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The creation of Non-Fungible Token

Back in early 2017, John Watkinson and Matt Hall have their first non-fungible token (NFT) released on Ethereum Blockchain which was called Crypto Punks. Subsequently on that year, Crypto Kitties which was another project was created and generated a whopping USD12.5M investment.

The advantages of NFTS

Scarcity — The creator (or developing company which the creator assigned) of the NFT will be able to decide on the number of replicas. The creator may choose to make each NFT unique thus creating a high scarcity. With the shortage of supply, price of the NFT might increase in the future if there is more demand for it.

Barriers to Entry and Mars Panda’s Mission

NFT gives us true ownership of our non-fungible assets. What should have been frictionless and universal adoption unfortunately has a rather high barrier to entry. Anyone wishing to acquire NFTs has to first acquire knowledge of using cryptocurrencies and cryptocurrency wallets. Moreover, the idea of acquiring an artistic asset that only exists as lines of code in a computer can be a rather abstract concept to most. It can also be the wild west when it comes to NFT marketplaces, where the legal rights of creators and consumers is grey at best. Therefore, the man on the street would probably not be buying any NFT anytime soon.

About Mars Panda

Mars Panda is a complete eco-system which consists of:

Mars Panda World- Play with the world 🌍 a next generation blockchain platform that unlocks gaming assets across diverse ecosystem!