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Everything You Need to Know About NFTs: The BAYC
Everyone in the blockchain community is currently wondering what NFTs are. For those who have been paying attention to the ICO space, you know that these nifty little tokens have taken off in popularity in recent months. With the popularity of Crypto Kitties and several other projects, NFTs are certain to get more attention as we head into 2019 and beyond. What precisely are Non-Fungible Tokens (NFTs), and why are they important? We’ve got your answers below!
When one thing is equal or interchangeable with another, we call those things fungible. 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. They differ from one another because of this.
Non-fungible tokens, unlike their fungible brethren, are not a universal currency. They can’t be traded 1:1 with other coins in exchanges. They will not distribute dividends as a conventional stock would. However, they do give you ownership of a specific asset and allow you to trade it on secondary markets as long as there is enough demand for it. For example, let’s say your dog has a rare disease that causes his ears to fall off. Anyone who owns an ERC721 token reflecting your dog and its condition is now a part owner.
In truth, there’s no limit on who can or can’t use non-fungible tokens (NFTs). In fact, some of these tokens have become immensely popular in a short time. We built an interactive virtual yacht at the Bored Ape Yacht Club to test our token the Ethereum network. The result has been an amazing community experience that has users transacting with non-fungible tokens daily! Buying non-fungible tokens are similar to buying other cryptocurrencies like Bitcoin or Ethereum. You are halfway there if you already have cryptocurrency! Otherwise, purchasing other cryptocurrencies is as simple as visiting a reputable exchange site such as Coinbase or GDAX. You just deposit your cryptocurrency into your wallet using its unique address after purchasing it using USD, EUR, GBP, or any other traditional currency.
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. In a word, non-fungible tokens (NFTs) provide a means for representing and possessing separate digital assets in a decentralized network. They can be valuable because of their scarcity or simply because someone else appreciates them. For instance, gamers may purchase and trade these virtual cats in video games like Crypto Kitties using real money, and this is all made possible by NFTs. Some experts believe that NFTs, which provide a new type of digital property ownership that is more equitable than traditional intellectual property restrictions, have the potential to alter our civilization.