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Non Fungible Token or commonly referred to as NFT has become a trend today that is in great demand by all circles, especially the younger generation. This Non Fungible Token can be used to transact all kinds of things, from the field of art to economics. In fact, it can usually be in the form of a food, toilet paper, digital assets such as paintings. This Non Fungible Token can also be said to be a "Bubble" by experts.
These experts think that the value of NFT will remain the same based on the exchange rate of the money. In fact, they can change the world of investment forever. For more details about this Non Fungible Token, you can understand and learn the article below. However, before continuing to the definition of NFT, you can download the GIC Mobile application on your mobile phone through the App Store or Play Store application.
Definition of Non Fungible Token (NFT)
In economics, a fungible asset is something with units that can be easily exchanged, an example of which is money. For example, you can exchange a banknote of Rp 20,000 for two Rp 10,000 bills of the same value. However, there is also something that cannot be exchanged. This means that the tools you exchange have unique properties so they cannot be exchanged with others. The tool in question can be in the form of a house, painting, or other items. You can take a photo of the painting or buy a print, but there will only be one of the original paintings.Non Fungible Tokens are the only assets in the digital world that can be bought and sold like any other property, but they cannot be owned in real form. This NFT is considered a digital token that is shaped like a certificate of ownership for virtual and physical assets. These NFT are usually traded online and are often paid for by cryptocurrency. Usually they will use code with basic software that is similar to other crypto assets. In terms of technology, this NFT uses blockchain-based technology but is different from bitcoin.
How Non Fungible Tokens Work
For those of you who are wondering how NFT themselves work, there is a way to work at the highest level, which is mostly part of the Ethereum blockchain. Ethereum is a cryptocurrency such as bitcoin and dogecoin with a blockchain that also supports this Non Fungible Token. Ethereum also stores additional information that makes it work differently than KTH coins for example. Please note that, other blockchains can implement their own versions of NFT as certain people already have. For how to transact, this NFT is still too complicated for early buyers.For example, in the purchase of artists' works made on Origin Known. There are many steps that must be done to be able to transfer the 'money' for the purchase of the artist's work. They had to transfer $20 worth of Ethereum cryptocurrency from the Coinbase cryptocurrency exchange to a digital wallet app called Rainbow. From there, they will connect Rainbow to Origin Known. They must then send $15 worth of Ethereum needed to purchase the artwork via Rainbow to Origin Known. After knowing how NFT work.
Advantages and Disadvantages of Non Fungible Tokens
In each of these transactions, there are certainly some profits and losses that are generated when transacting. Likewise with this Non Fungible Token, there are also advantages and disadvantages that it has.Advantages of Non Fungible Tokens
There are advantages to using NFTs themselves, namely:- Standardization means that every NFT creation has a standardization to be traded on the market. This standardization is usually applied in smart contracts or blockchains.
- Interoperability, with this blockchain technology, NFT created by developers can be traded on any NFT market, making it easier for developers to sell their NFT.
- Tradeability, because it has more value and rarity than NFTs, then NFT can be traded on the market with the expectation of storing NFT today and getting future value growth.
- Profitable liquidity for artists. Plus, if the artist is not well-known, it may be a bit difficult to sell his artwork through an art auction. But with this blockchain technology, the liquidity of artworks will be easier with an open market that trades NFT in it.
- Furthermore, there is immutability which has a copyright stipulation on the blockchain for its NFT, which makes NFT cannot be duplicated or replicated.
- And finally, there is programmability because the programming language that has been provided by smart contracts makes it easy for all people to create their NFT.
Disadvantages of Non Fungible Tokens
In addition to the advantages, there are certainly disadvantages from using this NFT. The disadvantages are:- The liquidity of these NFT can also affect the losses themselves. NFT are considered illiquid assets because anyone who buys NFT does not necessarily allow them to resell them.
- Overspeculation, due to the non-fungible nature of NFT, makes NFT very vulnerable. This happens because people set the price of NFT qualitatively, not quantitatively. The way to overcome this problem is to conduct an external evaluation. For example, in traditional art investments, collectors can evaluate the value of art by collecting external evaluation data such as artist archives, exhibition news, and auction results.
