NFTs: What Are They? Why We Built On The Binance Smart Chain
Why Are They Becoming So Popular?
What Is NFT?
The latest trend in the crypto world is NFT. It has been around since 2014 but this year it gained notoriety and has risen to prominence in a short time.
What are NFTs?
Non Fungible Token (NFT) has exploded in the crypto space and is now worth lots of money around the world. With a growing market value of over $200 million within the first three months of the year 2021, and a projection of explosive market value before the year runs out, digital collectibles are gaining ground in the crypto space and boosting the digital economy.
NFT’s are digital assets stored on the Ethereum blockchain technology. These assets include: music, movies, art, images, videos, recordings, and other real-life items obtainable in the physical world.
The assets have a unique ownership seal from the seller, encrypted in the blockchain storage. The authentication it provides buyers with can almost not be altered, even deeds attached to such purchases hence, they cannot be transferred and are not interchangeable.
NFT’s were launched in 2014 by Kevin McCoy and Anil Dash at a conference in New York. It has evolved over the years and by the time the Ethereum blockchain joined the league of big coins like Bitcoin, NFT’s were later released on the ETH blockchain.
Why Are NFTs So Valuable?
The world is increasingly gaining interest in NFT; maybe since it holds a bright future as digital commodities, or for the fact that it allows anyone in any industry at all (gaming, entertainment, sports etc) to sell their digital assets.
They provide a unique sign of ownership to those who will own them although it does not always include exclusive rights to the property. If an artist autographs an artwork as an NFT, it means the buyer will be the only one with that exact identification encrypted in the digital asset. While the artist wields the power to reproduce other copies, each buyer’s ownership is unique and cannot be exchanged.
In Layman Terms:
It is like a one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different.
1: Ownership: The ability of NFTs to assign publicly verifiable ownership to digital assets is a game-changer in the collectibles market. With blockchain technology, the authenticity of artworks and collectibles is guaranteed.
2: Scarcity: NFTs establish digital provenance, which is a way to create scarcity, consequently adding to the perceived value of these one-of-a-kind digital assets.
3: Potential Profitability: NFTs have real potential to enrich issuers and collectors. As they operate on smart contracts they can reward creators with a cut on all subsequent sales. Conversely, collectors could potentially earn substantial returns as the popularity of their NFT collection increases.
Why Are We Building On The Binance Smart Chain
Binance Smart Chain is an Ethereum Virtual Machine (EVM)-compatible blockchain that runs in parallel with the Binance Chain that enables smart contracts.
The Binance Smart Chain connects seamlessly with many familiar tools and infrastructure used by Ethereum developers to enhance user experience, security, and scalability.
By being EVM-compatible and connecting with existing Ethereum development tools, decentralized application (DApp) creation on the Binance Smart Chain becomes a walk in the park for an Ethereum DApp developer.
Reasons For Building On Binance Smart Chain
Interoperability and Cross Chain Swaps ♻️
Utilizing the native Binance Swap Liberty Community plans to offer users the ability to swap chains to list NFTs across various platforms. This would also have the added benefit of allowing greater liquidity preferences for creators and buyers looking to access NFTs across different CEX and DEXs.
Building the OpenSea on Binance Smart Chain 📖
OpeanSea acts as the backbone of the Ethereum NFT marketplace. Platforms like Rarible pull data directly from the OpenSea API.
Liberty Community plans on building a similar BSC NFT API allowing new platforms to easily pull from our data sources and list NFTs across multiple platforms. Currently there are no NFT APIs available on the Binance Smart Chain.
This will allow wallet providers to “list” NFTs on their native Dapp using whitelabelled Liberty data. Liberty Coins are required to be staked in order to pull data from our system.
The Liberty Coin NFT Porject
This Is Exactly All The Reasons Why We Decided To Bring Our Own Change To The Defi Space By Bring An NFT Platform Which Centers Around Free Thinking Creators.
The Liberty Community Is A Comunity Driven Decentralized NFT Minting DApp And Marketplace For Free Thinking Creators Like Music Artists, Creative Designers, Futuristic Designers And Architects To Showcase And Mint Their Brain Works As NFTs And Make Money Off IT.
Our NFT Minting App And Marketplace Is Already In The Works And Development Is Almost Done!
We Decided To Give The General Public The Limited Opportunity To Grab The $LCOIN Token During Our Initial Token Pre-Sale Taking Place On Bounce Before The Token Will Be Officially Listed Which Will See The Price Jumping As We Have Seen In The Past.