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Wilfred Victor
February 13, 2021
NFTs are witnessing growing speculation among NFT fans, leaving NFTS on track to be a massive industry in the future; collectible assets like CryptoKitties and CryptoPunks have proven the potential in the past.
NFTs Explained
Since the beginning of the blockchain digital economy, there have been many shifts, trends, and use cases that have accompanied its development. The blockchain’s original utilitarian value was exclusively for financial matters, creating the first-ever cryptocurrency, the Bitcoin, and its issuing blockchain. However, this practical value gets expanded every day. NFTs are one such expansion of possible use case of blockchain technology that has found relevance in gaming, digital identity, licensing, certificates, and fine art.
What are NFTs?
Non-fungible tokens (NFTs) are also known as crypto-collectibles. They can not be divided, maintain uniqueness, and characterize scarcity associated with cryptocurrencies, ultimately driving up their value. Also embedded in NFT’s attributes is the ability to represent a unique digital asset, which can be digital assets or tokenized versions of real-world assets. Initially launched on the Ethereum blockchain using the ERC-721 standard, the NFT industries have since expanded into other blockchains, with blockchain companies like WAX becoming the highest issuance of NFTs collectibles currently.
NFTs contain identifying information recorded in their smart contracts. They differ distinctly from regular cryptocurrencies in that each token is indivisible with properties that cant be shared with another tokens. Traditional cryptocurrencies like Bitcoin are divisible and are interchangeable, aka, fungible. For example, it is practically impossible to split one NFT collectible into new identities and owners, but entirely possible to do so with Bitcoin. One Bitcoin can change hands over time, and each Bitcoin is the same as the other; what may change with its movement might be the asset’s price.
How Do NFTs Work?
NFTs have their own specific set of attributes (e.g., off-chain and on-chain metadata), making them unique. This uniqueness means that only one type of NFT can ever be created and it can not be interchanged with an identical one. NFT’s highlight the uniqueness and scarcity of the broader use of blockchain. It has found its increased relevance in the areas of Artwork and Gaming. Since no two artworks are unique with fungible properties in mind, the same principles apply to certain gaming items.
There are various frameworks and issuance of NFTs, the most prominent standard is the ERC-721, which is the first standard created for the distribution of this asset class. A more improved standard is the ERC-1155, which has enabled a contract to store both fungible and non-fungible assets, improving the industry’s convenience and opportunities therein.
WAX Blockchain
Since its creation, WAX blockchain has been focusing heavily on the design, issuance, and profitability of NFT and has been the most active in terms of NFTs transactions. It is displacing Ethereum that initially brought in the NFT craze of 2016, causing a gas war at the time. WAX blockchain improved on the ease of transacting with NFTs, with no traffic congestion nor increased costs to move NFTs. The ease of acquiring NFTs is high when compared to other issuing blockchain types. With a simple creation of an account, transacting in and on NFTs, is enabled automatically.
How Can NFTs be Used?
NFTs can be used by blockchain decentralized applications (Dapp) to issue unique digital assets, identification, and collectibles. Since NFTs trade on the blockchain, you have a lot of freedom regarding what you can use them for:
- Buying and selling on a marketplace.
- Trade or gift them out.
- Use in decentralized apps, e.g., in-game activities.
- Showcase your NFTs inventory in select platforms dapps or social media
NFTs help solves high inflation in gaming economies. Since most games have their economy and revenue generation strategies figured out, NFTs bring it a step further by allowing for the unique identification of a game and its features. Another exciting use of NFTs is the tokenization of real-world assets that can be stored and traded on a blockchain-enabled wallet and marketplace, respectively. Keeping digital identity is a use case that NFTs have helped improve tremendously using blockchain’s trustless property.
Examples of NFTs
- Topps “Garbage Pail Kids” trading cards, an iconic cult classic since the 1980s, reimagined as NFT.
- Blockchain Heroes trading card series are featuring the likeness of personalities in the blockchain.
- Decentraland, NFT represented parcel of land in different district of the virtual blockchain. Landowners can build and monetize their plot, such as leasing it out to other players, using or advertising it.
