This is a sponsored post. The text is mine
Non-fungible tokens—NFTs—are proofs of ownership for scarce digital units built upon a blockchain, which is a distributed list of records.
The bitcoin blockchain is renowned for its strong settlement assurances: a transaction cannot be undone after being confirmed by miners. Since bitcoin has more miners than any other project in the world, it is harder to falsify and take down records at scale. The bitcoin blockchain’s resilience and record authenticity makes it the best choice for long-lasting NFTs.
Use cases for NFTs
NFTs can be used for artistic experiments, such as “original” copies of drawings and soundtracks. The collage “Everydays: the first 5000 days” was bought for $69 million by a collector in March of 2021. However, there is no long-term value to this use case: the hype we’re seeing now is tulip-free tulip mania.
It is better to use NFTs to create one-of-a-kind in-game assets, like collectibles and feature-unlocking tokens. This is an area worth exploring because video games are among the best social experiences possible online.
The dominant use case for NFTs is likely to be decentralised domain names. Monopolistic organisations such as the Internet Corporation for Assigned Names and Numbers—ICANN—can raise prices, cut links between domain names and servers, as well as limit the availability of domain name extensions (such as .icannsucks, for example). To prevent potential censorship, we need to build decentralised domain name systems powered by NFTs.
Stacks helps to build decentralised systems upon the bitcoin blockchain with Clarity, a simple, secure, and reliable programming language tailored specifically for creating smart contracts: it has a function dedicated to creating NFTs! Also, it is an interpreted language, meaning that it is always human-readable and auditable.