Roseni, Estonia , Nov. 23, 2020 (GLOBE NEWSWIRE) -- The Non Fungible Token (NFT) market seemed to have ended with the creation of CryptoKitties in 2017, but this year they are witnessing a new golden age.
New projects and marketplaces are emerging also thanks to the explosion of DeFi and decentralized exchanges.
But let's take a step back.
What are NFTs?
Non-fungible tokens are essentially digital collectables based on blockchain.
Fungibility means that individual tokens are interchangeable and therefore indistinguishable from each other: Fungibility is a desirable property for a coin, regardless of whether it is fiat or cryptocurrency, as it allows it to be freely exchanged.
Non-fungible tokens, on the other hand, are unique, not interchangeable, and this characteristic gives each of them unique privileges within the gaming industry.
Novelties in the NFT sphere
What can we expect from NFTs in the future? A new revolution is coming thanks to augmented reality and a project called OVR.
According to IDC data, the AR sector will reach $137 billion in 2024.
OVR has launched some NFTs called OVRLands market, they are based on the ERC-721 standard and thus on the Ethereum blockchain. As the name suggests, each NFT is associated with a virtual land as if they were websites with different types of content: games, events, tourism, and so on, all in augmented reality.
There will be 1,660,954,464.11 of OVRLands to cover the whole globe. Each Land measures 300 square meters and has a hexagonal shape as the contact points between each hexagon are always lateral and have the same distance from the centre.
The IBCO of OVR
On November 30th this revolutionary project will make its own Initial Bonding Curve Offering. The price of OVR will be chosen following the Bancor Formula bonding curve and therefore the price will depend on the number of tokens in circulation.
This is one of the differences with ICOs, where token prices are determined arbitrarily by the project team.
IBCOs, in fact, resolve some of the problems of the by now older financing method: in fact, they address issues such as the lack of liquidity and the arbitrary decision of the price of the first tokens.