Non-fungible tokens (NFTs) are gaining popularity in the world of cryptocurrency and blockchain technology. Today, NMKR has announced its support for the gaming and eSports initiative, “Level Up”, following the launch of NFTs on the Cardano blockchain. This development aims to further increase the volume of NFTs created on the Cardano blockchain.
What is NFT?
NFTs are digital art, collectibles, or other types of digital assets that can be authenticated, owned, and exchanged. This form of cryptocurrency is considered to be non-fungible, meaning that it cannot be “swapped” for an identical item like most currencies and other cryptos do.
What is NMKR?
NMKR is a NFT creation, minting, and trading infrastructure provider on the Cardano blockchain. The company is based in Bulgaria and has operations in both the EU and UK. The CEO of NMKR is Yovko Dimov and the company’s mission is “to bring cryptocurrencies to the mainstream, making them accessible, reliable and secure.”
What is the “Level Up” Project?
The “Level Up” project is a gaming and eSports initiative which uses NFTs to facilitate payments and rewards players for their in-game achievements. The project has been created in partnership with NMKR, and it has been designed to “change the way gamers interact with each other in the digital gaming world”. The system will be powered by the Cardano blockchain and is set to go live in July 2021.
What are the Advantages of Using NFTs?
The main advantage of using NFTs for these types of applications is that it can provide a more secure and reliable way for gamers and other users to interact, as well as trade their in-game rewards. NFTs can also provide users with the ability to store and transfer their rewards without the need for an intermediary, allowing for more efficient transactions. Additionally, they are harder to counterfeit, as each NFT is unique and encrypted.
Benefits for Cardano
This development will provide benefits for the Cardano blockchain, as the number of NFTs created on the platform is likely to increase. As more transactions occur on the Cardano blockchain, the technology will become more secure and efficient. It may also increase the value of the ADA token, as more people use the cryptocurrency to purchase and trade NFTs.
The “Level Up” project is a great development for the gaming and eSports industry, as it allows users to trade their in-game rewards in a more secure and reliable manner. The partnership between NMKR and the Cardano blockchain provides users with the advantages of using NFTs, as well as the added benefits of using the Cardano blockchain.@Cardano #NFTs #BTC #Cryptocurrency #Blockchain #LevelUp $ADA