What are Non-Fungible Tokens (NFT): Guide for Beginners

Emirex Group | Apr 21, 2021 5:03:48 PM

NFTs will be one of the major components of a modern global blockchain economy.

The NFT surge of the last year made artists and collectors so much money. Crypto assets called NFTs, or non-fungible tokens, have become prominent, with trades running into millions of dollars.

What are Non-Fungible Tokens (NFT)?

An NFT is a kind of cryptographic token that represents a unique property. NFTs are tokenized representations of digital or physical properties. They act in a blockchain network as verifiable evidence for legitimacy and possession. 

Non-fungible means are irreplaceable or not interchangeable. An NFT, unlike traditional coins such as Bitcoin, has a unique identifier that distinguishes it from other units, making it a valuable and authentic digital asset.

Decentralized applications (DApps) may use NFTs to create and distribute special digital items. Anyone can use NFTs to create and sell one-of-a-kind digital goods and collectibles, with blockchain technology verifying each item's authenticity.

You may create a non-fungible token out of art, property, images, icons, and almost everything else that has meaning and demand.

While NFTs can be exchanged in open markets it should be noted that each NFT has a unique value.

Storing ownership and identity data on the blockchain will improve data security and safety while allowing fast, fully decentralized transactions and control of these properties, potentially reducing volatility in financial systems. NFT normalization will allow unique assets to be shared more easily throughout frameworks with greater interoperability.

Where did they come from?

The current spike in NFTs popularity and interest is nostalgic to the phenomenon that was “CryptoKitties”, an Ethereum-based game that debuted in late 2017 which let users acquire and trade virtual cats. CryptoKitties gave birth to the vast growth of NFT development and adoption.

Where does one get an NFT?

NFTs are widely available on decentralized marketplaces such as OpenBazaar and Decentraland. They range from digital art to CryptoKitties and interactive clothing. There is also a myriad of playing cards, both fantasy and eSports-related.

They all have one flaw: the only real advantage of owning such a card is the ability to resell it for a profit later on. 

Regular NFT cards will appreciate, but you won't make any money until you sell them.

EmiSwap’s unique & exciting NFT Magic Cards

EmiSwap Magic Cards are digitally tradable cards that resemble Magic: The Gathering but are powered by blockchain.

You will, though, do a lot more with EmiSwap’s Magic Cards than with any other NFT on the market. Not only will you partake in tournaments, events, and trade with other players, you will also win swap rewards, free extra coins, and other gifts!

EmiSwap Magic Cards are astounding because they also have functional utility. When integrated with EmiSwap AMM DEX, Magic Cards let you earn more crypto through liquidity pooling, farming new cards, and winning free ESW tokens. Learn more.

Here are some of the superpowers that different Magic Cards can give you:

  • Cards with ESW bonus

You flip the card and immediately claim a bonus of “ex: 20 ESW”. The Higher the tier, the higher the maximum bonus.

  • X2 and X3 Cards

If you have 3 unflipped Rare cards and you need 2 more to complete a set of 5 and swap them for 1 Epic card, you can use an x2 card to substitute the 2 cards you're missing. An x3 card, if you’re missing 3 cards. Then you get your Epic card immediately.

  • Battle Cards

These are strong cards that allow you to compete in awesome Card Wars and gain valuable awards including very unique cards and even tokens.

  • Simple Cards

Since these cards are exquisite and unique, you can easily sell them on the market. They also have access to exclusive draws and member-only incentives.

  • Cards with Special Powers

Special powers allow you to make quicker and more effective EmiSwap activities. A collectible like this will slash the time it takes to get one card by 10%. If you invest in a weekly Liquidity Flash game, you could win an extra 10% on top from our liquidity pools. 

  • Mythic Cards

These are cards of outstanding significance, and only 5 will be issued each year. They have all of the powers of Battle and Collectible cards, including the abilities to increase revenue, gain access to all closed events, and play in competitions.

You now have a chance to get yourself a nice nifty because EmiSwap is giving away their Magic Cards to those who provide liquidity and help them cross every TVL liquidity milestone. The further you are when you add liquidity, the rarer the card you win.

If you’d like to read more on EmiSwap’s Magic NFT Cards, see this. If you’d like to win one, start pooling here!

What’s the next step?

NFTs have certainly had a massive impact on the way we perceive everything and property above all. Where the internet once was a badland for piracy and theft, now is a welcoming place for creators. Artists still think twice before online publishing, because there is no mechanism to guard their intellectual property, but now there is. The times are changing! NFTs will allow artists prosperity from their visionary art. NFT gave hope to projects that would have never seen the light of day be it not the curiosity and absolute madness of the internet. If you’re on the lookout for the next big thing, NFTs are it!

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