Sky Ventures recently invested in 1 Million NFTs. We want to discuss the reasons behind our investment.
Rise Of NON FUNGIBLE TOKENS :
NFT can represent a unique digital item, and thus they are not interchangeable. NFTs can represent digital files such as art, audio, video, and other creative work forms. While the digital files themselves are infinitely reproducible, the NFTs representing them are tracked on their underlying blockchains and provide buyers with proof of ownership. Blockchains such as Ethereum and Flow each have their token standards to define their use of NFTs.
Twitter CEO Jack Dorsey auctioned off a blockchain receipt, called non-fungible token (NFT), for a screenshot of his first tweet in 2006, and bids for it promptly exceeded 2.5 million dollars. Since 2018, people have spent roughly 237 million dollars on NFTs, with most of those funds spent since the trend exploded in January 2021.
Bryana Kortendick, VP of operations and communications at the NFT startup Enjin, said the platform is now tallying more than 47 thousand registered users. The corresponding NFT wallet’s growth is up 100% since December 2020.
NFT Market is expected to hit 1 billion dollar capitalization in 2021.
1milion NFTs is a smart contract web3 platform on the ethereum blockchain with a 1000*1000 pixel grid. Each pixel is an ERC-721 NFT token with its location. Users will have an opportunity to buy, sell, rent, and paint them to create any picture with any link inside. But to paint pixels you need another ERC-20 token.
Two Token models:
1millioin Nft follows a two token model where a pixel is a blockchain proved ownership Nft token and 1 million Nft tokens are needed to paint the pixels on the grid.
1 Million NFT Platform:
The platform comprises of public view, Web3 area, and a marketplace. The public view is zoomable,mobile-friendly, with a 1000*1000 grid with all painted Nft pixels and grills.
Web3 area is used to connect self custodial wallet, suitable dashboard, and asset management system with the option to paint your Nft pixels.
The marketplace is easy to use the smart contract-based marketplace to buy, sell or rent NFT and ERC-20 tokens inside the community.
How Platform works:
At TGE, a portion of the 1 Million NFT Tokens are unlocked, and the tokens can be used to buy Nft pixels. For strategic, private, and public sale investors, only a certain portion of allocation remains unlocked on TGE. They will have six hours to buy 100 percent of their respective location on the grid by purchasing the tokens from the open market to paint their location fully. Marketplace will be open to buy, sell and rent locations.
Allocations inside the grid:
A specific area is distributed to the strategic, private, IDO, Team, and public. For strategic and private rounds, only 10 percent of tokens are unlocked. They need to buy the remaining tokens in the market to secure Nft pixels or lose allocation.
A total of 1Million NFT tokens are minted.