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 paying attention to the ICO space, you know that these nifty little tokens have taken off in popularity in recent months. 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 precisely are Non-Fungible Tokens (NFTs), 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. However, everything is non-fungible when two or more of it are not equivalent and cannot be swapped. A blockchain network can contain both fungible and non-fungible objects, although non-fungible tokens can still be utilized for a variety of reasons. Because of this, they differ from one another.
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 distribute dividends as a conventional stock would. However, they do give you ownership of a specific asset and allow you to trade it on secondary markets as long as there is enough demand for it. 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.
In truth, there’s no limit on who can or can’t use non-fungible tokens (NFTs). In fact, some of these tokens have become immensely popular in a short time. 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 are similar to buying other cryptocurrencies like Bitcoin or Ethereum. If you already have cryptocurrency, you are 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 unique address after purchasing it using USD, EUR, GBP, or any other traditional currency.
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 have value due to scarcity or just because someone else finds them appealing. 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.