NFT on Bitcoin
We tried Boom Wallet and it is a great experience. NFT’s have been the topic of conversation over the past year, and Boom has built an NFT platform on top of bitcoin powered by Stacks. We are going to write more about our tutorials and experiences when we use dapps, and we thought this is a great first step to educate ourselves and the community.
We have been wanting to try to build or use more dapps that could be interesting and for the first NFT we thought to ourselves, we should also give a couple away for free to stackers and other people in the stack community who have been there since day one.
“Companies that avoid risk-taking are unlikely to thrive and likely to lose talent, as employees across all age groups want to work for businesses committed to digital progress.” - MIT Sloan Management Review
Why is the NFT important?
Throughout the overall time, NFTs has gained much popularity across diverse industries and there are different reasons behind it. These non-fungible tokens also have amazing features as well that make it more attractive and significant when it comes to trading.
Digital representation
NFT tokens are the evolution over the simple cryptocurrency. Initially, crypto was too tempting for the millennial. Modern finance comprises a sophisticated loan system and trading transactions for assets. The transactions are done to shift the ownership of the product or assets to the buyer. NFTs are one step forward with the digital representation of real-world assets. The concept of unique identification for real-world objects is combined with tamper-proof smart contracts, which makes it a potential source of change.
What is NFT?
NFT (Non-Fungible Tokens) are real-world objects such as art, music, game items, and videos. NFTs are used with transactions done online, most promptly with cryptocurrency. These tokens are usually encoded with the underlying software.
In simple words, a Fungible asset denotes an item that has a great ability to be exchanged for some similar type of good or asset. Whereas Non-fungible assets are unique digital assets that can be tracked for ownership on the platform like Ethereum; it is mostly used by blockchain development companies.