The adventure in cryptocurrency is getting interesting day by day, as it grows wings to what is called NFT (Non-Fungible Token). Due to the efficacy of it In recent times. Non-fungible tokens, has started taking charge in the market, and major investor has reckoned with it; from a different angle such as music, and art to tacos and toilet paper.
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WHAT IS NFT?
NFT is a digital asset that uses a symbol to represents real-world art or objects like in-games item, music, and videos. In most cases, they are usually bought online in which Social NFT is also on the Marketplace.
HOW DOES AN NFT WORK?
Non-Fungible Token uses blockchain through public ledger to records transactions, in which most time they can be either Ethereum Blockchain or Binance Smart Chain Network.
However, Nft are mostly originated from:
• Videos and sports highlights
• Collectibles
• Virtual avatars and video game skins
• Designer sneakers
• Music
• Art
• GIFs
From the above, a product cannot exist without a readily available market; however, there has been a lot of market for NFT, Such as
OpenSea Market: This is a point that allows various buyers and sellers to meet in a platform for the exchange of the product in a peer-to-peer form.
• Rarible Market: this market is similar to the Open-sea but in this platform, every Nft is sold according to the rules of the platform.
• Foundation: in this arrangement owner, artists must make sure they receive “upvotes” or an invitation from their contemporary creators to post their art.
however, The investors and creators are not still satisfied with the effort of the above-listed market, because their level of security and turnover is the priority of both buyer and seller are still yet to be met in the above different listed marketplace. Here is the Solution Social NFT.
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WHAT IS SOCIAL NFT?
SOCIAL NFT Marketplace is a platform for social media users to create their own NFT’s (non-Fungible tokens) of their items or images of choice and sell them on the platform. Its users have the access to add single or multiple items on the marketplace to sell. Every Social NFT Users, that have the intention to purchase on the platform have to register. The exciting thing is that all transactions on the SOCIAL NFT platform are conducted using the SNFT token which serves as a utility token in the platform.
FEATURES AND FUNCTIONALITY
• Decentralized and non-permissible: The Framework of SNFT is designed to maximize the benefit (and minimize risks) of digital asset ownership and trading. SNFT core technologies depend strictly on the blockchain, automated smart contracts.
• Blockchain Protocol: the protocol used by SNFT is the Binance blockchain protocol, with its native token named SNFT. And It enjoys the security advantage of the entire Binance network, by avoiding the possibility of a consensus attack.
• Less Costly Fee Exposure: SNFT charges are applicable like application usage fees for NFT, the creation and listing, trade execution, NFT auctions, and network fees.
• Management governance: The SNFT allows its major users to be in management and governance in other to seamlessly amend the basic protocol and change important framework measures to meet the changing needs of its environment.
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SNFT USAGE
The SNFT token can be used in seven main ways:
• Network Fees — SNFT is the major base digital currency for paying the transaction charges Social NFT platform
• Governance: The SNFT token is often used to vote. i.e every SNFT token holder can participate in the decision-making process which makes it democratic.
• Payment: The general acceptable fund for exchangeable counter digital currency is SNFT for all trades on the Marketplace.
• Fees: Fees for the NFT Marketplace applications, including listing fees are paid with SNFT Token.
• Rewards: SNFT Rewards are distributed and denominated in SNFT tokens.
• Membership: SNFT users and token holders would enjoy other rights and protections within the ecosystem, which non-holders will not have access to.
CONCLUSION:
SOCIAL NFT Marketplace is revolutionizing the NFT industry by allowing social media users and businesses to create NFT and earn passive income from their image.
Read More:
Website: https://socialnft.market/
Twitter: https://twitter.com/NftSocial?s=20
Instagram: https://www.instagram.com/social.nft.marketplace/
Telegram Chat: https://t.me/SocialNFT
Youtube: https://www.youtube.com/channel/UCAAV_8YwHqTqQgmK3z5jmcw
Medium: socialnft.medium.com
White paper: https://socialnft.market/whitepaper.pdf
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