are minted by an entity and can be sold to a new entity and become the token’s owner.
Like with fungible tokens, token creators can use smart contract rules to prevent or limit transfers of the NFT based on criteria. NFTs have to be minted with these specific properties, but it could include the potential for users to update the properties of the token over time as certain conditions are met.
BSV blockchain NFT use cases
- Linking 3D NFTs to the real world
Omniscape is a platform that aims to merge the digital and the real world through NFTs. It aims to link tangible items to a digital twin in the metaverse to connect the real world with AR and VR.
The vision is that every 3D object in Omniscape will be tokenised as an NFT on BSV blockchain. These 3D NFTs can be exchanged or redeemed for assets, products, coupons, vouchers, special offers, or merchandise in the real world. This platform will enable:
- The linking of any 3D, AR, or VR content to real-world locations
- A 1:1 scale of locations in the metaverse to let you visit different areas as a 3D NFT or avatar and interact with other people who are onsite
- IoT and sensor integration
- A crossover between AR and VR
- Earning revenue from paid content
- A communal dictionary where you can monetise contributions
SLictionary or Structure Linguistics is a communal dictionary that lets contributors monetise their entries. SLictionary.com creates value through NFTs by entering words and definitions into the platform. A contributor can tokenise, trade, and own the definitions. Moreover, owners can charge people to see their definition.
SLictionary uses TAAL’s STAS token protocol to secure your ownership of the definitions you created and secure the income they derive.
- A safer and more organised ticketing system
The event ticketing industry is known for its high fees and lack of transparency. Furthermore, there are many instances where people were scammed by fake websites that claim to sell tickets for an event. NFTs can be used as a ticket to events or concerts, providing a safer and more organised ticketing system for events.
Created by SmartLedger, TicketMint allows the tracking, monitoring, and limiting of ticket reselling through an auditable public ledger. By integrating blockchain, the process is supplemented with:
- Rights management
- NFT collectibles
- Data insights
- Secondary data markets
- Fraud mitigations
- Prevention of ticket gouging by third parties
- Licencing in-game characters for cross-platform use
NFTs have a significant impact on the gaming industry and sports. Through NFTs, players are allowed to buy an in-game item and redeem it for a tangible object or vice versa. These in-game items can also be transferred to other games or sold to other players.
Zenescope has over 300 graphic novel characters that they licence out to their partners. Zenescope minted their characters (IP) on BSV blockchain, allowing other games to use their players while still holding licences to that character.
Zenescope Entertainment collaborated with FYX Gaming to create a platform crossover of digital merchandise. This collaboration is an excellent example of licencing IP via NFTs to enable cross-platform usage.
Meanwhile, there’s FYX Gaming CryptoFights, a strategy fighting game that allows players to create custom characters that are NFTs that they own. Their characters can collect armour and accessories, create illusions, and win battles. These wins can be attributed to the NFT from other cross-gaming platforms such as Zenescope, making it transferable to other games.
A non-exhaustive list of BSV blockchain NFT marketplaces and platforms
Take It
A product of Haste Labs by Hastearcade, Take It is new type of NFT auction where every bidder earns, but only one walks away as the owner.
On Take It, the value of an NFT increases by 30% each time it’s bid on, or ‘taken’. Once another user takes it, the previous taker gets their money back, plus a 6.6% profit.
The top takers on the platform then get put on a leaderboard, where they earn more just for being on it.
MusicArt
With a slogan of ‘The only planet-friendly NFT marketplace where music artwork reigns supreme,’ MusicArt’s premise is clear. Musicians can mint their music as NFTs and trade it in an environment focussed on their artform, allowing fans and collectors to support their favourite artists directly, without production companies taking the lion’s share of profits. THE ONLY PLANET-FRIENDLY NFT MARKETPLACE WHERE MUSIC ARTWORK REIGNS SUPREME
Twetch
While Twetch launched as a social media network that lets you own and earn from your Twetches, it soon evolved into a super social network with in-app payments and a native NFT marketplace. By minting their NFTs on-chain, Twetch NFTs are way above the competition where tokens live on somebody’s server – meaning they would disappear or become unavailable as the server does.