- Prospectors, a popular blockchain game where players can earn NFTs as rewards. Which can help improve their performance.
- CyrptoKitties, the “OG” blockchain game that skyrocketed gas fees in 2016, causing NFTs to be famous to date.
CryptoKitties
You don’t discuss NFTs or Blockchain gaming without mentioning the “OG” of them all. The first Cryptokitties collectibles were minted in 2016, which were some of the first non-fungible tokens. Each blockchain-based collectible cat is unique from the other. If you send someone a Cryptokitties collectible, you’ll receive a different collectible that’s distinctly different in properties from the one sent.
Each cryptokitty can have a combination of different properties, including age, breed, and color, as each of them is unique and can not be interchanged with each other. To date, no gas fee era on the Ethereum blockchain has been as high as the days when Cryptokitties was popular.
Weakness of NFTs
Many argue that NFTs are not used for their original intended purpose. But more of a speculation asset these days, with high-interest from traders who seek to profit from the high return of NFTs collectibles. With the growing craze, scam rates are increasing as well. Fake arts and artists are becoming commonplace. The idea that art can never be copied is fueling nefarious activities as rug pull cases build up.
Closing Thoughts on NFTS
NFTs are witnessing growing speculation among NFT fans, leaving NFTS on track to be a massive industry in the future; collectible assets like CryptoKitties and CryptoPunks have proven the potential in the past. However, it shouldn’t be used for its monetary value solely but for its actual use case, which is the basis of its creation.
Understandably, traders want to profit, but that, as the sole purpose, won’t do well with the original intention behind NFTs. More blockchains have started issuing their own NFTs; right now, the top two blockchains are Ethereum and the WAX blockchain; the industry awaits other blockchains to begin their issuance. And who knows, we can have NFTs innovate activities like gaming and artwork in the traditional technology.
Don’t forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for Binance Smart Chain and crypto! Check out the DeFi Direct Linktree for all the access links!
For those looking for tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, Cryptonomics Explainers, and Trading Tool Kits from BSC News.
This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2000. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2000. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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January 28, 2022
Socios.com Sues Argentine Football Federation Over Binance Deal
Web3 crypto competitors have finally come head-to-head after a year long expansion into worldwide sports.
Socios Sues AFA
As Binance announced its partnership with the Argentinian FA in the past week, the news was not met with plaudits by Socios. Socios has filed a complaint against the footballing organization.
Judge María José Gigy Traynor of the Argentinian National Commercial Court ordered the AFA to honor three contracts previously agreed with Socios. The contracts in question were acquired and reported on by Coindesk’s Andrés Engler on January 27. In a statement to CoinDesk, the AFA had recognized the injunction but underlined its intention to appeal.
The AFA then began picking up on its own frustrations claiming:
- The Argentina token was not sufficiently promoted
- Several issues in the use of images of the national team and league
Socios has refuted these claims, notifying CoinDesk that they have made all outstanding payments to the AFA and have no obligations for further payment. A likely instigator for the payment squabble may come from the broad market drawback which has also seen the AFA token plummet by over 50% since the summer, according to CoinMarketCap.
Many speculate that what has precipitated the recent partnership between the AFA and Binance is potentially a higher offer that was otherwise not matched by Socios. The AFA has refuted this assumption, but Binance will do well to let this dispute play out while they remain in the background.
Whether these speculations will be confirmed is another matter, as the courts proceed to examine contractual obligations and seek to determine who is in the wrong.
BSC News will be following closely as the story develops.
What is Socios.com
Socios.com is the official crypto wallet and trading platform for some of the biggest sports teams in the world. The site is an innovative fan engagement platform that was created for the Chiliz blockchain. The Socios platform provides the owners of the fan tokens with access to voting rights in polls, VIP rewards, exclusive club, and sponsor promotions, AR-enabled features, chat forums, games, and competitions. Socios.com aims to introduce millions of new fans from around the world to the benefits of Fan Tokens in 2022 with new innovations, features, and rewards to be added throughout the year.
