Recently NFTs have gained huge traction in the market. We’ve heard about 12-year-olds making millions of dollars through NFTs. Now obviously it must not be because of their lemonade stands making profits. The UK-based12-year-old, Benyamin Ahmed, made millions through creating and selling his whale-based NFT collection called ‘Weird Whales’. This does make us think about what are NFTs and how is it that even 12-year-olds are making money out of them.
Let’s discuss what are NFTs.
NFTs were first introduced in 2012 as ‘Colored Coins’ which represented real-world assets on a Blockchain, NFT’s emergence at first was more of an experiment.
In 2014, a platform known as Counterparty built over the Bitcoin Blockchain overcame the limitations of Bitcoin’s scripting language which caused operational issues in creating NFTs, and became the key platform for administering NFTs but later it was replaced by Ethereum. Making Ethereum the go-to platform for issuing-NFTs.
CryptoPunks, the first marketplace for NFTs for digital art was launched on the Ethereum Blockchain in 2017, and then came the now most prominent NFT Marketplace, OpenSea. The CryptoKitties NFT collection – a set of unique virtual cats, played one of the biggest roles in taking NFTs mainstream. One of the cats in the CryptoKitties collection sold for $170,000 in 2018.
NFTs are Non Fungible Tokens, they are irreplaceable, for example, a Bitcoin can be traded for another Bitcoin which makes Bitcoin a fungible token but NFTs are non-fungible meaning they are one-of-a-kind trading cards that make them unique.
Non-fungible tokens are defined by their unique qualities thus making them unique and unexchangeable while Fungible tokens are defined by their value and can be exchanged for something holding the same value as them.
NFTs represent ownership of unique items by making it impossible to copy or paste a new NFT just like the original NFT by securing it through the Ethereum Blockchain. NFTs can only have one official owner at a time.
NFTs tokenize almost all real-world assets. Arts, Collectibles, and even real estate can be tokenized through NFTs.
Thus NFTs make sure that only the real owner has ownership rights over digital assets. NFTs have also made it easy for content creators to create their work from anywhere and have an access to a global market while making sure that their royalties are received directly by them.
To make it easier for content creators and artists to create and sell their digital while being able to cause a social impact the NFTs are leveraged and a platform called DoinGud is created.
What is DoinGud?
DoinGud aims to create a world where expressions of human creativity help in creating a better world and take us towards a better and brighter future.
DoinGud was created taking into account the challenges faced by artists and creators that including unstable financial situations, barriers to entry in such a competitive world of art, and unequal access to tools for creating the artwork or their desired content. The vast majority of the value generated through the content creator’s artwork is consumed by the existing marketplaces, social networks, and monopolistic centralized ecosystems.
The participants involved on these platforms – Creators, Collectors, Curators, and Social Causes have no other option besides using the pre-existing centralized and monopolistic tools for tracking transactions and authenticity, putting their brand image and reputation in the hand of others.
Keeping in mind the above problems and providing a solution DoinGud created an NFT ecosystem that focuses on inspiring creativity and positive social impact. They are the next-gen Web3 social media marketplace that will be community-owned and enable creators, curators, and brands to engage with one another while creating a meaningful social impact.
DoinGud is based on the Polygon (previously MATIC) Blockchain as it uses 99.9% less energy than Proof-of-Work Blockchains coupled with fast transactions, low-cost transaction fees, and Ethereum compatibility.
The DoinGud platform is cultivated on the basis of transparency and sustainability within the creator economy. It helps in creating sustainable streams of income while also facilitating charitable giving through NFT sales to social causes selected by the creator.
DoinGud allows users with zero prior experience in Blockchain or chain to participate in its ecosystem. With a simple email id, an account can be created on the platform. A pre-existing wallet can be used or a new wallet will be created for the user’s profile.
There are no minting fees or platform fees charged by DoinGud, creators receive almost 95% of their proceeds, and a minimum of 5% of the proceeds are donated to the charities supporting the cause selected by the creator.
Users can buy and trade the NFTs on the platform using their crypto assets or credit cards and as such, DoinGud is one of the first few platforms to accept credit cards for NFT-purchases enabling new users to make purchases hassle-free.
Creators can upload their creations on their profiles or directly upload them to the Curation Pool where curators, brands, and organizations can find their work and engage with them.
Social Causes can sign up on DoinGud and be a part of the eligible organizations in the ecosystem and creators can choose them to donate a portion of their proceeds.
A collector can discover new creations, support creators, collect limited edition works, generate positive impact, and more.
The social causes on the DoinGud platform are verified and the causes align with the 17 Sustainable Development Goals (SDGs) as outlined by the United Nations like hunger, poverty, gender equality, and women empowerment, health, water, and sanitation.
Collab between DoinGud and EPNS
DoinGud is created with the goal to create a social impact and empower the creator economy with a community-owned NFT ecosystem and a Social Media Marketplace. The platform focuses majorly on its community as it strives to create an ecosystem that is sustainable and transparent and to achieve this goal the collaboration between EPNS and DoinGud makes a lot of sense.
The DoinGud users can subscribe to the DoinGud Channel on the EPNS Protocol and receive a real-time push notifications directly to their linked digital wallets. Users will receive the following notifications with ease.
A. New NFT dropped.
B. Offer received on their NFT.
C. Outbid in an NFT auction.
D. Successful sale of their NFT.
E. Receipt of their proceeds.
EPNS and DoinGud together will make NFT trading easy while creating a social impact and making the world a better place.
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