The Bored Ape Yacht Club: Everything You Need to Know About NFTs
Everyone in the blockchain community is currently wondering what NFTs are. 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 responses are down 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 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 brethren, are not a universal currency. They cannot be exchanged 1:1 for other currency. They will not distribute dividends as a conventional 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. 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.
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. At Bored Ape Yacht Club, we created an interactive virtual yacht as a means of testing both our token and our Ethereum network. The result has been an amazing community experience that has users transacting with non-fungible tokens daily! Purchasing non-fungible tokens is comparable to purchasing Bitcoin or Ethereum, two other cryptocurrencies. 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. Once you’ve purchased your cryptocurrency using USD, Euros, pounds sterling or any other traditional currency, you simply transfer it into your wallet using its unique address.
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 can be valuable because of their scarcity or simply because someone else appreciates them. 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 even think that NFTs, which offer a new kind of digital property ownership that is more equal than conventional intellectual property regulations, might help revolutionize our society.
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