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. Those who have been following the ICO space are aware of the recent surge in popularity of these helpful little tokens. With the success of Crypto Kitties and other initiatives, NFTs are set to gain traction in 2019 and beyond. What precisely are Non-Fungible Tokens (NFTs), and why are they important? We’ve got your answers below!

We refer to something as being fungible when it is equivalent to or interchangeable with another object. But we refer to anything as non-fungible when there are two or more of it that are not equal and cannot be substituted. Both fungible and non-fungible items can exist within a blockchain network, but tokens that do not fall under fungibility can be used for different purposes. Because of this, they differ from one another.

, Unlike their fungible counterparts, non-fungible tokens do not function as a kind of universal money. They cannot be exchanged for other currencies at a 1:1 ratio. 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. 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! 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. Non-fungible tokens (NFTs), in a nutshell, provide you with a mechanism to represent and possess distinctive digital assets in a decentralized network. They can be valuable because of their scarcity or simply because someone else appreciates them. 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. 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.