Blockchain gets niftyThe NFT Craze: another blockchain gold rush.

In the digital space, disruptive forces continue to proliferate and change the many ways processes and mechanisms operate especially in the economic and financial fields – brick-and-mortar businesses adapt eCommerce platforms, FinTechs offering specialized and new banking services, DeFi’s creating and innovating investment strategies and payment gateways.

Likewise, Bitcoin and altcoin’s are challenging the fiat as a medium of exchange and store of value, with cryptocurrency exchanges facilitating fiat and crypto trading, the tokenization of real-world assets that gave birth to a host of custody and data storage entities, and a plethora of other nascent infrastructure possibilities blockchain technology is bringing to the fore.

And there are no signs of stopping.

With the latest blockchain product hugging the headlines nowadays being non-fungible tokens.

What’s Nifty About an NFT?

An NFT, or non-fungible token, is a unique digital asset stored as a cryptographic unit of data on a blockchain’s digital ledger. Fancifully termed nifty, NFTs are representatives of anything authentic and valuable that man can rank as an investible collector’s item, beginning from photos, videos, audios, to collectibles such as cryptoart, sportscards, paintings, music, other artworks, etc. Being registered on a blockchain gives the owner proof of ownership while copyright must first be obtained by non-owners to possess a copy thereof.

As such and one-of-a-kind as they are, NFTs are not interchangeable and divisible (hence, non-fungible) unlike bitcoins to satoshis, or a dollar to a penny, which can be broken but still equal to another bitcoin or another dollar, and so, therefore, are fungible. From humble beginnings, NFTs were catapulted to mind-blowing proportions tripling their market value to over $250 million in 2020, and NFT spending rocketed to $200 million in Q1 of 2021 alone.

It enabled the tokenization of tangible, real-world assets by converting them to digital forms and virtually storing them together with pertinent data regarding ownership details, and the artist/creator’s signature which can be verified on a blockchain ledger.

Using Ethereum’s ERC-1155 standard that reduces transaction and storage costs, allows different NFTs to be batched into a single contract, thereby removing intermediaries. This makes an NFT identity unique and non-transferable, creating new markets in the process.

Use cases

A fully digital, NFT-based artwork entitled “Everydays – the First 5000 Days” created by Beeple was sold for a whopping US$69.3 million during an auction at Christie’s February 25-March 11, 2021. On sports collectibles, Dapper Labs’ NBA Top Shot sold a slam dunk NFT digital card featuring LeBron James was bought for $208,000 in February 2021. The blockchain-based company has been collaborating with NBA to be the sports organization’s marketplace for basketball highlight clips.

Music can also be tokenized via NFTs, just like the rock band Kings of Leon releasing their latest album, When You See Yourself, as an NFT. Other musicians are treading the same NFT path. The movie industry is technically challenged while exploring ways to also tokenize films as blockchain technology is structured for small files. a short motion picture, entitled “Claude Lanzmann: Spectres of the Shoah, was the first film to be minted as an NFT and auctioned through Rarible on March 2021.

Producers of Godzilla vs. Kong is set to release the film’s exclusive NFT collection on opening day. Fashion is in the NFT mix, too. Nike secured a patent to attach physical products to NFTs such as pairs of Nike shoes called CryptoKicks. Regarding gaming, Axie Infinity cashed in a single sale of $1.5 million for digital land titles where NFTs represented digital land plots that are user-controlled rather than by the developer.

Cryptokitties can very well be the most famous of them NFTs. In 2017, Cryptokitties was launched on Ethereum representing different digital cats with unique characters that reproduce kittens with their own unique attributes. In no time at all, Cryptokitties developed a fan base of nurturers willing to spend hundreds and thousands worth of ether, to the tune of $20 million on the first weeks of launch.

More serious implications of NFTs include real estate deals. The best part is that different tokens representing various NFTs like our above examples can be escrowed into a single contract.

Environmental Concerns

As controversial as the price tags that NFTs command is the intensive amount of electricity it consumes in buying and selling leaving carbon footprints that cause greenhouse gas emissions. NFT outlets are now looking for ways to address environmental concerns by using low carbon associated protocols compared to the energy-intensive Proof of Work consensus algorithm. Some NFT artists are even decided to pulling out their works to help address these concerns.

Breaking Barriers

As progress is an inevitable consequence of improving peoples’ lives, we at Xion Finance believe that the earth as our common home must not in every way be compromised just to give way to lifestyle modernities. Right now, we are taking a stand to protect our environment by choosing to partner with two reputable entities with whom we share a common vision – ForestNation and Unifty.io. through this partnership, reforestation NFTs have come to life.

Xion and ForestNation. ForestNation provides the platform to realize the environmental, social, and commercial goals of organizations and individuals by reforesting the planet and reconnecting with nature. Each time a reforestation NFT is purchased or redeemed on Unifty, OpenSea, and Rarible, your donation will go to denuded communities severely affected by deforestation. Tress of many kinds will be planted for this purpose.

The accumulated donation will fund the nursery that will house the tree seedlings for the first 6 to 9 months of growth. After that they will be transferred to the XION FOREST located in Tanzania and Haiti, thus, creating sustainable livelihoods – creating bright futures for children, creating leadership roles for women, and creating rich local economies. Details are expounded here at https://bit.ly/3b4tesR. About ForestNation: https://forestnation.com/

Xion and Unifty

Unifty is a multichain infrastructure platform for NFT creators and the digital creator system offering accessible and affordable no-code solutions to mint NFTs and enable functionality. By partnering with Unifty, we are able to create impactful NFT farms on the xDAI chain.

It does not only bring an increased APY on your staked WXDAI-XGT LP tokens but a 24-month constant APY on being a reforestation holder and ultimately planting trees on in the XION FOREST. Details are expounded here at https://bit.ly/3b4tesR. About Unifty: https://unifty.io/

Conclusion

There are no excuses that can be acceptable from any endeavor that leaves carbon footprints in the name of progress. We want a sustainable planet to thrive for the next generation and what a wonderful opportunity we have to be handed this responsibility given the fact that ideas, creativity, resources, and drive are about to carry us through to fruition.

But time is of the essence. And the time is now. We enjoin everyone to be part of a game-changing community with Earth Angel, Eco Warrior, Ethical Unicorn, and other forthcoming reforestation NFTs to be the very agents of change we want to see in the world.