The future of non-fungible tokens (NFTs) and mobile apps

6 mins read

Table of contents:

  • What exactly is an NFT?
  • What is the difference between an NFT and Cryptocurrency?
  • What is the purpose of NFTs?
  • How to buy NFTs?
  • Should you buy NFTs?
  • The use cases of NFTs
  • Mobile apps to create, buy & sell NFTs

  • Non-fungible tokens (NFTs) appear to be all the latest craze. From art and music to tacos and toilet paper, digital assets are selling like 17th-century exotic Dutch tulips, fetching millions of dollars in certain cases.

    However, are NFTs worth the money—or the hype? Some analysts believe they are a bubble that will burst. Others feel that NFTs are here to stay and will permanently revolutionize investment.

    What exactly is an NFT?

    According to Forbes advisor, an NFT is a digital asset that symbolizes physical objects such as art, music, in-game goods, and films. They are purchased and traded online, usually using cryptocurrency, and are typically encoded with the same underlying software as many cryptos.

    Even though they have been present since 2014, NFTs are gaining popularity as a popular means to buy and sell digital artwork, and maybe they’ll become the new app on the block that millennials love. The market for NFTs alone was approximately $41 billion in 2021, which is approaching the whole value of the worldwide fine art industry.

    Individual images—or perhaps the full collage of images—can be seen online for free by anybody. So why are individuals prepared to pay millions of dollars on something that they can easily capture or download?

    Because an NFT permits the buyer to retain ownership of the original item. Furthermore, it includes built-in authentication, which acts as evidence of ownership. Collectors appreciate "digital bragging rights" nearly as much as the thing itself.

    What is the difference between an NFT and Cryptocurrency?

    NFTs reside on a blockchain, which is a distributed public ledger that keeps track of transactions. You've definitely heard of blockchain as the fundamental technology that allows cryptocurrencies to exist.

    NFTs are commonly kept on the Ethereum blockchain however they can also be held on other blockchains.

    An NFT is formed, or "minted," using digital objects representing both tangible and intangible elements, such as:

    • Graphic art
    • GIFs
    • Videos and sports highlights
    • Collectibles
    • Virtual avatars and video game skins
    • Designer sneakers
    • Music

    NFTs are essentially digital collector's items, similar to actual collector's items. Instead of receiving a physical oil painting to put on the wall, the customer receives a digital file.

    What is the purpose of NFTs?

    Blockchain technology and NFTs provide artists and content providers with a one-of-a-kind possibility to monetize their work. Artists, for example, no longer have to rely on galleries or auction houses to sell their work. Instead, the artist may sell it straight to the buyer as an NFT, allowing them to keep a larger portion of the revenues.

    Furthermore, artists may automate royalties so that they get a percentage of revenues anytime their artwork is sold to a new owner. This is an appealing feature because most artists do not earn future revenue after their work is sold.

    How to buy NFTs?

    If you want to build your NFT collection, you'll need the following items:

    • To begin, you must obtain a digital wallet that allows you to store NFTs and cryptocurrencies. Depending on the currencies accepted by your NFT provider, you may need to acquire some cryptocurrency, such as Ether.
    • You may now buy cryptocurrency with a credit card on platforms such as Coinbase, Kraken, eToro, and even PayPal and Robinhood. You'll then be able to transfer it from the exchange to your preferred wallet.
    • As you study your alternatives, keep costs in mind. When you acquire cryptocurrency, most exchanges charge at least a portion of your transaction.

    Should you buy NFTs?

    Does the fact that you may purchase NFTs imply that you should? Investing in NFTs is mostly a personal choice. If you have some extra cash, it's worth thinking about, especially if the artwork has sentimental value to you.

    However, keep in mind that the value of an NFT is entirely determined by what someone else is prepared to pay for it. As a result, demand will drive the price rather than fundamental, technical, or economic factors, which often impact stock prices and, at the very least, serve as the basis for investor demand.

    All of this means that an NFT may be resold for less than what you paid for it. If no one wants it, you might not be able to resell it at all. It’s risky because the future is uncertain and there isn’t a lot of their performance so you can never be too sure.

    The use cases of NFTs

1. NFT gaming will add value

Let's start with the most important. In gaming, NFTs may unlock and add value to previously experienced gameplay. As Chris Clarke of KokoSwap explains: “In the gaming industry, it's something where if the gamer is putting their value into the game, it just makes complete sense they can take this value out of the game.”

This is Ubisoft's point of view, as evidenced by the deployment of its platform, Quartz, and its in-game NFT, Digits. Quartz was launched by the publisher at the end of 2021, and it has remained on course. This is critical because NFTs can effectively establish a second-hand market for digital games and things.

2. Play-to-earn games will be huge

A healthy internal market and economy might be beneficial. The emergence of Play-to-Earn games like Axie Infinity is signaling the way forward. Some gamers may even make a living off of these games. Play-to-Earn games like Axie Infinity, which have 3 million daily active users, aren't going away.