Follow Socios:
January 28, 2022
Babylons NFT Teams with Jigen for Luxury Fashion NFTs
The partnership would see luxury fashion NFTs come to the Babylons NFT marketplace in the future.
Babylons Secures Partnership With Jigen
Leading game aggregator and Non-Fungible Token (NFT) marketplace on Binance Smart Chain (BSC), Babylons, has partnered with Jigen to bring luxury fashion NFTs to its users.
Jigen offers a multi-chain ecosystem, enabling Luxury NFTs interaction in secondary markets like Babylons. Both protocols would merge to build the hype of fashion and luxury in the NFT space. Babylons took to Twitter on January 27th to announce the partnership deal.
“Babylons new partnership with @jigenapp. Jigen is the first #NFT gateway for fashion and luxury items in the #Metaverse and #gaming ecosystem. Jigen is an all-in-one solution for brands to bridge their business into the #blockchain space,” Babylons tweeted.
With Jigen, NFT enthusiasts and business owners would display their fashion items to the metaverse and gaming ecosystem. The partnership would ensure that Jigen users display their wearables and trade them on the Babylons NFT marketplace. In addition, the Babylons community would have the license to purchase exclusive Luxury NFTs, adding more utility to the Babylons’ $BABI token.
What is Babylons?
Babylons is a community-governed NFT marketplace on Binance Smart Chain for creators, investors, users, and collectors. The platform has many unique features, including its low-cost minting, weekly rewards, and a Decentralized Autonomous Organization (DAO) governance that puts the power in the community’s hands.
Where to find Babylons:
Website | Twitter | Telegram | Medium
What is Jigen?
Jigen is an NFT gateway for Fashion and Luxury items in the metaverse and gaming ecosystem. The protocol focuses on a three-point plan to build its brand, offer exclusive NFT drops through its Launchpad, and create custom NFT works for companies and projects.
Learn more about Jigen through the following links:
What are Non-Fungible Tokens (NFTs)
NFTs are witnessing growing speculation among NFT fans, leaving NFTS on track to be a massive industry in the future; collectible assets like CryptoKitties and CryptoPunks have proven the potential in the past.
NFTs Explained
Since the beginning of the blockchain digital economy, there have been many shifts, trends, and use cases that have accompanied its development. The blockchain’s original utilitarian value was exclusively for financial matters, creating the first-ever cryptocurrency, the Bitcoin, and its issuing blockchain. However, this practical value gets expanded every day. NFTs are one such expansion of possible use case of blockchain technology that has found relevance in gaming, digital identity, licensing, certificates, and fine art.
What are NFTs?
Non-fungible tokens (NFTs) are also known as crypto-collectibles. They can not be divided, maintain uniqueness, and characterize scarcity associated with cryptocurrencies, ultimately driving up their value. Also embedded in NFT’s attributes is the ability to represent a unique digital asset, which can be digital assets or tokenized versions of real-world assets. Initially launched on the Ethereum blockchain using the ERC-721 standard, the NFT industries have since expanded into other blockchains, with blockchain companies like WAX becoming the highest issuance of NFTs collectibles currently.
NFTs contain identifying information recorded in their smart contracts. They differ distinctly from regular cryptocurrencies in that each token is indivisible with properties that cant be shared with another tokens. Traditional cryptocurrencies like Bitcoin are divisible and are interchangeable, aka, fungible. For example, it is practically impossible to split one NFT collectible into new identities and owners, but entirely possible to do so with Bitcoin. One Bitcoin can change hands over time, and each Bitcoin is the same as the other; what may change with its movement might be the asset’s price.
How Do NFTs Work?
NFTs have their own specific set of attributes (e.g., off-chain and on-chain metadata), making them unique. This uniqueness means that only one type of NFT can ever be created and it can not be interchanged with an identical one. NFT’s highlight the uniqueness and scarcity of the broader use of blockchain. It has found its increased relevance in the areas of Artwork and Gaming. Since no two artworks are unique with fungible properties in mind, the same principles apply to certain gaming items.
