A Guide to NFTs from the Bored Ape Yacht Club
What NFTs are is the question on everyone’s mind in the blockchain community today. Those who have been following the ICO space are aware of the recent surge in popularity of these helpful little tokens. With the success of Crypto kitties and many others, NFTs are sure to become an even bigger topic of conversation as we move into 2019 and beyond. What are Non-Fungible Tokens (NFTs) exactly, and why are they important? Your replies may be found below!
We refer to something as being fungible when it is equivalent to or interchangeable with another object. But we refer to anything as non-fungible when there are two or more of it that are not equal and cannot be substituted. A blockchain network can contain both fungible and non-fungible objects, although non-fungible tokens can still be utilized for a variety of reasons. They differ from one another because of this.
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 will not pay dividends as a traditional stock would. However, if there is sufficient demand, they do provide you ownership of a particular item and let you trade it on secondary markets. Let us say, for illustration, that your dog has a rare condition that renders him earless. Anyone who owns an ERC721 token reflecting your dog and its condition is now a part owner.
Actually, there is no restriction on who may utilize non-fungible tokens (NFTs). In reality, a few of these tokens have rapidly gained popularity. We built an interactive virtual yacht at the Bored Ape Yacht Club to test our token the Ethereum network. Users now often transact with non-fungible tokens thanks to this fantastic community experience! Buying non-fungible tokens are similar to buying other cryptocurrencies like Bitcoin or Ethereum. If you already have cryptocurrency, you are halfway there! Otherwise, it’s easy to purchase other cryptocurrencies through a reputable exchange platform such as Coin base 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.
Non-fungible tokens have recently risen to prominence as one of blockchain technology’s most novel innovations, but there are still many who do not quite grasp what they are or 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 may be valuable because of scarcity or just because someone else finds them desirable. For example, players may use real money to buy and sell virtual cats in video games like Crypto Kitties, which is made feasible by 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.