While many Play-to-Earn games resemble non-NFT titles such as Pokémon and Stardew Valley, there are claims that some are simply backdoor blockchains, with the gameplay coming second to buying and trading cryptocurrency disguised as collectible items. Aleksander Leonard Larsen, the co-founder of Axie Infinity, stated that 50% of its users had never utilized bitcoin before playing the game during a panel discussion on the metaverse at Token2049. This demonstrates how NFT games may aid in the development of UX design and the accessibility of blockchains.

Even successful Play-to-Earn games, such as Axie Infinity, maybe a challenge to negotiate crypto wallets, buy-in fees, hidden expenses, and more before you can begin earning a prized Axie. There is an opportunity for improvement, maybe by combining the greatest concepts and UX designs from Play-to-Earn and Free-to-Play.

However, the concept of Play-to-Earn games is comparable to Free-to-Play games, so the roots are still there for gamers to connect with, as long as 'Play' is always prioritized above 'Earn' and they aren't money-grab trade applications disguised as cuddly animals.

3. One-of-a-kind in-game inventory items

Though many mainstream games create one-of-a-kind items with various rolls, one-of-a-kind items for usage within a gaming world have not been viable since skilled players can nearly always exploit a local or even server-based database to either edit, duplicate, or remove these items.

A blockchain-based inventory system might keep track of each instance of a certain item, ensuring that there is only a limited amount in circulation throughout a game's ecosystem.

As seen above, NFTs are employed by the game Gods Unchained, which was created by a former director of Magic: The Gathering. True scarcity generates value in the real world based on elements such as the item's in-game utility and, of course, the popularity of the game.

It's similar to collecting rare, tangible Magic: The Gathering cards, or any collector's item. This implies that NFTs will bring a whole new level of realism to trade when rare items are unique and limited throughout the whole gaming ecosystem.

Mobile apps to create, buy & sell NFTs

Some of the greatest NFT applications for iPhone allow you to create, mint, and trade artwork. The process of minting — registering an NFT on a blockchain – is becoming more straightforward. More applications and platforms are now providing user-friendly UX design for those new to the world of cryptocurrency. Other applications just allow you to search for and collect your favorite NFTs.

1. Sketchar

Sketchar is an NFT app for those who believe NFT art to be overly simplistic. It will teach you how to draw and will allow you to create your own art, mint it as an NFT, and then sell it on the app’s marketplace. AR training is used in the app, you just need to hold your phone over a piece of paper and look at the screen to see the line art that needs to be followed.

Platforms: iOS, Android

Reasons to buy:

  • Learn to draw using AR
  • Create NFT art in-app
  • Has its own NFT marketplace

Reasons to avoid:

  • Doesn’t link to other marketplaces

2. Pixl

Pixl’s concept is that you can mint NFTs inside the app by using photographs from your own photo album or images from Instagram, this also being the reason why this app stands out. Pixl has features for creating a profile and joining the NFT communities, which, along with the Instagram connectivity, makes the app a social NFT app worth trying out. If you want to learn more about NFTs but despise the language, this is the app for you.

Platforms: iOS

Reasons to buy:

  • Create NFTs in-app
  • Sell NFTs on multiple marketplaces, including OpenSea
  • Integrated with Instagram

Reasons to avoid:

  • Has limited NFT creation uses

3. NFT Go

While some of the applications on this list allow you to produce art, mint NFTs, and access markets, NFT Go only allows you to perform two of the three. This program allows you to mint pre-made art as NFTs and then publish it to different NFT markets, as well as explore marketplaces and make, buy, and sell NFTs all within the app. However, while the UI is sleek and straightforward, making things appear simple, the program might be sluggish and have hidden fees.

Platforms: iOS

Reasons to buy:

  • Share NFTs to multiple marketplaces
  • Can be expensive to use

Reasons to avoid:

  • Can be confusing
  • Hidden costs

4. OpenSea: NFT Marketplace

As the largest and oldest NFT marketplace, OpenSea provides every type of art and NFT you could want — art, games, music, and more. The software serves as a portal to OpenSea's market, allowing you to explore and tag art to purchase later from your PC. It's a convenient method to keep track of NFT dips and pricing while you're out and about. Aside from the lack of a wallet connection, the OpenSea app includes a variety of functions to get you started with NFTs. You may search by collections, save things for later, link to blog articles, and connect your OpenSea profile to the app to see whether someone has bid on your collection while you're on the road.

Platforms: iOS, Android

Reasons to buy:

  • Browse the world's largest NFT marketplace on your iPhone

Reasons to avoid:

  • You can't send NFTs to OpenSea

Although mobile applications aren't the most popular means at the moment to purchase and sell digital assets, NFT trading apps are expected to enter the app ecosystem in the same manner that cryptocurrencies did.

In the end, treat NFTs in the same way you would any other investment: complete your research, recognize the dangers, including the possibility of losing all of your investment money, and continue with care if you decide to take the leap.

If you’re looking for more information and directions for your NFT mobile app idea or looking to hire the best iOS or Android app development team, then you should meet our professionals and give them an insight into your project’s idea. Appssemble always keeps up with clients’ requirements and builds something professionally unique by understanding the culture of their business. Until the next article, do your research before investing, and after that, do it with faith and reliability.


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