Furthermore, the friction and risk of fraud in the transfer of these assets to a new owner is drastically reduced. Using the native digital signature scheme on the blockchain, it is easy to verify the authenticity of each CryptoKitty, its unique attributes, and its owner. These non-fungible tokens, or NFTs, are collectible game characters with randomly assigned attributes that make each CryptoKitty more or less rare. In 2017, Dapper Labs launched a decentralized application on the Ethereum blockchain called CryptoKitties, which was the first true example of digitally verifiable and transferable non-fungible tokens. Traditionally, the ownership and authenticity of these assets have been facilitated by paper-based or centralized digital systems, which are often inefficient, present friction in the transfer of assets and leave room for fraud.
Today that trend has extended into collectibles like autographed memorabilia, trading cards, and more. Furthermore, throughout history, individuals have collected scarce and valuable assets such as art, jewelry, and land.
The process of verifying the ownership of both physical and digital assets is an integral component of most businesses and systems.
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