Steem Engine has announced the introduction of non-fungible tokens to the Steem blockchain project. This means that individual we can track tokenized items, ranging from products in a supply chain to digital assets like swords in games or digital art. With the introduction of non-fungible tokens, or NFTs, the platform follows other projects like Ethereum, EOS and Tron. However, development is still in a very early stage.
The Steem blockchain comes with several benefits that could help grow its business. Everybody can just read account names, instead of dealing with wallet addresses. Content always stays available on the Steem blockchain. On top of that transactions are free.
The developers warn that the project is still very early in its development. Through Steem Engine tokens can be created together with the necessary smart contracts. Technically everybody can make an NFT, but true value will only happen through demand and usage. However, the addition of non-fungible tokens will bring new use-cases to the platform. It will allow for example interoperability between different apps.
Steem is already a working product
Despite the late introduction of NFTs to Steem, the Steem Network is already an existing product. The blockchain provides fast and functional transactions for social media applications. At the moment social media platform SteemIt and video platform DTube are the most popular. Currently Steem has one major game, and that’s Steem Monsters. This blockchain game is better known as Splinterlands. The addition of non-fungible tokens will increase the usability of the blockchain tremendously.
Currently there are several trends build upon the concept of tokenization and non-fungible tokens. Digital art has been growing in popularity in the past few months, while blockchain games like Gods Unchained and Axie Infinity are pushing the industry forward. Marketplaces that allow for trading in digital items are gaining more traction as well, think about OpenSea and Uniswap.
Also published on Medium.