The second edition of NFT Awards is now here. Digital Entertainment Asset Pte Ltd (DEA), a Singapore based new-age digital entertainment major has announced the NFT Awards 2021 – an exercise that enables the crypto industry to recognize some of the best NFT creators and reward them for their contributions to the space.
The entire process of listing, evaluating, and selecting NFT Awards winners is a community exercise involving both industry participants and cryptocurrency users. The awards will be given to deserving crafters, artists and architects of the tokenized economies across multiple categories. To make NFT Awards 2021 a grand success, DEA has joined Blockchain Game Alliance – an organization committed to promoting blockchain within the gaming industry by fostering collaboration between individuals and companies to develop games and build communities around them.
Why is there a need for NFT Awards?
The recent success of decentralized finance as an application of blockchain technology is followed by another trend – Non-Fungible Tokens (NFTs). An entirely new breed of digital assets, NFTs shares almost all but one important trait with conventional cryptocurrencies which is the uniqueness of each token which makes it an ideal representation of ownership of virtual and real-world assets.
The most popular use of NFTs remains in the collectible and digital gaming space, popularized by CryptoKitties. Its growing popularity has flooded the market with a variety of NFTs floated by numerous creators, each claiming to be more valuable than others. But in reality, many of them turn out to be fraudulent operators looking for a quick buck at the expense of unsuspecting users. Programs like NFT Awards act as gatekeepers to the ecosystem by educating the community about NFTs so that they can recognize the assets for what they are worth.
Like Oscars and Emmys for Film and Television, the NFT Awards for blockchain sector will encourage creators to create quality…