You said NFTs?
The term ‘non-fungible’ is usually used in economics to denote the possession of unique objects and to describe things that cannot be replaced by others because they have a set of unique properties.
A ‘token’ as a unit of account is a record in a distributed blockchain that is controlled by a computer algorithm of a smart contract, in which the values of the balances on the accounts of token holders are recorded, making it possible to transfer them from one wallet to another.
Non-fungible tokens (NFTs) refer to cryptographic tokens that represent digital files, images, audio, video, videogame collectibles, and other creative products. Unlike cryptocurrency, which requires all tokens to be identical, each NFT is unique or limited in quantity.
What’s worth picking up at the NFT supermarket?
I’m an artist.
NFTs gives artists a way to sell artworks that there otherwise might not be much of a market for. Come up with anything digital (such as drawings, music, even your brain downloaded and turned into an AI).
I’m a buyer.
One of the obvious benefits of buying art is it lets you financially support artists you like, and that’s true with NFTs . Buying an NFT also are bragging rights that you own the art, with a blockchain entry to back it up.
I’m a Collector.
Technically anything digital could be sold as an NTS and they can work like any other speculative asset, where you buy it and hope that the value of it goes up one day, so you can sell it for a profit.
How have NFT to do with Tory Lanez?
Tory Lanez the rap canadian superstar has generated more than $400,000 in initial gross sales and resales through NFTs. The tokens were collected by more than 300 fans – each of whom purchased artwork paired with one of three tracks.
Collectors of all 3 Tory Lanez NFTs, “Lady of Neptune,” “Distance,” and “Y.D.L.R”, gained access to special perks directly from the rapper. These perks include an exclusive virtual meet and greet, an unreleased track and signed merchandise from the artist
Only 1 million albums were available starting at 5 p.m. ET on Tuesday (Aug. 10). Additionally, Fans were able to pre-order e-NFTS for $1, which included 7 new songs and 7 art pieces – all streaming exclusively via the E-NFT platform and app. Apparently, these are the only copies releasing.
SugarFactorybsc, The Future of Art & Digital.
Decentralized finance brings numerous benefits when compared to traditional financial services. Through the use of smart contracts and distributed systems, deploying a financial application or product becomes much less complex and secure. The DeFi movement is shifting traditional financial products to the open source and decentralized world, which removes the need for intermediaries, reduces overall costs, and greatly improves security.
It may be difficult to get our heads around the industry’s margins but NFTs are slowly integrating into everyday life. Their potential to “cut out the middle man” is extremely positive for a music industry that is struggling to stay monetized. One of our strategic visions within Sugar Factory is to create monetary incentives for the most committed and motivated artists/creators.
Increasingly, technology is changing how people create music and consume music. Nowadays, songwriters can record and release albums without ever landing a record deal and if your name is Tory Lanez a lifetime of work can be attained in 57 seconds- Apparently!
On top of our upcoming NFT marketplace, We created the SugarFuel Token a deflationary currency on the ecosystem of the Binance Smart Chain. There will be no more SuGarFuel Token in circulation than there is now (10 Billions). Every time a transaction takes place with $SGFuel, 3.5% of the transaction is to be distributed among every $SGFuel holders while another 4.5% of that transaction is automatically added to liquidity pool. This auto-generating liquidity protocol generate by static farming means every time $SGFuel is trade, the value of the remaining $SGFuel in circulation is increased by simultaneously decreasing the supply (deflation), while also distributing $SGFuel to everyone using and HODLing the token. As more transactions take place in our network, the individual net-worth of all who own a piece of the network increases as well.
Tha Doge Pound.