Let’s welcome NFTs to Steem blockchain! Authors from all around the world are excited as new opportunities arise, and we are soon going to see a wave of applications built on the Steem Blockchain.
The Steem Blockchain
While a lot of authors don’t like the flagship of Steem, Steemit, for several reasons, the blockchain itself is an excellent platform for content creation and media liberty. Some facts make it stand out from other blockchains, and now with NFTs, we are going to see a wave of decentralized applications (dapps) built on it.
To begin with, Steem has a strong, active community that uses several different social media to communicate. Addresses have a human form instead of the typical blockchain ones. For example, you don’t interact with “0x3733e06e7F….” but with “egamers.” Moreover, the 3 second block time ensures fast transactions without any GAS fees like Ethereum.
Non-Fungible Tokens (NFT)
Before we dive into more information and go crazy together, let’s have a look at what a Non-Fungible token is.
With the term NFT, we describe unique tokens that differ from each other and have a particular identifier number.
Let me explain further. If i send you 50$, you won’t care if it’s in bills or coins, it’s still 50$. But, what if i send you an in-game item? You will ask me which one you sent, each in-game item or collectible token (art or anything else) is unique.
For example, in the Steem game Splinterlands, if i send you an Albatross card, you will ask which one? What level is the card? Those are elements that make each card (NFTs) unique.
Fungibles Tokens are money just like Steem tokens, Bitcoin, etc. Non-Fungible Tokens are unique in any way, even if they do the same thing, they are unique!
What Possibilities Arise With NFTs on Steem?
First of all, we are going to see inventory management on Steem. Call this proof of ownership. Applications will be able to have advanced analytics over their tokens and verify the property of each token individually. The same applies to games and any other app on Steem blockchain. With that being said, we expect to see a series of finance dapps also.
To mint your own Steem tokens, head over to Steem Engine.
George has a native interest in emerging technologies and he’s a strong advocate of decentralization. He is the founder and manager of egamers.io as well as an IT student.