CyberKongz is usually cited as the first NFT collection with “utility” — that is, https://tegro.io/ artwork that does more than just be art. Initially, the collection consisted of 1,000 “genesis” Kongz. These generated 10 $BANANA (a cryptocurrency) per day. In case you owned two Kongz and 600 $BANANA, you would breed these NFTs to create a BabyKong. (In the trio above, the center NFT is a BabyKong whereas the left and proper NFTs are Genesis Kongz.)
If this doesn’t make sense to you, you are not alone – but this is precisely what happened with TON (the mine), its buyers, and Grams (the gold). A decide used this reasoning to rule that individuals should not be allowed to buy or sell Grams like they should purchase or sell Bitcoins.
Because the scope of human exercise has expanded, so have ways to track and synchronize data. Last century, info turned (primarily) digital and our collective ledgers moved from paper to computers. This opened up many new potentialities, and databases-programs of enhanced, interrelated, electronic ledgers-have been invented to harness the facility of this new paradigm. Information was immediately searchable, sortable, shareable, and transportable.
Buying and selling on OpenSea happens by way of a smart contract, which means that no central authority ever holds custody of your items. As an alternative, users store items in their wallet of choice – whether that’s a mobile wallet like Coinbase Wallet or Opera Contact or an in-browser chrome extension like MetaMask. This gives transparency, security and provides better recognition for the creator’s work, because of the immutability of the trade.