A brief overview of Sota Finance
Non-fungible tokens are gradually getting their deserved attention,they even reached mainstream media before decentralized finance, many felt they could no longer be ignored when Beeple bought an NFT for over $69m
But wait, what are NFTs
NFT stands for Non-fungible tokens but lets’ try to decouple NFT
Tokens: In the most simple terms are representation of ownership or stake in an ecosystem,we may liken them to shares or stocks,so when we say tokenize,we actually mean put this stuff onchain for fractional ownership
Fungible : Something is fungible if it can be divided into smaller pieces and exchange for other items same as it’s. One property that something must possess to be deemed fit as money is this quality.
For the larger part of crypto existence,fungible tokens(those of the ERC20 standard) have been the most widely used and deployed not until ERC721,ERC115 etc came onboard to make it possible to represent NFT.
So you might still be asking,what are NFTs? :There are digital representation of anything value(value means different things to different people) that is unique and can be tokenized.
You can liken NFTs to people,supposing I tokenize myself on the Ethereum blockchain,no one else can retokenize me because I am unique.
What can be tokenized as NFT?
We will cover some areas where NFTs can be applied
- Special moments: NBA topshots is helping create a unique excitement around the basketball sport by capturing special moments in games and tokenizing it.
2. Autographs : Have you seen long queue of people waiting for a footballer or celeb to put their signature on a book,jersey etc.NFTs may change that.
3. Content : Any piece of work be it artwork,videos,articles,photos etc can now be properly monetized by NFTs
4. Land & Real estate : We can tokenize the papers of a property and anyone who wishes to buy that property can easily see the history of ownership and purchases so far. This will help solve many fraud cases around property acquisition.
5. Memberships : Just like with Patreon,any content creator can mint some NFT tokens to represent access or even NFTs that are like stocks,so imagine a youtube issuing such tokens,the more the channel grows,the more valuable the tokens are.
What makes NFTs special
1. Non Fungibility : You cannot simply swap one NFT for another.
2. Uniqueness : Recently Jack Dorsey minted his very first tweet and sold it as an NFT. Anyone can simply do that but this is unique and original because it’s coming from the actual owner of the content.
3. Copyright : They are copyright protected by default,though someone else can copy and sell it,we will easily know because the digital signature on the original piece of work will not tally with the current forged copy.
How not to be a spectator
It’s not enough that one is aware of trends,technology and opportunities,they must be proactive and smart to make the most of it.
There are a number of ways one can participate in this economy,they are either create,buy or sell NFTs.
Enter Sota Finance
Sota Finance is already live and up and running,it offers anyone the seamless way to create,buy and sell NFTs of any kind. One unique thing about Sota Finance is that of Licensing fee,supposing Alice sold a piece of artwork to Bob for $1200 and after some time(hours,days,months or even years),Bob decides to sell that same piece of work to Jane for $2000,Bob got a profit of $800 and will pay a royalty fee of 10% of the profit($80) to Alice.
Some of their partners and investors
They include but Falconswap,Magnus capital,Trustwap,Boxmining,Coingecko etc. Also the project code has been audited by Certik,one of the most reputable security firms in the blockchain domain.
So what will the $sota token be used for?
- You can stake 1000 of it, you can use it to get the limited edition of NFT
- It is used for the governance of the system
who can create NFT on Sota Finance? → ✅Verified users
So you have to become a verified user on the platform and you can sign up, you put your KYC details, the platforms know you,if you are verified, it gives you more credibility on the platform and people would want to transact with you.
Hester Pierce recently hinted of the possibility of massive lawsuits hitting the NFT space, not too long ago some legal firms are suing the creators of Bitclout over copyright issues.
Multi chain expansion : Currently Sota Finance is on Binance smart chain,it will expand to other chains like Solana,Tomochain,Ethereum etc
Support more content : In the near future,it plans to supports audio content
Others: create an auction function around NFT sale,support seamless user onboarding by allowing people sign up with their existing email accounts,enable them to purchase NFTs with VISA card etc