The fascinating universe of NFTs!
What is an NFT?
An NFT or a non-fungible token is a digital asset created on blockchain technology that represents real-world objects like art, music, videos or in-game items such as unique avatars.
Now let’s talk a little bit about the “fungible” term. What does it stand for? When you refer to an asset as being fungible it means that it can be traded or exchanged with another and they’re also equal in value.
Physical money and cryptocurrencies are fungible. For example: one dollar is always worth another dollar, one Ethereum is always equal to another Ethereum. The fact that cryptocurrencies are fungible makes them a trusted means of doing transactions on the blockchain.
With NFTs is a totally different story! Each digital asset has a unique signature that makes it impossible for NFTs to be exchanged for or equal to another one, making them non-fungible.
NFTs are created on a blockchain, that is a decentralized public ledger which records transactions. The most popular blockchain for NFTs is Ethereum, although other blockchains support them as well.
An NFT is created or “minted” (you already know what is an NFT so it’s time to act like a connoisseur) from various items such as: videos, graphic art, collectibles, music, GIFs, virtual avatars etc. Long story short, an artist creates a work of art and using blockchain technology he can sell it directly to the consumer as an NFT. Another benefit for artists is that they can program royalties so they’ll receive a percentage of sales whenever their art is sold to a new owner.
If you are wondering how to buy an NFT, well it’s simple: all you need is a digital wallet that allows you to store NFTs and cryptocurrencies.
DeFI Yield Protocol presents Cats and Watches Society (CAWS) — a collection of NFTs like no other.
CAWS is a unique collection of cat NFTs created from over 235 different traits. These funky cats have different outfits, expressions and most importantly, an expensive watch to complete the picture. And this is only the beginning.
Team DYP went beyond all you can imagine to make from these unique icons, that will be minted on the Ethereum blockchain, more than a simple NFT.
We created a special benefits system in which every owner of CAWS will receive 10% from minting fees and different benefits from CAWS staking pool.
And that’s not all.
Sit down, because the surprises keep on coming. CAWS NFT will be your ticket to the Metaverse platform of DeFi Yield Protocol. You will be able to use your cat as an avatar and navigate the platform, collect the rewards from your account or stake your crypto.
Another cool feature for your NFT will be a VR play-to-earn game where you will be able to use your NFT character in the game as a companion that will give you all kinds of superpowers and benefits available only to those that have a CAWS NFT.
And all this will be possible while your NFT will be staked in the CAWS staking pool.
If you think that the DYP team has stopped here, well think again. After the minting date, which will be on April 13th, we prepared two more surprises.
One is that after you purchase a CAWS NFT you will be able to mint an additional standalone watch NFT for free. These free NFTs will provide extra future benefits for the CAWS holders as well.
And another one is the Special $150k Giveaway that we will organize. You will have the chance of winning one of 5 brand new Rolex Watches: Rolex Daytona Black Dial Ceramic 116500LN, Rolex Submariner Date 40mm 116610LN, Rolex Yacht-Master 40 Steel/Platinum Blue 126622, Rolex Air King Steel Black Dial 116900 and the grand prize will be a Rolex Daytona White Panda Dial Ceramic 116500LN worth $63K.
So… the only thing that remains to be said is that DeFi Yield Protocol is becoming a complex ecosystem with endless possibilities like staking, yield farming, their own launchpad, NFTs, metaverse platform and a VR play-to-earn game.