So what exactly is an NFT? I’m sure a lot of our community members have been asking that question over the last few days. An NFT stands for a “Non-Fungible Token”, and is defined by Wikipedia as being “a unique and non-interchangeable unit of data stored on a blockchain, a form of digital ledger. NFTs can be associated with reproducible digital files such as photos, videos, and audio”.
The best way to think of an NFT is that you essentially own a digital asset, with proof of ownership living on the blockchain (publicly available to everyone in the world). As of now, prior to blockchain technology, every digital asset you cherished, whether that be a piece of artwork, or an in-game asset was held and controlled by the server host or IP holder. That cool skin you purchased for your profile and avatar? Well that was essentially licensed to you to use for your personal amusement. Blockchain changes that, by extending the ownership of a digital asset directly to you, with verifiable record of ownership that is publicly available to everyone in the world. This is a revolutionary concept and foundation to the crypto movement. People actually owning their digital lives? WOW! Don’t tell Facebook.
Now, you’ve probably seen or heard of CryptoPunks or Bored Ape Yacht Club (BAYC). These are monumental NFT projects that have changed the course of history, having exchanged hands thousands of times creating more than a billion dollars in volume. There’s simply no mistaking the iconic characters as you scroll through twitter profiles, serving as a quasi “cool kids” badge to the lucky few who have been able to secure their position in crypto history. If you were lucky enough to mint a BAYC in the early days (April 29, 2021), you would have minted one for the price of .08 ethereum (Roughly $260 USD at the time of publishing this, give or take a few dollars here and there). Today, less than a year after their launch date, BAYC is currently sitting at a floor price of 83 ethereum (Roughly $274,000), for a total return of 1,000x on your original investment. Insane right? Well, not entirely. Each BAYC is also associated with various rarities, making some more exclusive than others. The more rare the NFT you minted (it was all random), the higher the intrinsic value of the NFT — with one BAYC selling at a Sothebys auction for $3,408,000. Imagine that! A speculative purchase of $260 USD becoming worth a life-changing sum of money. Welcome to crypto.
I always find it amusing when people default to the argument that anyone in the world can screenshot or download your NFT. I equate the basis for this argument to the narrative that the “Internet is a fad” in the early 2,000’s. Take for example, you snap a picture of the Mona Lisa at the Louvree Museum. When you go home to upload to your Photo Album, you may own the picture you just took, but you most certainly do not own the Mona Lisa. If you take a picture of my house, do you own the house? Nope…
The ShibaDoge Doge Army NFT Project
Our goal with the Doge Army NFT project is to serve as an extension to our cryptocurrency and ecosystem of $SHIBDOGE. It is essentially an experiment in blending the audience of ERC20 investors with ERC721 investors. It’s quite surprising, but many people tend to stay in one lane (be it cryptocurrency investors or NFT investors). To me, they are one in the same. Our vision for the project is to create a broad ecosystem, encompassing all the areas of crypto, creating value for our community at every junction. That is why the founding team is so incredibly excited about the staking component of the NFTs. Much like our vision for the token which creates passive income through our 5% reflections, our NFTs will serve as an access token to earning additional $SHIBDOGE tokens just for holding. Unlike NFT projects that create a cryptocurrency on top of their NFT community, we took the opposite approach and brought our token holder community to the NFT space. By taking this approach, we hoped to give people tangible rewards that actually had exchangeable value from day 1. Our vision is to enable the opportunity for our NFT holders to stake as many NFTs as they so desire, multiplying their potential rewards in the form of $SHIBDOGE tokens. Those tokens can be used to exchange for ethereum, or can be held — compounding the rewards through our token reflections. It’s an interesting concept and I am personally curious to see how it impacts the lives of our community members. In addition to the staking, we intend to provide a number of different benefits for holders — which include private holder only access virtual events, early access to future NFT drops, and more. If you’re looking to mint your own Doge Army NFT, please visit our mint site: https://mint.realshibadoge.com. The public sale is available (at the time of publishing this) and each mint is .15 ethereum.
The NFT market is expected to become a multi-trillion dollar industry. Yes, you read that right — Trillion. In 2021, the NFT space eclipsed $41 billion dollars in what can only be seen as a total moonshot. Much of that has been focused around Art, albeit a surge of new developments are changing that. So how does a bunch of JPG files and MP4’s equate to something that will serve a trillion dollar industry? That’s where things get interesting. NFTs are are so much more than just JPG files. New industries are emerging while existing industries are being disrupted. Through the power of blockchain and smart contracts, we can essentially replace the need for 3rd party verifiable ownership. Think buying a house (it has officially been done before) without the need for an escrow company, title company, or even a real estate agent to coordinate the contracts. It all just works, seamlessly, with zero room for error. Crypto fundamentally changes everything about today’s processes, be it, entertainment, finance, logistics, social media, and more. As you are reading this, the world is changing right in front of our eyes.
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