What is AN NFT AND WHAT MAKES THEM SO SPECIAL?

Non-fungible tokens (NFTs) are crypto assets that are indivisible and unique, creating digital scarcity. NFTs initially launched on Ethereum, using the ERC-721 token standard, but are now available on a number of other blockchains. They have many use cases, including digital collectibles, music, artwork and in-game assets.

Non-fungible tokens contain identifying information recorded in their smart contracts. It’s this information that makes each NFT different and as such, they cannot be directly replaced by another token; each NFT carries within it unique attributes separating it from all other NFTs in existence. They cannot be swapped like for like, as no two are alike. Banknotes, in contrast, can be simply exchanged one for another, if they are the same value, there is no difference to the holder.

Bitcoin is a fungible token. You can send someone one Bitcoin and they can send one back, it would still be one Bitcoin. The value might change depending on the time between exchanging Bitcoin, but it's essentially the same. You can also send or receive any part of a Bitcoin, measured in satoshis, as fungible tokens are divisible.

Non-fungible tokens are not divisible, in the same way as you cannot send someone part of a concert ticket. Part of a concert ticket wouldn’t be worth anything on its own and would not be redeemable. The unique information of a non-fungible token is stored in its smart contract and immutably recorded on the token’s blockchain.

Non-fungible tokens have unique attributes; they are usually linked to a specific asset. They can be used to prove the ownership of digital items like high-quality audio files right down to the ownership of physical assets. Other tokens are fungible, in the same way as coins or banknotes. Fungible tokens are identical, they have the same attributes and value when exchanged.

How are non-fungible tokens used?

NFTs can be used for digital assets that need to be differentiated from each other in order to prove their value, or scarcity. They can represent everything from virtual land parcels to artworks, to ownership licenses.

Non-fungible tokens are not traded on standard cryptocurrency exchanges, instead they are bought or sold on digital marketplaces like Ghostmarket or Decentraland’s LAND marketplace.

Non-fungible tokens and their smart contracts allow for detailed attributes to be added, like the identity of the owner, rich metadata, or secure file links. The potent of non-fungible tokens to immutably prove digital ownership is an important progression for an increasingly digital world. They could see blockchain’s promise of trustless security applied to the ownership or exchange of almost any asset.

As is the challenge of blockchain to date, non-fungible tokens, their protocols and smart contract technology is still being developed. Creating decentralized applications and platforms for the management and creation of non-fungible tokens is still relatively complicated. There is also the challenge of creating a standard. Blockchain development is fragmented, many developers are working on their own projects. To be successful there may need to be unified protocols and interoperability.

HOW DO I BUY AN NFT?

Non-fungible tokens can be purchased on a huge number of NFT marketplaces, including GhostMarket, OpenSea, and Rarible.

Here's how to get your digital hands on some of my NFT releases using GhostMarket:

  1. Purchase SOUL tokens via UniSwap or any of your favorite crypto exchanges
    (Alternatively, you can convert BTC or ETH to SOUL)

  2. Head over to ghostmarket.io to setup an account and connect your wallet

  3. Search Ghostmarket for “Danny Grooves” to find all my available tokens.

  4. Confirm wallet address and purchase

For a more in-depth instructional guide on how to purchase SOUL tokens and get started, click here

HOW DO I ENSURE
MY NFT IS AUTHENTIC?

There are currently several ways you can confirm your tokens authenticity thru the platform where it was purchased.
You can alternatively verify your token’s legitimacy here by following over to the NFT Authenticator.

MY NFT PROMISE

All tokens minted and listed here on my website will include exclusive material not available anywhere else.
It is my mission to encapsulate rare musical works in these tokens as an investment in ownership of limited edition audio & art.
Lossless master audio assets within these NFT’s will be kept unique to their respective blockchains FOREVER.

Many DG NFT’s will be 1 of 1 releases (meaning only one person can own them at a time) but many will be multiple token offerings too.

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