24 October 2022
The NFT Your Life project is a transactive ownership platform that enables anyone to create and manage rights to any object. The first use case will be NFT tokens, which allow individuals to gain access to valuable objects via a simple, frictionless transfer process.
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The technology behind non-fungible tokens has been discussed for many years, but it wasn't until the last 5 years that significant advances were made. With more people than ever before having crypto wallets, in-game economies that make use of these tokens became more popular too. Most recently, a spate of legislation and regulation surrounding these types of assets has given much needed clarity to their status in the eyes of the law. NFTs are like cryptocurrencies, but they have some important differences that set them apart. They are: 1) Non-divisible: cryptocurrencies can be divided into small amounts for microtransactions whereas NFTs can't. This problem is solved by using a multi-token system with each token representing a different denomination. 2) Limited supply: NFTs have a digital scarcity mechanism built into them so that no more can be created or destroyed. 3) Individually tradable: unlike cryptocurrencies which are only tradable
Keywords: NFT Your Life, non fungible tokens, NFT, VIP Club
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