In economics jargon, a fungible token is an asset that can be exchanged on a one-for-one basis. Think of dollars or bitcoins — each one has the exact same value and can be traded freely. By contrast, a non-fungible object like an old house or a classic car, has its own distinct value.
Cross this notion with cryptocurrency technology known as the blockchain and you get NFTs. These are effectively digital certificates of authenticity that can be attached to digital art or, well, pretty much anything else that comes in digital form — audio files, video clips, animated stickers, this article you’re reading.
NFTs confirm an item’s ownership by recording the details on a digital ledger known as a blockchain, which is public and stored on computers across the internet, making it effectively impossible to lose or destroy.
At the moment, these tokens are white-hot in the collecting world, where they’re being used to solve a problem central to digital collectibles: how to claim ownership of something that can be easily and endlessly duplicated.
One purpose of NFTs is that they can be used to trace an object’s digital provenance, allowing a select few to prove ownership. In the broader picture, it’s a way to create scarcity — albeit artificial — so that you can sell something for higher prices thanks to its scarcity.
“All the time, money and effort you spend in your digital life, you can create value for that,” said Chicago fund manager Andrew Steinwold, who started an NFT fund in 2019. “You have property rights in the physical world. Why don’t we have property rights in the digital world?”
Although Some NFT issuers give full copyrights to the buyer, others do not. NuGenesis Smart Chain NFT Systems ensure full copyrights are passed on to the buyer, from the seller.
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SO WHAT’S NUGENESIS SMART CHAIN?
NuGenesis Smart Chain, is the blockchain responsible for all smart contract protocols, including and not limited to NFT. The chain allows close to gassless operations of NFTs and Smart Contracts at a whole. With a finality Speed of 6 Seconds, Close to 0 gas fees and direct Fiat Support, to process your NFT.
SO WHAT ELSE DOES NUGENESIS SMART CHAIN OFFER?
Buy, sell, Swap and Trade NFT, Copyright ownership and transfer of ownership, Intellectual property ownership and close to gasless transactions.
SO WHEN IS NUGENESIS LIVE?
NuGenesis Smart Chains are now live on mainnet with expected full deploying for user interphase due mid august. We have also partnered with PayPal to accept direct fiat payment for NFT processing.
WHAT WILL BE THE COST OF MAKING AN NFT USING THE NUGENESIS SMART CHAIN?
Currently it is estimated that the cost for a user, to make an NFT using the Nugenesis Network, will be either through Fiat, at $1 or Through Crypto at 1 NuCoin, which is currently at 0.37c USD Value.
Although there will be an introductory offer, for all users to be able to access the NuGenesis Smart Chain, FREE, for the first month.
Image(s): Shutterstock.com