UKI NFT Little Guide
By: Uk Investments
Tags: Nft, Eth, Uki, Token, Crypto

General Description and Details on how it is Integrated into UKI’project

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👋 Hello to all,

Today, as promised, the first part of our very full article on new ways of NFTs and Farming in cryptos.

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( Beware this is not an investment advice but more a kind of small panorama or guide of the NFTs, like any investment and especially in cryptos all projects will not go to term. Always DYOR )

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📚 Part One : NFT

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Each token has its own specificities and is unique. The uses are therefore vast and can be much more personalized than with a classic token.

To start simply we can compare it to the “special edition” of coins which are issued in limited edition every year and their value fluctuates according to the time of supply and demand while a classic coin always keeps the same value.

But it’s much bigger and more interesting than that. The possibilities of virtualization and tokenization are infinite.

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Introduction and Market’part Taking

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The world of crypto-currency is constantly evolving day by day.

From a decentralized peer-to-peer payment system, Bitcoin saw the birth of the first Non-Fungible Token (NFT) in 2012.

It was in 2017 with the creation of the Cryptopunks followed by the advent of the Cryptokitties on the Ethereum blockchain that the entire World learned what a NFT was.

In 2018, more and more collection, art and video game projects were created using the blockchain and NFTs.

👁️ As of July 2020, the volume of NFTs represented more than $100 million traded on Ethereum blockchain.

Today, both old and new projects are trying to integrate as many NFTs as possible.

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🚨 So what is it concretely?

How is a Non-Fungible Token defined ? How are NFTs used in the different interactions between the user and the project?

“Fungibility”

To fully understand what a non-fungible asset is, it is important to first define what a fungible asset is.

“Things that are consumed through use and can be replaced by things of the same kind, quality and quantity.”

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“Non-Fungibility”

By negation, a non-fungible asset would therefore be the opposite, but because of the notion of consumption through use, this makes it a little more complicated.

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🛠️ It is by nature Unique and cannot be replaced by another.

To understand what a Non-Fungible Token is, it is important to identify several elements:

The word “Token” refers to a token that is stored on a blockchain.

It therefore depends on a crypto and the ecosystem associated with it.

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The level of fungibility of this token

-The associated standard

By general definition, an NFT is therefore a digital token stored on a blockchain with its own characteristics.

And beyond the technical aspect of the term, an NFT is defined above all by its usage. This is what gives it its full value and therefore prevents it from being exchanged with another.

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🏘️ Several large NTF families have emerged over the years, here is a list of families :

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1️⃣ “The Collectibles”

This family includes projects where the goal is to collect assets.

The best known is Cryptokitties, where the goal of the game is to obtain cats with atypical physical traits to be resold later. It is also possible to use its Cryptokitties in other games, to be transformed into a special card or change the appearance of your character.

2️⃣ “The Metaverses”

This family includes projects where each NFT represents a portion of building land on a very large map.

The best known is Decentraland, where speculation in the LAND real estate market is alongside a growing number of initiatives in this metaverse.

It is possible to exhibit one’s works of art, play a soccer game, try out mini-games…

3️⃣ “The art”

This family includes all artistic projects, whether “generative” or “non-generative”. Enough to monitize real works of physical art or to create some on the blockchain.

4️⃣ “The Trading Card Game”

This family includes all the card game projects to be exchanged.

The best known is Gods Unchained, where each card from the initial presale is a NFT. It is also possible in the game to “forge” on the blockchain the duplicate cards in your collection.

5️⃣ “The Utilities”

This family groups together all projects whose function is to be useful to users.

The best known is Ethereum Name Service, which consists in simplifying the public addresses of portfolios into human-readable names. Instead of sending your transaction to 0xJFJSxf32R5fdsfjzer… , you just have to type “recipientA.eth”.

6️⃣ “Video games”

Large family that includes any application with gameplay that uses NFTs. This family is very large but does not necessarily include all the “blockchain gaming” , some blockchain games dont necessarily use NFT

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📠 A Non-Fungible Token can therefore be just about any object that has a characteristic of its own.

Subsequently, the term “Semi-Fungible Token” was created by Enjin to meet a need in the video game world.

This need is that of a mass mailing of several units of the same object.

Technically speaking, the ERC-721 is too resource-intensive to allow this to happen smoothly. That’s why Enjin worked on the ERC-1155, which allows the functionality to send ERC-20 and 721 units in the same contract.

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📃 For those really interested in NFT ,

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I invite you to read this very complete and explanatory article on Opensea which dates from the beginning of the year 2020:

https://opensea.io/blog/guides/non-fungible-tokens/

It has been missing some information and news but it is very clear !

📤 Official Website : http://erc721.org/

📤 Binance Guide : https://academy.binance.com/en/articles/a-guide-to-crypto-collectibles-and-non-fungible-tokens-nfts

Non-Ethereum standards

While Ethereum is where most of the action is currently happening, there are several other NFT standards emerging on other chains. Binance and his BSC Chain come in the game ( BNB used for transactions)

There are a few blockchains that have integrated a standard for NFTs (such as Neo, Eos or Stellar) while others have been created exclusively for this purpose (such as Wax).

Although NFTs contribute greatly to the world of video games, it is interesting to see this tool develop on other aspects and objectives. Farming , Staking , Crafting , projects do not lack ingenuity to integrate them into their project.

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🔬 Concerning the NFTs and the UKI project

Two parts will be discussed here :

-the new branch added to the project with direct investments

-and future integrations to the project with the creation of our own NFTs.

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Why I invested personally and for the project in the NFTs ?

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📖Sector in full development and with a certain future, the margin of improvement of certain projects convinced me.

For the project, a new NFT branch has been created with for the moment 5000$ allocations,

I preferred to inject them here rather than in the creation of the Uniswap Pool because I know that there is still a lack of interest and investors.

I hope they will work much better here, I will not detail my investments so as not to influence you on this or that project, but here is how I cut the investment of this new branch :

🦄 $1000 on a collectible project on the ETH blockchain with Staking’option and half staked in ETH .

🦉 $1000 on a collectible project on the BSC blockchain.

🚜 $1000 on a cross-chain project with Crafting and Farming options

💸 $1000 invested on 3 different tokens specialized in NFTs

🛄 $600 invested in a promising French project with passive return from physical sale of cards when you hold the NFT version.

🏛 $400 in reserve to pay future transaction fees for all projects .

🏦 The duration of each investment will of course be kept under constant watch in this fast-moving and fast-building environment.

💰The profits generated, if any, will be redistributed like this :

50% directly reinvested in the NFT project where the profits were generated.

35% of earnings returned and stored to pay back the initial investment.

The remaining 15% will be injected into the entire UKI eco-system.

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Why think about the creation of NFT for the UKI project?

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🖌️ In constant search for improvements and partnerships, the NFT box will be a mandatory part of the project :

Several paths are already being studied and some of them will surely be completed in 2021:

🦾Partnership with an already existing project and with the creation of an ETH-BNB bridge to transfer, exchange and sell our UKI . ( maybe even stake them afterwards )

⚡️Cards representing each of our status ( numbered and limited ) and giving special access to our investments ( details and tracking )

♋ Real Art’works of a close painter friend tokenized and sold on the blockchain.

💱 Parts of our machines and physical investments directly materialized to take more part in one branch than another within our eco-system. ( BTC , ETH , ZEC choice , and CBD & PhysicalsCardsGame privates parts )

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Thank you to everyone who took the time to read this article and I hope you enjoyed it and learned a little bit about this wonderful and promising world of NFTs.

🔗 Important Links