What is a NFT?
NFT stands for non-fungible token. To understand what this means, let's start with a simple explanation of what a fungible token is. Fungible tokens include things like currency or Bitcoin. For example, if you trade a $10 bill for another $10 bill, you get the same value, even though it is not the same exact $10 bill. This is called fungibility, and it's an important part of what makes currencies work. A non-fungible token (NFT) is different! It is a special kind of token that represents something unique such as a collectible. Each individual NFT has its own distinct value because the asset it represents is one-of-a-kind and has peculiar qualities like rarity, age, creator, edition, etc. For example, a card from a TCG (Trading Card Game). Even though there might multiple versions of the same card, each one can have its own value based on its peculiar qualities, like the examples mentioned above.
There are many kinds of assets that can be represented by NFTs. Among them are art, music, collectibles, real estate, and much more. We're excited to see all the different uses for NFTs that will emerge on LUXY.
These digital assets can be designed to be scarce or abundant and to have properties and values adding a rarity concept to items inside a collection. Ownership can also be traced by following all the transaction data on the blockchain.
In the LUXY Marketplace, you can check the NFTs in the cards that are displayed on the Explore sections or on the NFT page itself:
Each card displays:
- 1.Collection to which the NFT belongs
- 2.Cover Image
- 3.NFT Balance
- 5.Name of the NFT
- 6.The lower price you can buy instantly
- 7.Highest Offer
On the NFT page you can:
You can check the file name, royalties, editions description, who minted, and current owners.
At the Info button, you can check the additional information regarding contract address, metadata, and, royalties distribution.
On the NFT History you can check the following events:
- Offers: All the offers made on LUXY for the NFT
- Sales: Information about all the sales completed using LUXY Marketplace
- Transfers: All the transfers that happened to the NFT since added to LUXY (whenever a sale is completed on LUXY or any other non custodial marketplaces the NFT ownership transfers from user to user and a tranfer event is recorded)
- Mint: When the NFT was minted
When you own the NFT