What is NFTb
What Is NFTb (NFTB)?
NFTb is a forward-thinking marketplace for non-fungible tokens (NFTs), built on the Binance Smart Chain (BSC) with speed and affordability in mind. The marketplace is set to launch on other blockchains.
NFTb is an open-source community-owned marketplace that allows users from around the world to not only join the platform, but also create, sell or trade digital art for a fraction of what it would cost elsewhere.
Every piece of art created on NFTb is unique and is minted on BSC with all files related to the NFT stored on InterPlanetary File System (IPFS). IPFS is a distributed file storage system created as an open-source project that allows anyone to store their files on a decentralized file hosting framework. This ensures the longevity and durability of the files as there is no central point of vulnerability.
In addition to a secure and decentralized file storage system, the team at NFTb also verifies all artists on the platform, thus maintaining a high quality of digital artwork. Creators get to receive royalty and income splits for future resales of their digital artwork. The NFTB token is the native currency of the NFTb platform and is used in staking towards the governance of the platform as well as for settling platform fees.
Who Are the Founders of NFTb?
NFTb was founded by Olexiy Fedorov, an entrepreneur from Ukraine. The NFT marketplace however runs as a community governed platform with over 50,000 community members, according to data from Telegram and other social media groups belonging to the platform.
NFTb is backed by some of the most influential venture capital firms in the crypto space with the likes of the Binance Accelerator Program injecting capital into the platform's development. Other investors such as Spark Digital, Rarestone Capital and Next Ventures have invested $200,000 into NFTb's seed round according to reports.
What Makes NFTb Unique?
While NFTs are heating up lately, it is still considered at an infant stage and mainstream users are still experimenting on their use cases, similar to an early iteration of social media platforms. NFTb seeks to be a pioneer in the NFT space with an offering of unique, fast and high performance features, alongside the capacity for creators to donate a portion of their earnings to charity with each transaction.
Another feature that makes NFTb stand out from competitors is its two-sided marketplace for digital art creators and collectors, thereby investing in a growing community of creators and collectors.
Going forward, NFTb seeks to expand into an NFT marketplace that enables cross-chain swaps of NFTs through an oracle that enables price discovery instruments for sophisticated NFT trading. With BSC as the focal point of liquidity, NFTb is set to facilitate cross-chain NFT liquidity, not to mention a launchpad for NFT-related projects.
NFTb's entire business model is based on the strength of its community. The platform's native token NFTB will increase in value with a growing community of creators and collectors, reaping rewards from the platform's functionality.
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How Many NFTb (NFTB) Coins Are There in Circulation?
NFTb has a total supply of 1 billion tokens. Out of the 1 billion tokens, 120 million will be locked for one year for the team, then 25% will be unlocked every three months to fund projects. 450 million tokens will be released over seven years in the form of protocol rewards.
The platform's strategic contributors will receive 20.5% of the total supply and the foundation will get another 12.5%. NFTb has also launched an IDO sale where 10% of the total token supply was distributed.
How Is the NFTb Network Secured?
NFTb is secured by BSC's proof of stake consensus protocol. The Binance Smart Chain specifically deploys a proof of stake authority consensus mechanism that requires network validators to stake BNB. Therefore, if they propose a valid block, they receive an incentive in the form of transaction fees. NFTb smart contract also goes through regular security audits by Hacken – a leading cybersecurity company focused on blockchain security.
When Will NFTb Trading Begin?
NFTb is already available for trading on markets such as PancakeSwap and Gate.io.
Can NFTb Hit $1?
With a total of 1 billion tokens in existence, the current market capitalization of NFtb would have to be $1 billion if the NFTb token is to hit a price of $1 in the future. While this is within the realm of the reason given the growing popularity of NFTs, it is anyone's guess when that price mark will be achieved.
Where Can You Buy NFTb (NFTB)?
NFTB tokens cannot be bought directly for fiat money, but coins can be obtained by buying BNB on any of the fiat currency exchangers for cryptocurrency, and then transferring it to the exchange where the NFTB token is present. NFTB is currently listed on PancakeSwap (V2), Gate.io and CoinW.
Cryptocurrency newbie? You can read more about how to enter the market and how to buy BTC, NFTB or any other token? Check out the details here.