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? We’ve got your answers 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. Because of this, they differ 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 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. For example, let’s say your dog has a rare disease that causes his ears to fall off. 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.
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. 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. 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 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. 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. 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.