Non Fungible Tokens are unique or limited edition digital assets circulating on blockchain networks. They are cryptographically secured items whose authenticity and ownership are indisputable, thanks to the inherent properties of the underlying technology. NFTs are transferable directly and globally, like any other asset on decentralized, immutable, and uncensorable networks.
Such properties are essential for enhancing ownership, and its transfer, for assets of any kind, ranging from real estate to financial derivatives. Ostensibly, NFT’s are mostly known for art and entertainment. Reputable British auction house Christie’s brokered the sale of a $69 million dollars tokenized artwork, cementing the role of non-fungible tokens both in popular culture and amongst traditional art collectors.
At Elrond, we believe that NFTs will be a game-changer. Not only for the art and entertainment verticals but for the entire internet and the very notions of property and ownership. This is why we have embedded non-fungible tokens directly into the Elrond protocol, enabling fast and inexpensive transfers, true ownership, royalties, and easy integration with the Elrond ecosystem.
This is why we are excited to announce that NFT hub Unifty will integrate our mainnet, the first non-EVM (Ethereum Virtual Machine) chain that they will support, allowing for Elrond NFTs to be created, traded, farmed, or earned on their platform!
“NFTs will change everything. While most of the business sectors are still trying to wrap their hands around their implications, the art world is already taking the lead in pioneering innovative use-cases involving non-fungible tokens.” said Beniamin Mincu, Elrond CEO.
Unifty is a hub for NFT projects to mint, buy, sell, swap, and create NFT farms with just a few clicks. Its users can sail through the intuitive interface and available tools without any smart contract knowledge or complex interactions.
The collaboration will focus on integrating the Elrond Network into the Unifty platform. Users will be able to add NFTs, created either with Maiar or using the Unifty tools, and engage with other creators, collectors, and traders to share economic upside while exploring novel content monetization avenues.
For example, an artist or a celebrity will be able to issue regular tokens to their fan base, who can stake them for a chance to earn the artist’s work as an NFT.
“The way Elrond implemented NFTs is truly outstanding. Attaching an NFT to an account, without an additional smart contract, is something extremely powerful for ownership. Their embedded royalties will certainly be appealing for all content creators who value their work in their long term.” said Benny, Unifty Founder.
The collaboration is valuable for the Elrond ecosystem as it broadens the audience for Maiar NFT creators, while more content creators, NFT projects, and their audiences can benefit from the high speed, low cost, royalties, and other advantages resulting from the protocol-level integration of non-fungible tokens on our network.
About Elrond
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
