{"id":132618,"date":"2021-07-18T23:04:18","date_gmt":"2021-07-18T23:04:18","guid":{"rendered":"https:\/\/precoinnews.com\/?p=132618"},"modified":"2021-07-18T23:04:18","modified_gmt":"2021-07-18T23:04:18","slug":"nugenesis-smart-chain-now-on-mainnet","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/nugenesis-smart-chain-now-on-mainnet\/","title":{"rendered":"Nugenesis Smart Chain, Now on Mainnet"},"content":{"rendered":"

In economics jargon, a fungible token is an asset that can be exchanged on a one-for-one basis. Think of dollars or bitcoins \u2014 each one has the exact same value and can be traded freely. By contrast, a non-fungible object like an old house or a classic car, has its own distinct value.<\/strong><\/p>\n

Cross this notion with cryptocurrency technology known as the blockchain and you get NFTs. These are effectively digital certificates of authenticity that can be attached to digital art or, well, pretty much anything else that comes in digital form \u2014 audio files, video clips, animated stickers, this article you\u2019re reading.<\/p>\n

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NFTs confirm an item\u2019s ownership by recording the details on a digital ledger known as a blockchain, which is public and stored on computers across the internet, making it effectively impossible to lose or destroy.<\/p>\n

At the moment, these tokens are white-hot in the collecting world, where they\u2019re being used to solve a problem central to digital collectibles: how to claim ownership of something that can be easily and endlessly duplicated.<\/p>\n

One purpose of NFTs is that they can be used to trace an object\u2019s digital provenance, allowing a select few to prove ownership. In the broader picture, it\u2019s a way to create scarcity — albeit artificial \u2014 so that you can sell something for higher prices thanks to its scarcity.<\/p>\n

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\u201cAll the time, money and effort you spend in your digital life, you can create value for that,\u201d said Chicago fund manager Andrew Steinwold, who started an NFT fund in 2019. \u201cYou have property rights in the physical world. Why don\u2019t we have property rights in the digital world?\u201d<\/p>\n<\/blockquote>\n

Although Some NFT issuers give full copyrights to the buyer, others do not.\u00a0NuGenesis\u00a0Smart Chain NFT Systems ensure full copyrights are passed on to the buyer, from the seller.<\/p>\n

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