A Guide to NFTs from the Bored Ape Yacht Club
Everyone in the blockchain community is now confused about NFTs. Those who have been following the ICO space are aware of the recent surge in popularity of these helpful little tokens. With the popularity of Crypto Kitties and several other projects, NFTs are certain to get more attention as we head into 2019 and beyond. So what exactly are Non-Fungible Tokens (NFTs), and why do they matter? Your replies may be found below!
When something is fungible, it is equal to or interchangeable with another object. However, everything is non-fungible when two or more of it are not equivalent and cannot be swapped. Both fungible and non-fungible items can exist within a blockchain network, but tokens that do not fall under fungibility can be used for different purposes. This makes them unique from one another.
Non-fungible tokens, unlike their fungible cousins, do not serve as a kind of universal money. They cannot be exchanged 1:1 for other currency. They won’t pay out dividends like a traditional stock. However, if there is enough demand, they will give you ownership of a certain object and allow you to trade it on secondary markets. Let us say, for illustration, that your dog has a rare condition that renders him earless. If you create an ERC721 token that represents your dog and its condition, then Anyone who owns that token now owns part of your dog.
In reality, there are no restrictions on who can use non-fungible tokens (NFTs). In reality, a few of these tokens have rapidly gained popularity. To test our token and the Ethereum network, we developed an interactive virtual yacht at the Bored Ape Yacht Club. Because of this amazing community experience, users now frequently transact with non-fungible tokens! Buying non-fungible tokens are similar to buying other cryptocurrencies like Bitcoin or Ethereum. If you already have cryptocurrency, you are halfway there! Otherwise, purchasing other cryptocurrencies is as simple as visiting a reputable exchange site such as Coinbase or GDAX. Once you’ve purchased your cryptocurrency using USD, Euros, pounds sterling or any other traditional currency, you simply transfer it into your wallet using its unique address.
Although non-fungible tokens have recently garnered prominence as one of the most revolutionary breakthroughs in blockchain technology, many people are still confused about what they are and how they work. Non-fungible tokens (NFTs), in a nutshell, provide you with a mechanism to represent and possess distinctive digital assets in a decentralized network. They may be valuable because of scarcity or just because someone else finds them desirable. For example, in video games such as Crypto Kitties, players buy and sell these virtual cats with real money-and it’s all made possible through NFTs. In fact, some experts believe that NFTs could help transform our society by providing a new type of digital property ownership that is more equitable than traditional intellectual property laws.
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