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.
Minting is the process of creating NFTs which are developed in an NFT marketplace where a creator will normally upload a digital file which will then be auctioned to buyers.
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.
Royalties — NFT can be set where the creator receives some percentage cut from each sales transaction of the NFT. This will be very profitable in the long run as more hands are being exchanged.
Indivisible — NFT is normally not able to be broken down into smaller units. NFT must be sold as a whole unit where buyers pay the full amount. This will be less complicated since each NFT will have only one owner which addressed accountability.
Easily Transferable — NFTs can be easily sold and purchased in specific NFT marketplaces with much convenience as compared to physical assets.
Trustworthy — NFTs are on the blockchain and thus achieving high immutability where the NFT purchases are valid and permanently recorded thus also maintaining ownership rights.
Non-interoperable — NFTs are non-interoperable (e.g. coded as ERC-721 standard in ETH blockchain) and thus the data contained in them cannot be transferred or utilised in other ways.
Indestructible — NFTs are on the blockchain which is highly secured and therefore NFTs cannot be destroyed.
Unique — NFTs can also help evaluate the legitimacy of work of art by using blockchain technology since physical art pieces can be easily replicated.
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.
This is where Mars Panda NFT Marketplace comes in. Mars Panda is Headquartered in Singapore, and while trying to best comply to Singapore Regulations, has commissioned an entity that has obtained a regulatory exemption under the Payment Services Act (“PSA”) for digital payments token services, Legatus Global Pte Ltd to be issuing the Mars Panda Token (MPT) as well as doing the KYC/AML during the private sales and distribution of tokens to private investors. Thus, the purchases of NFTs can now be done simply, seamlessly, and legally with payment options ranging from cryptocurrencies to fiat payment methods such as Paynow, credit cards, and mobile digital wallets. Whitelists of both creators and consumers also create trust and facilitate a fair and equitable environment in the marketplace. Buying and selling NFTs has never been easier.
Why wait, come join us now in this brave new world of the future.
The future is now, and the future is Mars Panda NFT Marketplace.
About Mars Panda
Mars Panda is a complete eco-system which consists of:
• Games, Social Media and Ecommerce Aggregation
• Yield farming DeFi
• Mars Panda game with NFT game elements
• NFT Marketplace
We aim to fuse mainstream eCommerce and Gaming to the crypto world of NFTs and DeFi, on one seamless, unified platform.
Find us at:
Legatus Global Pte Ltd is an entity that has obtained a regulatory exemption under the Payment Services Act (“PSA”) for digital payments token services. Legatus Global is commissioned to handle the issuance of Mars Panda Token (MPT) as well as the KYC/AML during the private sales and distribution of tokens to private investors. Legatus Global is also handling the process for private sales and distribution.