The Bored Ape Yacht Club: Everything You Need to Know About NFTs
Everyone in the blockchain community is now confused about NFTs. For those who have been following the ICO area, you are aware of the recent explosion in popularity of these useful tiny tokens. With the success of Crypto Kitties and other initiatives, NFTs are set to gain traction in 2019 and beyond. What precisely are Non-Fungible Tokens (NFTs), and why are they important? We’ve got your answers 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 things, with non-fungible tokens still being used for a number of 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 can’t be traded 1:1 with other coins in exchanges. They will not distribute dividends as a conventional 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 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 is analogous to buying Bitcoin or Ethereum, two other cryptocurrencies. If you already own cryptocurrency, then you’re already 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 specific address after buying it using USD, EUR, GBP, or any other conventional money.
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. Simply put, non-fungible tokens (NFTs) provide a way for you to represent and own unique digital assets on 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. 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.