You may have heard stories about record-breaking sales for JPEGs worth tens of millions of dollars or celebrities and friends changing their profile pictures to colorful and strange-looking monkey avatars. Worry not, because Bitskwela and Likha are here to help you understand what those images actually are!
Although NFTs have only recently gained popularity, this kind of technology has been around for quite some time. Given all the growth that has happened with NFTs, it's hard to believe the youngness of the space! Let's look at the events that took place when it all started.
The next question that may come to mind is, “What other properties do NFTs have aside from non-fungibility?” A lot, actually! These include, but are not limited to, uniqueness, indivisibility, authenticity, portability, and programmability.
Innovators continue exploring other use cases and are constantly reshaping and redefining what an NFT is. With that being said, let's take a quick look at what these different use cases are.
Despite how promising NFTs are, it's important to realize that NFTs also have flaws and limitations, especially since it is still very young as a technology. These limitations may be considered mostly temporary and would be solvable through technological advancements and greater adoption.
Likha is a Filipino-centered NFT marketplace and gallery that allows Filipino artists and brands to easily mint, market, and manage their created NFTs.