NFT Basics

What Are NFT's

NFTs, or non-fungible tokens, are unique digital assets residing on the blockchain, which can take the form of various types of media, from music and text to the most popular, digital art. Functioning in a similar manner to cryptocurrencies, NFTs can be bought, sold, and traded, though due to their non-fungible properties they are not interchangeable, and retain their own unique value, depending on rarity, aesthetics, and other factors and sentiments.

As a result of their utilization of DLT and its benefits, NFTs have grown in popularity by providing verifiable ownership and distinct on-chain utility, in addition to their highly speculative nature - propagated by the inherent scarcity of each.

Because of their gamified appearance and community-building qualities, it is believed that NFTs will play an increasingly important role in on-boarding new users to cryptocurrency in general, but DeFi more specifically, where they allow for yield-generation, and other decentralized finance activities.

🤖pageGeobot Earn

NFT's like the Geobots are much more than awesome artwork, and provide verifiable and on-going benefits to all holders!

Characteristics of NFT's

Indivisible - Meaning they are non-fungible and cannot be divided into smaller pieces (excepting FNFT's)

Scarcity - Similar to traditional art, limited supply ensures scarcity. Scarcity is proven and verifiable on the blockchain.

Proven Ownership - Owners of an NFT control that asset in the same way as any other blockchain based asset/cryptocurrency. Owners are free to transfer the digital asset at any point, or place it on a market for other buyers, at which point the new owner would have proven ownership.

Unique - All NFTs are unique, and verifiably so.

Provably Authentic - Metadata of each NFT ensures a certificate of authenticity on-chain.

Digital - As a digital asset residing on the blockchain, NFTs can be bought, sold, and transferred by anyone, at any time. This also ensures their immutability, meaning the data cannot simply be erased.

NFT's have seen massive popularity as PFP's, but their true power lies in the more complicated utility they provide, allowing for ownership rights, and passive earning!

NFT Basic Use-Cases

Digital Art Authenticity Of Real-World Assets (Luxury Brands etc...) DeFi Collateral Digital Identity Tokenization Of Real-World Assets (Such as land) Events & Ticketing Ownership Rights- Reward/Benefit Bearing Gaming

The utility of NFT's is a constantly expanding category, with their potential use-case being limited only by current tech and imagination. The Geobot collection for example, provides holders with ownership rights that include profit share from the Helix AMM, and future platforms in the Geometry ecosystem, ensuring their future value rises in-line with the protocol itself.