Named after the famous wealthy king of Lydia, Croesus, the ”Croesus NFTs” is another special addition to Lydian World.
Croesus by his mighty powers is able to devise any piece of digital art, artefact or collectable into NFTs and to get access to its powers, users must contribute with Lydian Lions, the non-liquid token.
Once the position is minted as NFTs, the user is able to collect it or trade it into the open community marketplace for NFTs
For every minted position, by using one of the smart contracts Croesus distributes a share of 20% earned Lydian Lions back into the Lydian World.
What are NFT? What does NFT stand for?
If you’re wondering what are NFTs, then you’re not alone.
There are millions of people around the world wondering what NFTs are and what the hype is all about.
NFT stands for non-fungible token, which translates into a token that cannot be replicated.
Let’s compare this to another set of items so that it makes a little more sense.
For example, gold is fungible as every ounce of gold is exactly the same.
It’s replicable as every ounce of gold that you then mine from the planet looks the same and has the same chemical composition.
On the other hand, non-fungible items could be signed books, game worn clothing items and handmade sculptures.
These items can be copied closely, but they can never be replicated to be exactly the same.
Now, apply this to cryptocurrency and tokens and you’ve got a brief understanding of what NFTs are.
NFTs are cryptocurrency tokens that are linked to a digital piece of art.
That token cannot be replicated, meaning that each token represents true ownership of the digital art.
That being said, NFTs don’t just have to be related to digital art.
It could be a screenshot of a Tweet, a GIF, a song, a video or just about anything else your heart desires.
Most NFTs are digital items as it’s easier to send and receive them over the blockchain.
But there are a few physical NFTs out there and companies are looking to use this tech.
For example, Nike has patented a method that allows you to verify the authenticity of sneakers using an system for NFTs, dubbed CryptoKicks.
So, there you have it.
NFTs are just tokens that live on a blockchain that validate the holder as the true owner of an item, be it digital or tangible.
How Do NFTs Work?
The world of blockchain and crypto can be really confusing, especially to those of us that aren’t technically minded.
And that’s totally fine, you don’t need to be able to explain exactly how blockchain works to be able to buy NFT and use them.
You don’t really need to know how the technology works to be able to enjoy them and collect them.
Think of it like driving a car.
All you need to know is how to buy, drive, store and sell the car to get maximum use out of it.
But, for those of you that are wondering how NFTs work, we’ve got your back!
An NFT is a token that’s linked to a piece of art or tangible item, but it’s more often than not digital art.
You see, the artwork isn’t the NFT, that’s just an image file.
The token is the NFT.
The token is minted by the creator of the artwork and in the minting contract, the artist puts the image file.
Once the token has been minted, the image file is then bound to the token and can be distributed.
When you buy NFTs, the token is then sent to your wallet by making a simple transaction.
This is almost identical to the process of sending crypto between 2 wallets.
Only this time, the transaction costs a bit more.
You can store your NFTs in any wallet that supports Ethereum, Binance Chain or Solana, for the time being.
As more blockchains start launching NFT support, then we’ll see more wallets adding support for these tokens.
And that’s it really.
An NFT is just another token that sits in your crypto wallet and moves around the blockchain like any other cryptocurrency or token.
The token simply signifies that you own the image file that’s bound to the token.
See, it’s not scary at all!
Lydian World NFT MARKETPLACE -- Coming Soon
The Lydian World NFT Marketplace is the one place where the entire community meets to trade their valuables such as citizenships, NFT's, arts, etc. In order to add an item into the marketplace the user must pay a fee in Lydian Lions, every time a trade is successfully completed, a portion of that fee is redistributed into the Lydian World as it follows:
Source of income: Lydian World NFT Marketplace.
Distributed in: Lydian Lions.
Distribution type: gross domestic product distribution.
Value distributed into the Lydian World: 10% according to the plan.
Availability: the system will share 10% of all NFTs, minting and trading fees