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A Guide to NFTs from the Bored Ape Yacht Club

Everyone in the blockchain community is now confused about NFTs. 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 are Non-Fungible Tokens (NFTs) exactly, and why are they important? Your replies may be found 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 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 brethren, are not a universal currency. 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 enough demand, they will give you ownership of a certain object and allow you to trade it on secondary markets. Let us say, for illustration, that your dog has a rare condition that renders him earless. Anyone who possesses an ERC721 token representing your dog and its condition will now be a part owner of your dog.

In reality, there are no restrictions on who can use non-fungible tokens (NFTs). In fact, some of these tokens have become immensely popular in a short time. At Bored Ape Yacht Club, we created an interactive virtual yacht as a means of testing both our token and our 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 own cryptocurrency, then you’re already halfway there! 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.

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. 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, 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.