Welcome to NFT Craze 101
Non-fungible tokens, commonly referred to as NFTs, are the hottest thing in crypto right now. Upon hearing of the prices that NFT-based digital art sells for, many tend to feel perplexed. But, there are strong arguments behind the massive hype surrounding NFTs.
Just like physical art that we interact with on a daily basis, there’s space for digital artifacts with cultural significance. The key difference is that whilst in the physical realm, copycats are abundant, the digital market makes use of smartly-integrated blockchain technology to assure scarcity and authenticity. NFTs guarantee ownership, so you can rest assured that you’re the sole collector of unique pieces of digital art.
NFTs have been very successful until now, with well-known artists dropping their very own NFT collections. For instance, Grimes sold her unique NFTs for over $6 million, whereas the Kings of Leon will be the world’s first band to sell their new album as a perk-loaded NFT on OpenSea. The brand has announced that these tokens will provide special perks, like front-rowed seating at concerts or limited-edition vinyls for dedicated collectors.
The Wu-Tang Clan, Post Malone, and many other artists have joined in on the hype. Huge success has been attained so far, with people worldwide rushing to purchase unique artwork ‘signed’ by their favorite artists. However, it’s not only artists looking to drop future-shaping NFTs, but also crypto-exclusive projects such as CryptoKitties which have seen millions in revenue for the rarest kitty breeds.
Long story short, NFT ownership entails cultural reshaping as well as high profitability for collectors anywhere.
The Problem with Front-Running
The sheer value proposition behind NFTs places them in super high demand, so market mechanics lead to unfair front-running practices. Users that must get their hands on interesting NFTs may make use of bots to insta-buy valuable pieces of digital art, leaving little aside for other enthusiasts. This is mostly done for speculatory purposes, so such users are seldomly interested in keeping the art for themselves. Rather, they normally keep it for a short while and then proceed to sell it at a much higher price due to the high demand. This leads to unnecessary loss of funds, but also encourages the creation of a highly-competitive market.
Luckily, there are solutions designed to prevent front-runners from purchasing it all, and LiL Moon Rockets is the main innovator in this space. Their recently-started NFT sale is already attracting huge interest from NFT aficionados worldwide.
LiL Moon Rockets Is Reshaping the NFTs Space
Prior to dwelling on how LiL Moon Rocket’s contracts are designed to encourage fair availability at launch, it’s time to introduce this splendid digital vector pop-art NFT collection.
With 13,337 pieces in store, available on the Binance Smart Chain, the LiL Moon Rockets collection was algorithmically curated from 272.16M possible combinations, through the implementation of a proprietary random number generator. The art pieces consist of varying combinations of several components – a moon, a rocket, a fantastic face, and an always-changing background. Each NFT is fully unique, so by purchasing one, collectors are retaining full ownership of a scalable vector that’s fairly distributed. The theme is perfectly suited to the current narrative in the crypto space, as coins are behaving like outright rockets, actively breaking through all records on their way to the moon.
If you’re not yet aware, the sale of LiL Moon Rockets has already commenced, with over 8385 of the artworks selling in two weeks. If you’re looking to get your own, you better be fast! There are only a few days left before the sale ends.
The Spicy Secret to Deterring Frontrunners
LiL Moon Rockets deals with unfair distribution dynamics by providing buyers with a reveal-based sale mechanism. During the sale period, users can purchase LiL Moon Rockets, but they won’t know which specific NFT they’re buying and will ultimately receive. The BEP-721 NFTs stored on the Binance Smart Chain are to be revealed via smart contract integrations as soon as the sale concludes. This creates a sense of exciting expectancy while deterring those looking to keep the most valuable NFTs for themselves. The Binance Smart Chain has seen growing hype over the last few weeks, as Ethereum has become overburdened by rising fees and slower confirmations. BSC is very similar but has proven more scalable and significantly cheaper for the time being, thereby benefiting the end-user.
Becoming eligible to purchase LiL Moon Rockets is as easy as it gets. Users must simply connect their MetaMask wallet to the Binance Smart Chain via the LiL Moon Rockets Website. Once the web3 connection is established, users can simply purchase pieces of rare and valuable digital artwork. Access is fair and equal, so users will not be able to leverage bots to buy up the entire supply, thanks to the market-changing model that also adopts tiered pricing.
The sale model also entails the purchase of Name-Your-Rocket (NYR) tokens, which allow collectors to affix names to their purchased artwork.
It is rocket science, after all!
Disclaimer: This article is a paid post and must not be considered as news/advice