A token of our appreciation: BTCV enters a new market
Currently, the three most popular letters in the crypto world are NFT, which stands for non-fungible token. Unlike some blockchain acronyms, this one went beyond the industry and has been adopted by popular culture. But what is an NFT? And what does it mean to be fungible or non-fungible? Don’t worry… the answers are coming.
What is a digital token?
Tokens are the children of assets, which are items that represent value. There are two types of assets, physical (property, gold, computing equipment) and non-physical (patents, trademarks, software). Tokens represent these assets, both physical and non-physical.
What is fungibility
But, as mentioned, there are two types of tokens, fungible and non-fungible. These terms might be new to you, but you can also think of them as “interchangeable” and “non-interchangeable”.
A Sony PlayStation is an interchangeable asset. When you order a console from a retailer, they send you one chosen at random from a warehouse. If the one you receive is faulty, you can exchange it for a carbon copy. This is how fungible tokens work.
However, the modifications you make to a character in a game are unique. From footwear and clothing to abilities and weaponry, each item is one-of-a-kind that cannot be divided or exchanged with equal value. This is how non-fungible tokens work.
Why so much hype?
You’ve probably heard a lot of talk about NFTs recently. The main reason for this is the influence of popular culture. Although there are many ways to utilize NFTs, creative entrepreneurs are leading the way. Many artists are now tokenizing their work, including Snoop Dogg, Grimes, and Steve Aoki.
In recent years, artists of every medium have been complaining about the depreciation of their work and their loss of earnings. For the music industry, file-sharing sites like Napster and LimeWire reduced album sales. Platforms like Google make it easier to illegally possess artwork. And torrent-sharing sites like Pirate Bay list everything from computer software to movies and boxsets.
NFTs return the power to the artists. From musical albums to digital art, a wide variety of products and services have been tokenized. Essentially, NFTs provide artists full control of their works and protect them from being exploited (by piracy or underrated usage). This, in turn, ensures the artist is appropriately paid.
But the possibilities are endless. NFTs now make it possible for gamers to own their characters, new maps and landscapes, and other in-game add-ons. Game developers are beginning to tokenize their in-game stores, turning imaginary credits into valuable cryptocurrencies.
Marketplaces like OpenSea and SuperRare are revolutionizing the world of collectibles. Cinephiles can now buy props and costumes that were used in their favorite movies. But if you’re a Star Wars fan looking for a stormtrooper suit, you’ll need deep pockets. Some collectibles sell for thousands of coins.
And the medical industry is beginning to utilize NFTs. The most recent example is the tokenization of human blood, making it easier to track and allocate donations.
The NFT market is one of the most dynamic ways of utilizing cryptocurrencies and blockchain tech.
The origins of NFTs in crypto
It all began with Ethereum, which was developed to give crypto enthusiasts new solutions and applications. Founded by Vitalik Buterin in 2015, the platform introduced smart contracts, decentralized applications, and token standards.
Ethereum’s tokens are primarily used with smart contracts. In fact, ERC-20 tokens are smart contracts that operate on the blockchain.
The first tokens were fungible, meaning they were all identical. ERC-20 introduced a standard for creating this type of token. But soon, users required more solutions. ERC-721 was the first unique token format, the beginning of NFTs. This token’s ID is a single, non-fungible index. But what if you need something more flexible? Well, ERC-1155 is the token for you. Its multi-token standard gives users more options for token configuration. Both ERC-721 and ERC-1155 are smart contracts used to create NFTs.
From entertainment to healthcare, crypto tokens continue to transform industries with exciting solutions. All forward-thinking cryptocurrencies are entering the token market. Bitcoin Vault (BTCV) is one such coin.
Bitcoin Vault enters the token market
Founded by Eyal Avramovich in 2019, BTCV is an innovative project focused on delivering enhanced security solutions. Since its inception, BTCV has transformed the industry with many groundbreaking initiatives, including transaction notifications, the 3-Key Security Solution, and reversible transactions.
The project’s roadmap for the future outlines the introduction of wrapped tokens (WBTCV), the development of DApps, and a fully integrated DeFi ecosystem. And now, BTCV is bringing the same energy and pioneering spirit to the marketplace for tokens.
Watch this space!
For more information about Bitcoin Vault, please visit our website:
and follow BTCV social media:
Telegram: https://t.me/Bitcoin_Vault
Twitter: https://twitter.com/vaultbitcoin
Facebook: https://www.facebook.com/bitcoinvaultofficial