And the market certainly agrees with its superiority… When Twetch dropped its Cozy Hoodie in June 2022, the physical NFT collection of 999 hoodies was sold out within 60 seconds.
Relay X
In March 2021, RelayX launched an NFT marketplace in the REX as well as the RelayX Card in the form of a physical/digital NFT.
In a blog post, RelayX introduced the marketplace as one that allows individuals to ‘trade any item [they] want, peer to peer with no counterparty risk. All NFTs are non-custodial and are swapped atomically without a trusted third party’.
Bullish Art
This company is run by a professional art curator Francesco Morello from Italy, who now lives in South Korea. Morello explained that the project began when he started collecting NFTs, but later realised how difficult it was to check their authenticity. This sparked the motion to ensure the legitimacy of NFTs.
Since its inception, Bullish Art has created and curated artwork to ensure authenticity for buyers and artists alike.
BSV Tokens
BSV Tokens can be sent and received by any other person with a Money Button wallet where they are stored. To create BSV Tokens, users have to follow these steps:
- Log in to your Money Button wallet to authorise the creation of new tokens
- Define the settings, such as name and initial supply, for your tokens
- Mint the tokens
Canonic
Canonic is one of the first BSV NFT marketplaces that allowed authors to self-publish on Bitcoin. When users purchase the book, they have immediate access to a digital copy on-chain. Before purchasing, a buyer can inspect the encrypted book. They can look up details about the book such as title, description, and author’s pay mail from their wallet to prove ownership.
Duro Dogs
Duro Dogs is an NFT pet game launched on the BSV network. Users can get started in this game for free via their HandCash wallet. All you have to do is connect the application to the Duro Dogs website. Each user will receive a unique free dog that the platform randomly generated based on an on-chain serial number.
FabriikX
FabriikX is a uniquely created and curated BSV blockchain NFT marketplace meant to place all artists in the world in a single place, whether they’re amateurs, enthusiasts, or professionals. It is a unique approach to NFT, opening up the world to anyone who has created original content or artwork that they want to turn into an NFT. FabriikX is the space to put your work forward while the curators mint and list.
NFTOnShow
Some Chinese sports associations, including The Sports Culture Development Centre of the General Administration of Sport of China and the China Sports Museum, launched the online cultural activity Snowflakes Illuminate the Centenary Journey of Winter Games.
This is a digital commemorative collection on the NFTOnShow platform to celebrate the success of Beijing in hosting the 2008 Summer Olympics and the 2022 Winter Olympics.
NFTYJigs
NFTY Jigs is believed to be the platform that will create and manage digital goods for the metaverse. Creators visualise this platform to help the metaverse be interoperable and open. The first game and first set of digital goods in the open metaverse is Duro Dogs.
NFTY Jigs aims to create digital goods, such as the pets in Duro Dogs, and be able to pull them into a racing game, a dog park, or any other type of game.
Block Press
Block Press is the easiest way to create, sell, buy, and auction NFTs. Block Press allows the user to create digital art collectibles with just a drag and drop. Just place the desired image onto the platform, enter the wallet address designated to the owner of the NFT, and then swipe a button for payment, then it’s published to the chain.
Rare Candy
Rare Candy materialises as a new NFT Platform that supports Bitcoin-based NFTs. It’s a next-generation NFT marketplace built for artists, fans, creators, and collectors.
The Rare Candy team believes in a big future surrounding buying, minting, and collecting NFTs. They aim to include various types of media and user experiences around collecting NFTs and offer an immersive experience for the collector and artist.
NFTs are becoming the future
NFTs have not been around too long, but we’ve seen significant growth in use cases. Additionally, with more companies presenting their NFT marketplaces, it looks like the industry will continue growing in the coming years.
Whether you’re a developer, collector, an enthusiast, or simply a spectator, learning about the new developments in blockchain, specifically in BSV blockchain NFT marketplaces, will help you ride along with the future of the blockchain.