We are on the very last few weeks before our most awaited Billion Happiness NFT Marketplace goes live.
Hold tight! Before you get really excited let’s jump right into what this is all about.
What is NFT?
“This may sound crazy to some, but I do think that’s [NFT] the next frontier of digital currency and digital asset” — Chamath Palihapitiya, Former Facebook Executive, CEO Social Capital.
NFT is short for Non-fungible tokens, NFTs are tokenized versions of non-fungible properties such as artwork, real estate or collectibles. Non-fungible assets present distinctive attributes that make them valuable and unique.
They are non-interchanged with each other and are non-divisible. Just last year, NFT’s, particularly in the art space, have gained millions of sales-worth. And that is just one space of where NFT can be applied!
What’s the craze?
Popularity of a certain asset can be determined by the value that people put into these things. And we can determine this by utility, ownership, future value, and liquidity premium.
1. Utility — Some of the areas where NFT’s are currently being developed are games, artwork, identity management, and media and entertainment. Through NFT’s, players can trade their digital assets in order to earn points. These points can then be used to purchase other digital assets. Accordingly, NFT’s can have the ability to be used in different application! In other words, your favorite custom skin or item can be used in multiple different games.
NFT’s can also be utilized to provide authenticity of an asset and the identity of its owner. Through the transparency of the blockchain, one can identify, verify, and authenticate an asset. This is quite useful for artwork, media and entertainment. Piracy, copyright infringement, and plagiarism can be curtailed. Accordingly, NFT’s can contain unique information, like the owner of the asset.
2. Ownership — Like how we talked about that NFT’s can prove ownership, ownership history of an asset can create value. Creators, previous and current owners, who have a reputable background, can increase the value of an NFT. In the traditional market, it is often difficult to fully internalize the full value of a collectible due to costs involved in the investigation, and the possibility of losing documents of authenticity. In a blockchain, the value of NFT’s are fully internalized since all information of an asset are stored and publicly available at no cost.
3. Future value — Since NFT’s are scarce, this can drive up value especially when an asset gains popularity. This then can create speculation on the increasing future value of NFT’s. The technology is relatively new in the space, but there is a great promise on its applicability. With that said, we can only expect greater valuation from here in the long-run.
4. Liquidity premium — This is another reason why NFT’s are gaining high value. NFT’s can be traded easily with limited friction in markets. Investors prefer to buy NFT’s that have high trading volume because liquidity minimizes the risks involved in holding the asset. Even in a case where NFT loses its utility value after a platform is closed, a highly liquid NFT will still have value as long as there is a demand for it. Hence, an NFT designed to be utilized and traded across industries or platforms is highly valuable. Imagine having an artwork from your favorite artist be used as a skin in a game.
BillionHappiness NFT Marketplace Launching
Our NFT marketplace is scheduled to be launched in the last week of March and plans to serve as the primary marketplace for Binance Smart Chain.This will encourage sellers to list NFT based ERC-721 with features promoting multiple minting and animated artwork. This would be the first NFT Marketplace on the BSC network to provide these features. BillionHappiness NFT Marketplace consists of two main categories, Artwork, and Memes. Artworks can include simple illustrations, to abstracts and to any type of complex art. Memes, on the other hand, can involve anything that conveys humor. Furthermore, other categories are yet to be determined as soon as demand arises.
HPS for Billion Happiness NFT Marketplace
Previously, we introduced HPS as the BillionHappiness Initiative Booster. HPS or Happiness Token is the lifeblood of the Billion Happiness NFT Marketplace. It can help fund, create and grow the NFT BillionHappiness Marketplace. It will act as a fee for minting NFTs and as an alternate incentive token for the NFT Marketplace Ecosystem.
How is HPS different from BHC?
HPS and BHC are two main tokens of Billion Happiness. Think of them as siblings, brothers and sisters. These tokens are created for different purposes. It is important to know how they are different from each other. BHC was created for Billion Happiness Community which serves as cashback for e-commerce store — first BH project. It has fixed supply and is considered a store of value. Further development leads to BHC being traded, staked, farmed on DeFi world. Hence, HPS, as previously mentioned will be the BH Project Booster token, minting fee for BH NFT Marketplace, and is deflationary. And yes, soon you will be able to trade, stake and farm HPS on different exchanges, following its older brother’s footsteps.
Many are interested as to when we will be having our Token sale. We are happy to announce that HPS token sale will finally happen anytime soon. Further details will shortly be published for this much-anticipated event.
We’re as excited as our Billion Happiness Family as we get closer to finally making our NFT marketplace live as well as getting our HPS Token Sale happen.
Please stay tuned for more latest updates!
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