NFT - Non-Fungible Token
NFT represents something that is unique in Bit.Country, here are the following use cases of NFT
Users can mint unique collections and items such as digital arts. Because an NFT allows joint ownership, owners of an NFT can request supporters for the asset. The supporters concept will reflect the popularity of it.
Existing entities on Bit.Country can be minted as an NFT for trading and ownership transfer purposes. For instance, the owner of a metaverse can create an NFT that acts as the title of the entire metaverse, the owner of the NFT can then claim the ownership.
NFTs can be displayed inside the virtual world on pre-defined slots. Users can utilize land features to promote their digital assets. Here are some examples of promotion methods:
- Display NFT on advertisable slots. Airdrop tokens near the NFT on display.
- Attach NFT to smart assets, which have attractive activities.
NFTs can be traded on the marketplace, which is in fact a decentralized auction platform. All transactions and escrow services are implemented on-chain, thus, trades are trustless.
The NFT community is facing a problem with high gas fees on some of the most popular blockchains i.e. Ethereum.
The ultimate solution for this problem is to create an NFT friendly blockchain that supports different mechanisms for charging gas fees.
Because Bit.Country Chain is a substrate-based chain, dynamic gas fees are programmable. Here are some of the considerations,
NFT trading gas fees can be waived by utilizing membership features on the Bit.Country platform.
The gas fee can be adjusted by the number of NFT supporters and the trader’s reputation.