Have you ever had something that you only possessed? Isn’t it a great feeling when you can hold one-of-a-kind items? Well, Let’s start by saying that NFTs are the one-of-a-kind item that you might want to focus on in the future. It’s been years since cryptocurrencies and NFTs have come into reality. But, most of the time, we are unsure about NFTs and their properties. Let us discuss NFTs in this article.
What are NFTs?
As mentioned earlier, NFTs or Non-Fungible Tokens are digital assets that show the ownership of videos, images, artworks, avatars, GIFs, trading cards, and even memes. The word “non-fungible” means “non-replaceable”. In a broad spectrum, think about “starry night” by Van Gogh. In this world, there is only one original painting that no one else can claim ownership of. All others are copied versions that do not possess the same value and that makes the original painting worth a ton of dollars. NFTs also work like that original painting.
Every NFT has a special signature that confirms its legitimacy and all transactions involving it, including who made it, who owns it, who sold it, how much it was sold for, etc. Minting is the process of creating an NFT. A blockchain generates an NFT and stores it when a digital file is created. Provenance is the chain of ownership from the original owner to the present. This can be inspected by anyone from anywhere in the world.
Here are some quality characteristics of NFTs:
Indivisibility & Uniqueness: One of the most favorable traits of NFTs is indivisibility. Indivisibility suggests that you must buy the entire NFT to possess an object because you cannot divide it into smaller tokens. As a result, once you pay for the NFT, you own the entire product. Uniqueness is very much related to Indivisibility. By virtue of their non-fungibility, NFTs are by definition distinct. Fungibility suggests that you can swap out one thing for another that is similar.
Rarity: Interestingly, one of the fundamental principles underlying NFTs’ value is a rarity. As a result, NFT developers might produce a lot of NFTs, however with a cap to assure scarcity. The less the NFTs are available, the more the value is.
Digital Wallet & Transparency: NFTs promote transparency since token activity records, including those for issuing and transferring tokens, can be made available for public inspection. Most importantly, NFTs’ use of blockchain technology to operate as digital wallets offers the trust benefit.
All these attributes make NFTs worth investing in. Apart from this, there are ample features that make NFTs desirable.
What is the role of NFTs in gaming?
NFTs are being used in the gaming industry for the representation of in-game purchases, accessorizing, buying characters, upgrading, and so on. Moreover, the gamers have a newfound purpose for their hobby. Blockchain technology can improve digital economies and give gamers unparalleled object ownership transparency. NFTs will also give access to the metaverse and play-to-earn platforms which showers with benefits. Users can also sell the items they purchase if they wish to do so as well.
What is LootMogul and our NFTs?
LootMogul is a sports influencer-led metaverse gaming platform supported by various properties like stadiums, lands, NFTs, rewards, and more. With a variety of players and influencers from the NBA, NFL, MLB, etc., the list of people who joined hands with LootMogul is vast. LootMogul also has strong connections with Sandbox, Polygon, Harmony, PowerHouse Ventures, BCT, etc. LootMogul offers a variety of NFTs that users can choose to buy. The list of collections includes Women in Sports, Platina Collection, Sporticon Collection, Monster Collection, Meta Avatars, and Trading Cards. All the mentioned collections can be purchased via OpenSea.
Know more about LootMogul Metaverse here.
We all know that most of the NFTs available in the market are not utility NFTs. But, being one of the first ever to introduce a metaverse sports gaming platform, LootMogul proposes utility NFTs and that makes it awesome and keeps a high profile from the competitors. As we are on that subject, What are Utility NFTs? When an NFT has more than the representation of ownership of a particular digital asset it can be categorized as utility NFTs. The top traits can be rewards, privileges, discounts, tickets, etc. Even though most companies haven’t started utility NFTs in the beginning, LootMogul has a large collection for fans and sports enthusiasts.
Let us walk through some of the NFT collections:
LootMogul Platina Series Collection
LootMogul offers Platina Collection NFTs of athletes including Carlos Boozer, Xavier Kelly, Mario Chalmers, Lisa Leslie, Alex Bentley, and more. All the NFTs come with various benefits. Some of them are listed below:
- Early access to the forthcoming LootMogul token presale
- Enter a raffle for a chance to win tickets to premium events.
- Unexpected LootMogul NFT airdrops
LootMogul Sporticon Series Collection
The Sporticon series is a collection of Rare NFTs that was created such that each piece of art accentuates the character’s individuality.
The traits of the NFTs are:
- Early access to the future pre-sale of LootMogul tokens
- Free play with the player’s avatar in the LootMogul’s metaverse
- Exclusive events where the avatar will be present
- Enter a raffle for a chance to win tickets to premium events
- Access to unexpected LootMogul airdrops
LootMogul Meta Avatar Collection
These collections are carefully curated with a dash of the players’ characters. There are a wide range of athletes available like Lisa Leslie, Alex Bentley, Marvin Smith, Kareem Rush, Jaylen Johnson, and so on. The meta avatars can be used for playing games, trading, or even in other metaverses.
How to purchase LootMogul NFTs?
You can visit the NFT section on the LootMogul website, and find and click on your favorite NFT. This will take you to OpenSea and the NFTs can be purchased through Opensea by anyone who wishes to do so. Users should possess a digital wallet to complete the purchase, and once the NFTs are purchased, the users will have full ownership of the product and can enjoy the benefits from them
Join the LootMogul community and stay updated on the upcoming events!
Website link: https://lootmogul.com/
Twitter Link: https://twitter.com/LootMogul
Instagram: https://www.instagram.com/lootmogul/
Discord Link: https://discord.com/invite/mHUqAm8fsh
Telegram Link: https://t.me/LootMogulcommunitychat
Reference:
https://101blockchains.com/nft-attributes/
https://101blockchains.com/utility-nfts/
https://about.fb.com/news/2022/06/what-are-nfts-beginners-guide-by-meta/
