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Everything You Need to Know About NFTs: The BAYC
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 responses are down below!
When one thing is equal or interchangeable with another, we call those things fungible. However, when two or more things are unequal and cannot be interchanged, we call them non-fungible. 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 cannot be exchanged for other currencies at a 1:1 ratio. 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. 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 truth, a handful of these tokens have grown in popularity quickly. To test our token and the Ethereum network, we developed an interactive virtual yacht at the Bored Ape Yacht Club. 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, buying other cryptocurrencies is simple using a reliable exchange site like Coinbase 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.
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. 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, 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.
This post topic: Software
