For the non-techno savvy – what are NFTs? In a nutshell: NFTs, or non-fungible tokens, are a unit of data stored on a digital ledger known as the blockchain. NFTs can be anything from photos, videos, audio, and other types of digital files. Cryptocurrencies such as bitcoin however are forms of fungible tokens whereby one can be exchanged for another.
NFTs have become an invaluable way for artists to prove authenticity. Each token is a unique and verifiable piece of their work and cannot be duplicated. You may think, “Surely anyone can copy a work of art and turn it into an NFT?” This is where the beauty of NFTs comes into play: the blockchain ledger records an individual NFT’s complete transaction history, so it can always be traced back to its original creator. NFTs have totally revolutionized digital assets, which is why they’re here to stay – creatives can charge royalties for their artworks and NFTs guarantee revenue, allowing them to monetize their digital creations like never before.
It’s no surprise NFTs are enjoying a huge surge in popularity. For the everyday consumer, there’s a gap in the NFT market for a platform that makes trading NFTs a simple, social, twenty-first century experience. SwapNFT is the answer: the first social media-style platform for creating, displaying, and trading your NFTs, completely focused on building up the social aspect and nurturing the NFT community – because trading cards is more fun with friends! Engage with other users and their content by following their accounts, liking, commenting, and bidding on their NFTs, and direct messaging them to discuss trades.
SwapNFT’s innovative features make it a cut above the rest. Learn more about individual NFTs with interactive “flip-cards”, where each NFT’s name, creator, and date minted on the blockchain appear on the reverse of the card. Discover new NFTs with the Tinder-style swipe and match feature, Swipe Swap, which recommends NFTs based on your interests – you’ll be notified when you’ve matched with another user and can choose to initiate a swap. Use the SwapNFT native governance token, SNFT, and get rewarded with staking incentives: the right to vote on major decisions and make suggestions on platform features. Finally, enjoy the peace of mind of its safe escrow system, which ensures all swaps are handled securely.
For creators, SwapNFT will seamlessly allow them to monetize their work through their built-in smart contracts. Whereas most existing NFT marketplaces tend to lock in creators by preventing them from earning royalties if they leave the platform. What’s the point of keeping your NFTs locked away in a crypto wallet? At SwapNFT, trading and engagement is actively encouraged. Store your NFTs in your secure SwapVault or display them in your MySwap profile, which acts as your personal museum – a fully customizable landing page for you to share your NFTs publicly with the entire community or privately with friends.
What’s more, SwapNFT aims to reduce its carbon footprint by implementing eco-friendly swaps on the platform. Its Proof of Stake (PoS) model will mean less energy is used to verify transactions, creating a more energy efficient eco-system for minting and trading NFTs. Each time a user mints an NFT on the platform, a percentage of SNFT tokens will be burned – this helps raise the value over time as the token becomes an increasingly scarce, deflationary asset. In this way, SNFT holders are incentivized to hold on to their SNFT tokens long term.
Crypto currencies have enjoyed a substantial boom over the past year, especially in Q1 of 2021. This tremendous surge in popularity has seen public figures such as billionaire entrepreneurs Mark Cuban and Gary Vaynerchuk trading NFTs, having previously been famous trading card enthusiasts. Twitter CEO Jack Dorsey, musicians Kings of Leon, Snoop Dogg, and most recently Eminem have also been racing to mint their own NFTs and get a slice of the action. With the blockchain space still geared at crypto-enthusiasts, it remains to be seen how crypto currencies such as bitcoin will be adopted in our day-to-day lives. SwapNFT will change this ideology, with NFTs being the number 1 adoption of blockchain technology. The “Instagram for NFTs”, SwapNFT will soon host some of your favorite creators. Find out more on their website and follow @SwapNFT on all social media platforms to stay updated on the SNFT coin launch (ICO).