How NFTs differ from ordinary pictures: an answer from the creator of the Bored Ape Yacht Club collection

November 6, 2022 by cryptobreak

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Many people think of unique tokens as just pictures that are traded online for big bucks. Such a definition of NFT is not entirely true, a statement made by Yuga Labs CEO Nicole Muniz during the recent WebSummit conference. During her speech at the event, she touched on several topics related to the sector – the importance of protecting digital assets, the rights of content creators and the origins of the popular NFT collection Bored Ape Yacht Club (BAYC).

Note that some people really don’t understand the difference between NFT and ordinary pictures on the Internet. Still, in their mind, NFT can be saved with a right-click, so there is supposedly no point in paying for this asset category.

In reality, NFT implies a token in an immutable blockchain that confirms ownership of the image. Accordingly, only the holder of the private keys of the cryptocurrency address where the NFT is located can be considered the full owner of the image. We wrote more about the essence of non-interchangeable tokens in an in-depth article.

NFT collection BAYC

Note that popular NFTs also generate serious income for their creators, and this includes re-selling the tokens. As we found out at the end of October, such deals generate millions of dollars for developers. Read more about it here.

What’s the point of unique NFT tokens?

When asked about the difference between NFTs and ordinary JPEG images on the Internet, Muniz replied that unique tokens convey “rights and the fact that the investor actually owns the asset. The BAYC, CryptoPunks and Meebits collections are prime examples of content creators giving NFT holders a full commercial licence to intellectual property. Here’s a relevant quote from an entrepreneur.

Exclusive ownership is something that is really coming to the sector and empowering consumers to own content. And overall it’s a paradigm shift.

We've clarified the current data: today, the Bored Ape Yacht Club collection is in second place in the overall ranking of popular projects on the Etherium network. The minimum price of the collection's representatives is 65 Ethers, or the equivalent of $106,000 at today's exchange rate. First place goes to the legendary Cryptopunks, on which you will have to spend at least 66 ethers.

Ranking of the most popular NFT collections on the Etherium network

According to her, a number of projects in the Bored Ape ecosystem were founded and popularised because of these key principles of commercial sovereignty.

Jenkins the Valet, one of the Bored Ape projects in the collection, is building a media company around creativity, storylines and expanding the universe of the NFT collection. Another prime example is Bored and Hungry, an amazing fast food restaurant chain in Los Angeles. I think they can take over other markets as well.

According to Decrypt’s sources, Muniz has also touched on the Otherside meta-universe, which is an extension of BAYC’s NFT collection idea. Yuga Labs appreciates the democratic philosophy of Web3, so the team has announced an “Otherside development kit” – a set of tools for independent developers to create new features for the metaverse.

Otherside

Yuga Labs recently raised an investment round by Andreessen Horowitz, after which the development studio’s market capitalization surpassed $4 billion. The team is now actively working on new projects and hiring promising talent, Muniz said. She continues.

If you want to create some of the craziest things on the internet related to creativity, storytelling, tabletop mythology and fun, then you should come and work at Yuga because we are trying to hire the best and brightest to build the next phase of internet development.

BAYC

Over the past 24 hours, the largest trading volume with NFT tokens was generated by the Etherium network with a result of $17.5 million. Meanwhile, second place went to Solana, whose users generated $4.7 million in turnover.

Blockchain ranking by trading volume with NFT tokens

We believe that NFTs are one of the most promising areas for development within the blockchain ecosystem at the moment. However, it all comes down to the opportunities that the tokens will give to their owners. Well, that depends on the developers, many of whom continue to develop their projects even in today's environment.

Web3 is an area where jobs can bring not only good income, but also important acquaintances in the crypto world. So keep an eye out for new jobs and join our millionaire crypto chat room. There we will discuss other important developments from the world of blockchain and decentralisation.

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