Bitshares NFTs Launched In April – Ultimate Guide

The rise in the popularity of non-fungible tokens or NFTs in common parlance has dominated the crypto industry for the better part of 2021. Ever since the reputed digital artist, Beeple sold his artwork called “Everydays – The First 5000 Days” for a whopping $69 million worth of ether (ETH), the adoption of NFTs among the mainstream has been on a steep rise.

What Prompted the Rise of NFTs?

Shortly after Beeple’s high-profile digital art auction executed by Christie’s, the floodgates opened for mainstream adoption of NFTs as a wide array of celebrities such as Paris Hilton, famous football clubs including PSG, Juventus, music bands, and others, publicly endorsed the novel medium of art.

Further, if recent trends are anything to go by, things seem to be only starting for NFTs in terms of adoption.

For instance, earlier this year in April, institutional-grade “crypto-equity” P2P blockchain project BitShares (BTS) unveiled its very own NFT offering on BitShares.org aimed toward real-world assets and physical arts.

BitShares Launches NFT Offering

For the uninitiated, BitShares’ inception was based on the vision of tokenizing assets and real property on the blockchain. Now, with NFTs being all the rage in the crypto markets, it only sits right for BitShares to launch its own suite of NFT-focused offerings geared toward fostering further adoption of this emerging asset class.

However, BitShares’ vision for NFTs extends much beyond the typical NFT use-cases we have seen to date in that it aims to capture the real-world value of real-world items. To facilitate this, BitShares also launched a real-world corporate structure and an auction house.

While BitShares — the world’s first delegated proof-of-stake (DPoS) blockchain with self-governance has already launched its NFT platform, it is worthy of note that the project was able to do so without introducing any significant change to the core software.

At the time of the launch of the NFT offering, the BitShares team noted:

“BitShares has always had the Token Factory; enabling mostly what we require for the NFTs as well. They are, sort of, just another flavor of ‘User Issued Asset’ (UIA). Further development is however in need of funding to get the project fully complete; and delivered as a profitable offering to the general public. More details to follow, however, what is also coming is the option for BitShares holders to place their funds in a development stake-machine; that will both fund development whilst providing generous benefactors with a return at the same time. It’s a win-win for funding dev and making tech investment available to those wishing to further use it for business purposes.”

For example, in May this year, BitShares announced it would auction off the NFT of the wheels of AC Schnitzer which are genuine one-off custom-made items.

BitShares
(Source: BitShares.org)

Most notably, BitShares NFTs also leverage the benefits of distributed ledger technology in that they allow users to record authentication certificates of a piece of art or create traceable history on an investment-grade asset such as artwork, antiques, watches, custom made items, classic automobiles, real estate, and much more.

Further, BitShares NFTs can also be used to bolster the future values of assets by recording events and provenance at the time of restoration, additional works, transfer of ownership of assets, and others. It won’t be a stretch to say that as the NFT trend picks up more steam, a wider range of use-cases for digital assets will come to the surface besides just the ability to buy or sell them on the blockchain.

Features of BitShares.org NFTs

Owners of BitShares NFTs enjoy a multitude of benefits in that they will have access to a special gallery with real-life unique items with logistics, insurance, and transport included. In addition, users will have named accounts on the blockchain for easy identification and enjoy 100% authentic digital provable ownership.

It is worthy of note that BitShares Management Group Limited is a licensed broker with all the required regulatory approvals and the ability to host public auctions.

BitShares NFTs tap the BitShares blockchain network that enables users to take advantage of rapid transactions — 1.5 second real average transaction time on the purchase/creation/transfer of ownership, fixed transaction costs as low as $0.10, a mere 63 second finalization time, and the ability to process direct payments via Bitcoin (BTC).

Support for other cryptocurrencies such as Ethereum (ETH), Cardano (ADA), and XRP is expected to be live by the end of 2021.

To learn more about BitShares NFTs, click here.

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