The arrival of NFTs into OKEx Exchange
Ignorance they say, is more expensive than literacy. Years back, I was lucky to get this NFT into my collectibles one time, and all long I had no idea I had such valuable until a friend who got same informed me about it and lectured me on how to get money out of this virtual gift. That was actually the first time I got to know about non-fungible tokens.
About NFTs
Non-fungible token (NFT) is a tokenized version of digital or real-world assets. It is a type of cryptographic token which represents a unique asset. These tokens are unique and cannot be interchanged with one another, they function as verifiable proofs of authenticity and ownership within a blockchain network. NFTs can be utilized by DApps to facilitate the creation and ownership of unique digital items and collectibles. It is important to note that the value of NFTs differ and they can be traded in open marketplaces that connect sellers with buyers
Diverse strategies have been invented to incorporate the issuance of NFTs, the prominent of all is ERC-721, a standard for the issuance and trading of non-fungible assets on Ethereum blockchain. Another which allows a single contract to contain both fungible and non-fungible tokens is ERC-1155. More so, the standardization of non-fungible tokens allows a higher degree of interoperability, this means that, unique assets can be easily transferred from one application to another.
NFTs can be applied to numerous fields, including digital identity, video games, license issuance, certificates, fine art and lots more. Not only that, but NFTs also allow partial ownership of items. Data privacy and integrity will be increased if ownership and identification data is stored on Blockchain. Also, the global economy and trade will become seamless if these assets are easily transferred and managed. With all these, we believe that NFTs have the potential to be one of the key components of a new digital economy powered by blockchain.
OKEx and NFTs
OKEx, a world-leading cryptocurrency exchange officially announced the two winning NFT tokens after an intensive analysis and voting by users. From a selection of six, including, Rarible (RARI), Whale (WHALE), Dego Finance (DEGO) and Bonk Token (BONK) — Aavegotchi (GHST) and Meme (MEME) cane out as the most prominent projects.
Meme (MEME) brings DeFi-style opportunities to it’s growing crypto collectible community. It is an experimental protocol that enhances some very exciting innovations in DeFi with crypto collectibles. This allows users to stake tokens and earn rewards by farming NFTs of limited edition created by the Meme team with the help of exclusive artists.
Aavegotchi (GHST) on the other hand, brings the concept of DeFi staking to NFT collectibles with its collection of Aavegotchis, which possess three attributes that determine their value and rarity: collateral stake, traits and wearables. Collateral stake enables these NFTs grow in value even as the amount in their escrow addresses increases with time. Traits include factors that influence their scarcity, like their performance in mini-games, and “wearables,” can be equipped to different Aavegotchis to make them more appealing and be of more value just like a sword or a backpack.
The CEO of OKEx, Jay Hao said that the team is glad to see that two such innovative and fun projects have come out as winners in the special voting round. He added that it’s refreshing to be reminded that not everything in the space has to be so serious and that they can push the limits of the technology in humorous and creative ways.
In conclusion, OKEx has listed the contest-winning NFTs MEME and GHST for spot trading on USDT and ETH pairs. Withdrawals of both tokens was made available on the 14th of October 2020. Hence, more trading options have been provided to users. OKEx keeps serving the space in a brilliant way.
Click on this link to start trading on OKEx Exchange
Happy trading!
