NFT on the Telos blockchain - AreaxNFT review

NFT on the Telos blockchain - AreaxNFT review

By Cryptotexty | TELOS | 22 Jan 2021


In case you still don't know, NFT stands for non-fungible tokens. In contrast with ordinary tokens, NFT tokens contain identifying information recorded in their smart contracts, which makes each NFT different and unable to be replaced by another token. The vast majority of NFTs are currently based on the Ethereum (ERC721 standard), but there are some also on WAX, Binance Smart Chain, NEO, TRON, Telos, and there will be soon NFTs on Cardano.

Telos team is preparing to sell the first-ever tranche of T-Bond NFTs, which lock up fungible tokens in a Marble-standard NFT until their maturity date and can be traded on secondary NFT markets until that date. So in this case the NFT has also a financial, fund-raising role. The sale will happen on AreaX NFT platform https://areaxnft.com/ and there are already enough different NFTs there to check them out.

This is how my NFT collection looks like. I bought several NFTs, even sold one in the marketplace. You can browse NFTs, buy them, sell and even create ones. To use the platform you'll need to login with your Telos account (by Anchor wallet, Scatter, SQRL, Wombat)

NFTs exist not only on different blockchains, but also on different standards at the same blockchain. For example, on Ethereum there are ERC721 and ERC1155 NFT standards, and on Telos there exist some other tokens than Marble.

Marble is an open-source token standard where contributions and improvements are welcomed by the community, and you can check it on github.

AreaXNFT is both the marketplace and creative studio for NFT. The whole process is as simple as possible, you basically need to input the basic information, confirm the transaction and that's it! You can create "NFT", "SET" and "BADGE". The prices are very small and affordable for everyone, it will be 2 TLOS for NFT ($0.07), 20 TLOS for SET ($0.67), and 100 TLOS for BADGE ($2.43). Please note that the prices might change significantly due to Telos rate, but even if you multiply this number by 100, this is still will be affordable, especially comparing with the NFT market potential, about which different experts like to speak.

For example, here you can see I'm selling Cryptotaxi NFT, this particular NFT has a tie to the real particular service like a taxi. I explained this in another article and right now as NFTs are in the early development stage, you might consider this more like an experiment. Because apart from my word, there is no other way to know if the physical service or even this car exists. But in the future, I foresee that there will be a bigger correlation between physical goods and services and NFTs (maybe with the help of smart-contracts, oracles, AI, IoT)

And here I made a digital version of the painting (you can see it on the left), which I commissioned to draw in early 2018. The painter is relatively famous as for the young artist, she had exhibitions, but of course, she is not mainstream. I told her which currencies to draw and called it "Cryptoessentialism" or "The Revelation of EOS", and now since. It was on a wall of my literature crypto bar where many artists came, but not so many people cared about it. So the bar went bankrupt, EOS-based token too, but the painting still exists. Of course, I can sell it as a physical painting, but now I created a digital version and called it "The Rise or Fall of EOS" because you - the viewers and the buyer of this art should decide it represents a rise or a fall. Yes, the price is not cheap, because who knows, maybe Dan Larimer will come to AreaX and will want to buy it.

So if you are interested in NFTs or just explore different blockchain applications - visit and try AreaxNFT https://areaxnft.com/


Cryptotexty
Cryptotexty

Student of cryptocurrencies and economics. Recently interested the most in Cardano and hope to add even minor value to the process of building future's financial system


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