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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 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 replies may be found below!

We refer to something as being fungible when it is equivalent to or interchangeable with another object. However, when two or more things are unequal and cannot be interchanged, we call them non-fungible. 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. This makes them unique from one another.

Non-fungible tokens, unlike their fungible cousins, do not serve as a kind of universal money. They cannot be exchanged 1:1 for other currency. 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 owns an ERC721 token reflecting your dog and its condition is now a part owner.

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. 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! Purchasing non-fungible tokens is comparable to purchasing Bitcoin or Ethereum, two other cryptocurrencies. You are halfway there if you already have cryptocurrency! Otherwise, buying other cryptocurrencies is simple using a reliable exchange site like 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 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. Non-fungible tokens (NFTs), in a nutshell, provide you with a mechanism to represent and possess distinctive 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. 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.

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