What is NFT, and how can YOU earn from it?
As we continuously make PrivacySwap suited for everyone, we announce our new feature, the NFT staking. With that, it is also worth discussing what NFT is and how you can earn from it.
NFT or non-fungible tokens, are digital tokens that act as an authentication certificate for a product such as digital arts, best shots from your favorite NBA scenes, games, and more. In addition, these tokens are generated using blockchain technology. Because it is built on cryptographic mathematics, this type of technology is almost unhackable.
Since cryptocurrency and blockchain technology plays a vital role in NFT, “crypto” has become the most common term when discussing NFTs. It has also become one of the trends lately, which became one of the main factors why cryptocurrency booms and trends today.
How did NFT start and, how is it today? Let’s find out.
Evolution of NFT
The concept of NFT has existed since mankind began to make unique ideas and creations. In 2012, the idea of “colored coins” became popular. These colored coins are not literal coins with a variety of colors on them. However, these are primarily about inserting a small amount of data that can assign uniqueness. The goal of colored coins is to create a unique token that can function as a conventional coin.
Following that, in 2014, the concept of a counterparty emerged. A counterparty is a peer-to-peer financial platform and an open-source, distributed internet protocol built on the bitcoin blockchain. The counterparty’s idea is to provide a mechanism for users to construct their own manner of trading transferable currency or assets.
After so, NFT games such as Cryptokitties started to emerge in 2017. Simply put, Cryptokitties is an Ethereum-based DeFi game. Its main gameplay entails purchasing two cats for 0.0008 ETH and allowing them to mate for a few seconds. Then, from an egg, another cat will hatch. Each cat will have a distinct characteristic or “cattribute” that is not interchangeable.
You can earn on Cryptokitties by selling, trading, or buying, or through the siring process (breeding). More NFT games have been introduced to the market these days. Games such as Axie Infinity used the concept of NFT and are widely used today.
On the other hand, NFT can also be arts, clips, or even tweets. In fact, Twitter co-founder Jack Dorsey decided to sell his first tweet, “just putting up my twttr,” as an NFT, posted on March 21, 2006. Dorsey received more than $2,915,835.47 for this tweet.
With the endless possibility of a greater yield, PrivacySwap is bringing NFT into the platform to provide more earnings to our users. We announced that our great migration would also come with NFT in which users will earn passively. Here’s how we do it.
NFT in PrivacySwap: how can you earn from it?
As a yield farming platform, it is shocking yet exciting to hear that we will bring NFT as one of our major offerings. However, NFT is already part of our growing roadmap, and we know that bringing this aspect will provide more sources of passive income to you. We already announced on our AMA how you could buy and earn from NFT, but we still want to discuss it with you.
There will be three tiers of NFT: silver, gold, and diamond. Tiers are differentiated by their prices. The silver tier will cost 0.18 BNB, gold will be 0.38 BNB, and the diamond tier will cost 0.8 BNB each. In addition, only 500 NFTs will be minted per tier.
Each NFT will provide income to holders as they provide additional APR once staked. Silver tiered NFT will give 10% additional APR, gold will provide0% and 50% for diamond-tiered NFTs. With that, PrivacySwap made investing bigger and better.
Moreover, other updates regarding NFTs will be posted on our official web pages and social media accounts, be sure to check to be updated.
The bottom line
The concept of NFT is extremely broad, and everyone must exercise caution when deciding which type of NFT platform to invest in. Nevertheless, PrivacySwap assures that everyone who possesses NFT will earn huge. We will also ensure that the concept won’t just stop by simply holding and staking your NFT to earn. We will assure to develop the usage of NFT so we can provide more income to you, PRVarmies.
Nevertheless, we will be having another AMA session this November 1st. This AMA will include all the updates regarding great migration, so make sure to join us to get updated.