Non-fungible tokens (NFTs) are getting a lot of attention, and it’s easy to see why. They have the potential to revolutionize ownership of digital assets in a way that’s never been done before.
Non-fungible tokens, or NFTs, are unique digital assets bought and sold on blockchain marketplaces. Each NFT is singularly identifiable and can be used to represent digital art, collectibles and even real estate. They’re often bought for speculative purposes, like cryptocurrency, but they can also be used to safeguard ownership rights for creators.
Many companies have seen success with NFTs. Some of them use different platforms, such as Enjin or Ethereum, but they all have in common that they are selling non-fungible tokens to token holders who then own these tokens as digital assets.
Enjin is a company that allows developers to build games and apps that integrate non-fungible tokens (NFTs), which are digital assets that can be used as in-game items. The company also announced that it had acquired crypto gaming platform Leila, a move that will allow Enjin to expand its network of gamers.
Enjin is one of the leaders in the NFT space. The company’s products include an NFT minting service that lets developers add their tokens to the Ethereum blockchain and EnjinX, a search engine for the Ethereum blockchain. In 2018, the company raised $23 million from investors, including Japanese tech giant Dentsu.
Gala Games is an interesting case because they also develop games that use blockchain technology. They’ve seen some success with their game CryptoWars, a decentralized strategy game where players battle each other on the blockchain and earn various ERC-721 tokens to win battles. These tokens can be used in the game and sold outside of it.
Yuga Labs is another company working with NFTs for quite some time now. They specialize in developing apps for games on Ethereum and EOS, but they also sell collectibles from famous cartoons such as Rick & Morty.
The New York-based blockchain startup has been around since 2011. The company started in games and built several collectible card games using the Ethereum blockchain. Larva Labs then pivoted to virtual worlds, and its current flagship offering is Decentraland, one of the first blockchain gaming platforms with a 3D world. Decentraland uses its MANA token for in-game transactions, plus lets users purchase land in its virtual world using Ethereum.
Larva Labs is also involved with Nifty Gateway, a digital collectible marketplace acquired by crypto exchange Gemini back in 2019. The company also participated in the development of OpenSea — another well-known digital collectibles marketplace — and has been involved with other game projects like CryptoKitties. If you’re interested in how NFTs work under the hood, Larva Labs developer Esteban Ordano has written an extensive post about it.
Cool Cats is an NFT marketplace that has been in business since 2018. It partners with artists to showcase their work and offer exclusive pieces for sale on its platform. Unlike other marketplaces, Cool Cats offers three tiers of membership: Blue Cat for basic memberships, Red Cat for regular users, and Gold Cat for VIPs.
The company also has a Discord channel where its founders hold chats about upcoming projects and answer questions about their business plans.