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The Bored Ape Yacht Club: Everything You Need to Know About NFTs

Everyone in the blockchain community is currently wondering what NFTs are. 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 something is fungible, it is equal to or interchangeable with another object. 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 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 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. 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 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. 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.

Although non-fungible tokens have lately gained notoriety as one of the most innovative developments in blockchain technology, many people are still unsure of what they are or how they operate. 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, in video games such as Crypto Kitties, players buy and sell these virtual cats with real money-and it’s all made possible through 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.