What Are NFT’s? Why We Are Building On The Binance Smart Chain
What is an NFT? And Why is there so much buzz around it?
The non-fungible token (NFT) market is pretty wild now as More and more artists, musicians, influencers, and brands are cashing in on the new unique digital collectibles craze.
What are NFTs?
The word Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin or even BNB is fungible — trade one for another bitcoin or so, and you’ll have exactly the same thing.
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.
For example You gave up a Squirtle, and got a 1909 T206 Honus Wagner, which StadiumTalk calls “the Mona Lisa of baseball cards.” (I’ll take their word for it.)
AT A More Sophisticated Level most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently from, say, an ETH coin.
It is worth noting that we are one of the very few BSC projects that are building on the BINANCE Smart Chain known for being robust and charges less gas fees unlike the Ethereum blockchain.
Why Are NFTs So Valuable?
NFTs are digital assets that represent a virtual or physical asset in the form of a unique token with verifiable proof of ownership.
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 ARTDECO 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.
ARTDECO 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 ARTDECO data. ARTDECO are required to be staked in order to pull data from our system.
What is Art Deco?
Art Deco is a decentralized Marketplace where you can mint and sell works as NFTs on an online marketplace built on blockchain technology.
ARTDECO was inspired by Elon’s latest tweet, and the pressing need to develop a decentralized community for Art Lovers.
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