There is a lot of future applications that developers can building using layer1 blockchains. NFTs, DeFi, DAOs, and Games are currently the most popular. Our goal for this section is to give you an overview of all the use cases for you to dive deeper into later.
By now, you’ve probably heard about NFTs, but have no idea what they are.
<aside> 👉 NFT: Non-Fungible Token
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Breaking down the two parts of NFT: Non-Fungible and Token
Token Something that can be exchanged for, or represent, a good, service, or other form of value or utility
Non-Fungible Unique, Non-Interchangeable, Non-Divisible Examples) Houses, Land, Fossils
Pulling it together:
“NFTs are tokens that we can use to represent ownership of unique items. They let us tokenize things like art, collectibles, even real estate. They can only have one official owner at a time and they're secured by the... blockchain – no one can modify the record of ownership or copy/paste a new NFT into existence." ****- [Ethereum.org](https://ethereum.org/en/nft/#:~:text=NFTs are tokens that we,a new NFT into existence.)
The easiest explanation for NFTs, are that they are Digital Art. Like original art, they are unique, one of a kind, and irreplaceable.
What is the hype around NFTs?
NFTs are the new social credit on the internet. They allow people to show who they are, communities they belong to, or their status.
Example: Bored Ape Yacht Club
The Bored Ape Yacht Club consists of a collection of 10,000 NFTs that look like Bored Apes