The nature of NFTs makes them perfect for representing individual digital assets as well as enabling the tokenization of physical assets, and they open up a new world of possibilities in areas such as in-game economies
As an example of using NFTs for digital assets, consider Phantasma’s showcase title 22 Racing Series from game studio GOATi. Each and every in-game item available exists as a non fungible token on the Phantasma blockchain. Each NFT contains information about which type of item it is (car, vehicle part, game license, vehicle part pack), its design, time of creation and its production number out of a limited supply. In addition, NFTs can be stored inside NFTs. In the racing game mentioned above players can create new cars out of individual car parts, creating new NFTs representing their uniquely designed cars in the process. Conversely a car can be broken down into dozens of parts that can be reused to build new cars or sold on the open market.