- Vulnerable to digital piracy and theft of artists' identities. Currently, NFT are still in the first stages of development as the mass use of new NFT increases in less than a year. In principle, NFT is just a simple mechanism in determining the ownership of a digital content.
- Storage issues that can cause losses. If someone buys an NFT from a specific marketplace, the purchased NFT will be stored in a wallet on that marketplace. There is no decentralized NFT storage mechanism. This creates a centralization problem, where hackers can manipulate users into handing over their credentials, then accessing our accounts.
List Non Fungible Token
There are various types of these NFTs. This time we will learn what is included in this Non Fungible Token. For those of you who want to invest or trade about this, it is hoped that you will continue to do research for each company. Examples of these NFT-based cryptocurrencies are:Axie Infinity
Axie Infinity is one of the Etherium (ETH) blockchain-based games with a non-fungible token (NFT) system. Axie Infinity can be done by making money by logging in to their official website by choosing the platform you will play on. After that, you have to buy three Axies to play. In addition, you also need to have 2 cryptos to be able to make purchases, namely MetaMask and Ronin Wallet.
If you want to buy Axie, you must log in using MetaMask and Ronin Wallet on the Axie Infinity marketplace. After buying, you can check your inventory if the Axie you bought has come in, so that the Axie can be used in the game. To get the money, you have to collect a token, namely Small Love Potion (SLP) which you can get when you play Axie Infinity.
Theta
Theta is a native blockchain that uses an open source protocol. This means that it allows developers and partners to build decentralized applications through networks such as Ethereum. Theta is also a peer-to-peer and decentralized video delivery network that offers various types of content such as e-sports, movies, TV series, and music. When users watch videos over these networks, some of their computing power is used to transmit the same video to other users. That way, the main user will get tokens as a reward.Decentraland
Decentraland is a virtual world and community where users can develop and own plots of land, artwork, and Non-Fungible-Tokens. Unlike most online games, players have direct control over the rules of the online world. The DAO allows token holders to vote directly on in-game and organizational policies.
Starting from the types of goods that are allowed, to investments for the DAO treasury. NFTs represent collectibles in the game including clothing, goods and virtual real estate in the game called LAND. Users can store these tokens in crypto wallets and sell them to other users on the Decentraland Marketplace. For example, to buy a new face mask, you need to have some MANA, which is Decentraland's native cryptocurrency.
Flow (Dapper Labs)
Flow is a blockchain designed for extensive scaling without the use of sharding techniques, by providing fast and low-cost transactions that make sense for dapps such as NFT marketplaces and crypto-infused video games. Flow is made in such a way that its smart contracts can be assembled in the same way as lego blocks put together. With these contract building blocks, developers can create dApps that can theoretically serve billions of people, with use cases that can serve the critical business needs of sports fans.Chiliz
Chiliz is a leading crypto asset specifically for sports and entertainment. A platform that supports the world's first blockchain-based fan engagement and rewards is Socios.com. Chiliz provides an opportunity for hundreds of millions of sports and esports fans to participate directly with their favorite teams. This CHZ token can be used to purchase Fan Tokens, which are tokens that can be used to represent support for well-known teams that have joined the Chiliz ecosystem. This CHZ token can also be used by users to buy Fan Tokens that play a role in decision-making through voting and polls conducted through the Socios application.Enjin Coin
Enjin coin is a crypto created by startup Enjin, which provides a gaming platform with more than 250 thousand gaming communities. In addition to crypto, the Enjin Coin project includes a series of software development kits that can be used by in-game developers and their respective communities. The application of blockchain technology in gaming helps lower high costs and prevent fraud related to digital object exchanges. Through Enjin Coin, a digital object in the game can be created using unique digital money, and then offered or purchased by other players who can re-cash the object. Every digital asset recorded on a single smart contract register is known by all Enjin Smart Wallets.The Sandbox
The Sandbox was created to disrupt the dominance of existing game developers such as Minecraft and Roblox. The difference is that The Sandbox gives ownership rights to the creations of its users in the games they develop with non-fungible-tokens. The Sandbox Metaverse is one of several blockchain-based virtual worlds that are trying to change the dynamics of the gaming market by rewarding creators for the value they generate through the content they create.Interestingly, users who want to participate in the Sandbox ecosystem don't need to have any coding or programming knowledge at all. This is because Sandbox already has tools that allow users to create and combine their ASSETS into the gaming world and the online world. Before continuing to the other NFT lists, to be able to consult with the GIC team about the trades you do. trading yang kalian lakukan.