There are various frameworks and issuance of NFTs, the most prominent standard is the ERC-721, which is the first standard created for the distribution of this asset class. A more improved standard is the ERC-1155, which has enabled a contract to store both fungible and non-fungible assets, improving the industry’s convenience and opportunities therein.
WAX Blockchain
Since its creation, WAX blockchain has been focusing heavily on the design, issuance, and profitability of NFT and has been the most active in terms of NFTs transactions. It is displacing Ethereum that initially brought in the NFT craze of 2016, causing a gas war at the time. WAX blockchain improved on the ease of transacting with NFTs, with no traffic congestion nor increased costs to move NFTs. The ease of acquiring NFTs is high when compared to other issuing blockchain types. With a simple creation of an account, transacting in and on NFTs, is enabled automatically.
How Can NFTs be Used?
NFTs can be used by blockchain decentralized applications (Dapp) to issue unique digital assets, identification, and collectibles. Since NFTs trade on the blockchain, you have a lot of freedom regarding what you can use them for:
- Buying and selling on a marketplace.
- Trade or gift them out.
- Use in decentralized apps, e.g., in-game activities.
- Showcase your NFTs inventory in select platforms dapps or social media
NFTs help solves high inflation in gaming economies. Since most games have their economy and revenue generation strategies figured out, NFTs bring it a step further by allowing for the unique identification of a game and its features. Another exciting use of NFTs is the tokenization of real-world assets that can be stored and traded on a blockchain-enabled wallet and marketplace, respectively. Keeping digital identity is a use case that NFTs have helped improve tremendously using blockchain’s trustless property.
Examples of NFTs
- Topps “Garbage Pail Kids” trading cards, an iconic cult classic since the 1980s, reimagined as NFT.
- Blockchain Heroes trading card series are featuring the likeness of personalities in the blockchain.
- Decentraland, NFT represented parcel of land in different district of the virtual blockchain. Landowners can build and monetize their plot, such as leasing it out to other players, using or advertising it.
- Prospectors, a popular blockchain game where players can earn NFTs as rewards. Which can help improve their performance.
- CyrptoKitties, the “OG” blockchain game that skyrocketed gas fees in 2016, causing NFTs to be famous to date.
CryptoKitties
You don’t discuss NFTs or Blockchain gaming without mentioning the “OG” of them all. The first Cryptokitties collectibles were minted in 2016, which were some of the first non-fungible tokens. Each blockchain-based collectible cat is unique from the other. If you send someone a Cryptokitties collectible, you’ll receive a different collectible that’s distinctly different in properties from the one sent.
Each cryptokitty can have a combination of different properties, including age, breed, and color, as each of them is unique and can not be interchanged with each other. To date, no gas fee era on the Ethereum blockchain has been as high as the days when Cryptokitties was popular.
Weakness of NFTs
Many argue that NFTs are not used for their original intended purpose. But more of a speculation asset these days, with high-interest from traders who seek to profit from the high return of NFTs collectibles. With the growing craze, scam rates are increasing as well. Fake arts and artists are becoming commonplace. The idea that art can never be copied is fueling nefarious activities as rug pull cases build up.
Closing Thoughts on NFTS
NFTs are witnessing growing speculation among NFT fans, leaving NFTS on track to be a massive industry in the future; collectible assets like CryptoKitties and CryptoPunks have proven the potential in the past. However, it shouldn’t be used for its monetary value solely but for its actual use case, which is the basis of its creation.
Understandably, traders want to profit, but that, as the sole purpose, won’t do well with the original intention behind NFTs. More blockchains have started issuing their own NFTs; right now, the top two blockchains are Ethereum and the WAX blockchain; the industry awaits other blockchains to begin their issuance. And who knows, we can have NFTs innovate activities like gaming and artwork in the traditional technology.
Don’t forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for Binance Smart Chain and crypto! Check out the DeFi Direct Linktree for all the access links!
For those looking for tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, Cryptonomics Explainers, and Trading Tool Kits from BSC News.
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