🚂 [Analysis] NFTs: What are they good for? – Todd Goldberg

Non-fungible tokens (NFTs) are tokens where every individual token is unique and distinguishable and are based on Ethereum's ($ETH) ERC721 token standard. They’ve been used to represent collectibles, debt, software licenses, and other forms of tokenized information that require uniqueness. The main use case for NFTs today has been cryptocollectibles like CryptoKitties. Some of the greatest benefits of NFTs include:

• Provable scarcity – Digital goods that need to be unique now can be because they can’t be copied
• Programmability – NFTs enable digital goods to be used, collected, and combined in unique ways
• True ownership – Digital goods can now live on even if the service who created them ceases to exist
• Liquidity – All tokenized assets can be valued and bought by a global audience
• Visible chain of custody – Everything from creation to a digital good’s 100th owner is transparent and accessible