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A Guide to NFTs from the Bored Ape Yacht Club

What NFTs are is the question on everyone’s mind in the blockchain community today. For those who have been following the ICO area, you are aware of the recent explosion in popularity of these useful tiny tokens. With the success of Crypto Kitties and other initiatives, NFTs are set to gain traction in 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. But we refer to anything as non-fungible when there are two or more of it that are not equal and cannot be substituted. 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 brethren, are not a universal currency. They can’t be traded 1:1 with other coins in exchanges. 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. 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 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. 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! Purchasing non-fungible tokens is comparable to purchasing Bitcoin or Ethereum, two other cryptocurrencies. 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 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 can be valuable because of their scarcity or simply because someone else appreciates them. For instance, gamers may purchase and trade these virtual cats in video games like Crypto Kitties using real money, and this is all made possible 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.