Wax
Cryptocurrency wax is a marketplace for digital assets that serves more than 400 million online players who sell, buy, and collect in-game items. A series of blockchain-based tools allow people to trade digital or physical goods instantly and securely to anyone in the world. The WAX platform brings together a community of collectors and traders, buyers and sellers, creators and players, dApp creators, and even game developers. The WAX ecosystem has witnessed considerable growth due to the incorporation of the WAX token model, which is designed to ensure success in various aspects such as voting, staking, and rewards. Wax Staking Reward is a feature that encourages community participation as it allows users to vote and access rewards.Bakery Token
BakerySwap works ($BAKE) with the Binance Smart Chain (BSC) and combines the three hottest trends in cryptocurrency and yield farming in the blockchain space, NFT tokens, and the first DEX offering (IDO). The native token of Bakeryswap is referred to as the Bakery Token or BAKE and is earned by providing liquidity for asset pairs and assigning BAKE itself. Since it is a food-themed clone, liquidity pool tokens can be stored in donuts, waffles, rolls, croissants, lattes, and more. BakerySwap is the first AMM plus Non Fungible Token project on Binance Smart Chain.The original BAKE token can be used to create "food dishes" as a term for NFTs that can be used to rebreed BAKE. Each meal has a different bet multiplier and gets proportional rewards. Also, it can be exchanged for other Non Fungible Tokens and burned to get BAKED. The platform also has an NFT supermarket where artists can convert their artwork into Non Fungible Tokens and sell them during the coin creation process. Users can purchase artwork in supermarkets using BAKE tokens.
Origin Product
Origin Product is a digital distribution platform developed by Electronic Arts or EA such as FIFA 22, The Sims, Battlefield 2042, Star Wars JEDI, and others, to buy and play video games. There is also an Origin Access service that you can use as a subscription to try various EA games before they are released. You can also buy this origin coin through their official website. It should be noted for those of you who want to invest in this digital asset to remain cautious by continuing to do research and pay attention to every possibility that can happen when you want to buy the asset. After knowing every thing that has been discussed above, it is hoped that you will continue to find out about these things.GIC Verse
One of the best Indonesian NFT Marketplaces is GIC Verse and this is the latest NFT ecosystem launched by GIC by presenting NFT collections that not only have artistic/aesthetic value, but are also supported by real assets that generate dividends or income on a regular basis.
Why Buy GIC Verse NFT?
The GIC Verse NFT is one of the breakthrough products from GIC. NFT GIC Verse presents a series of artworks in the form of NFT that not only have aesthetic value, but also provide ownership of the Marketmaker account in GIC that generates potential profits from traders' transaction results.
How GIC Verse NFT Work
- Monthly Dividend Distribution: 80%
- Each NFT Owner is entitled to dividend distribution based on NFT Type to Pool
- The difference in the percentage of the divide from each NFT will be automatically added to the Pool. The Dividend Pool will be distributed to 3 unique NFTs.
- By buying an NFT, you will automatically become a Market Maker on GIC
- Dividend pool is distributed every month
Keuntungan NFT GIC Verse
- Dapat dimiliki dan jualbelikan kembali GIC Verse dengan harga bervariatif
- Dapatkan return dari NFT GIC. Setiap tingkatan mempunyai benefit berbeda.
- Setiap tipe NFT berbeda dan unik serta memiliki stock yang terbatas
- Dengan membeli NFT, secara otomatis akan menjadi Market Maker di GIC
- Dapatkan return income di setiap bulannya dari menjadi Market Maker
How to Buy GIC Verse NFT via GIC App
- Download the GIC Application via the App store and Google play store and Register an Account
- Open the GIC Verse Menu and Top up the balance
- Choose NFT Account Type
- Make a Payment and Unlock Your NFT gacha
- Your NFT is available and can be viewed in the MY NFT menu
How to Buy GIC Verse NFT via Legionswap.com
- Open Legionswap.com
- Then, select Connect Wallet, choose which wallet you want to use
- Next click on 'Buy Legion'
- Then, choose which NFT Account Type you want to buy
- Next, click 'Buy Now'
