A non-fungible token “NFT” is a unit of data stored on a blockchain, when minted on the Pecu Novus Network it certifies that a digital asset is one-of-a-kind and the ownership of that digital asset, each token represents one digital asset and it is not interchangeable for another token.
Although via other platforms there is access to an exact copy of the original file, on the Pecu Novus Network only a copy would accessible by the general public showing a reduce resolution one and the party that would be able to release the original copy would be the current owner of the NFT. The data included within the NFT are tracked on the backbone of the Pecu Novus Network and provides the owner with proof of ownership of that digital asset. Depending on the type of digital asset that the NFT is representing certain partnership opportunities may arise from actual creator of the digital asset with each new owner for monetization of the digital asset.
What can a Non-Fungible Token Represent?
NFTs can be used to represent items such as original versions of photos, videos, audio, gaming skins and other types of digital files as well as a cross over between digital and physical assets.
NFT’s on the Pecu Novus Network have the ability to represent the ownership of a physical asset as long as the proper ownership documents are attached to the NFT. For instance a piece of art may be physical in nature but be represented by the digital version of it that represents the true ownership of the artwork.
Another example is a physical item such as real estate or a vehicle, although states and countries require for ownership titles to be filed with the appropriate government organizations and NFT on the Pecu Novus Network can be used to ironclad prove ownership but also to make the actual transaction in PECU coins. It is an ever evolving industry that is progressing daily.
NFT’s can represent a patent, trademark or domain name, showing proof of ownership with supporting documents that would only be seen by the parties involved for verification.
On the Pecu Novus Network NFT’s can also represent a digital autograph from someone notable, this would provide irreputable evidence that it is authentic, its beyond a certificate of authenticity, the NFT cannot be doctored in any form. This protects both parties.
There are a variety of other use cases for NFT’s and the Pecu Novus Network will be continually upgrading the systems to accommodate as many as possible over time.
The Value of NFT’s on the Pecu Novus Network?
The value of an NFT is not determined by the Pecu Novus Network, the creator of the NFT sets that value and ultimate the true value is set by the marketplace.
The age of the digital asset is here and the future is very bright for alternative viable platforms that allow for the creation of NFT’s on their network such as The Pecu Novus Network. There is never a guarantee whether an NFT will accrue in value or not over time, that value would be determined by the marketplace.
The value of any network is what it allows a holder to do, the Pecu Novus Network is continually evolving to offer a viable alternative for creators of digital content and in this case the minting of tokens that represent a singular digital asset is of true value to a creator and gives yet another utility to the entire network.
The NFT market just as the cryptocurrency market is still very young and fragmented, there can be extreme volatility with any alternative digital asset. Because NFT’s represent a singular item that volatility is not the concern, NFT buyers need to understand what the NFT represents, if it is digital art or physical art then it can be illiquid in nature and the ultimate value is determine by what a person is will to buy it for. If an NFT represents a physical item such as real property or a car for instance, then the value is in the physical item.
An NFT in any form is Proof of true ownership of something, whether it is art, real property, a car or basically anything that is not fungible.
How many assets can one NFT represent?
Whether its a one-of-a-kind digital asset , artwork, real estate or document, an NFT can only represent one asset or item and not multiple.
Can NFT’s be placed in Escrow? What is the Escrow System Used For? and How Does it Work?
The MVault is a layer-2 system that was built on the Pecu Novus Blockchain Network, it incorporates not only a digital safety deposit box feature, similar to cold storage, but it also has an Escrow Smart Contract System. The Escrow System is a simple smart contract system that allows a member to set a release date of their PECU Coins, Project Tokens or NFT’s that are being transferred. There is also the option to release the escrow early or to cancel it outright. All escrowed digital assets are show on each members Pecu Terminal dashboard in their personal Escrow Ledger.
Will NFT’s minted on the Pecu Novus Network be Listed on Cryptocurrency Exchanges?
NFTs will only have the ability to be showcased or transferred peer to peer on platforms such as FortisAB Marketplace and other platforms that are being built on the Pecu Novus Blockchain Network. This allows a creator or owner of an NFT to place their digital assets up for sale or just to showcase them and generate interest.
The MVault developed a decentralized cryptocurrency swapping systems called “HootDex” on the Pecu Novus Blockchain. A protocol is being integrated that will allow for NFT creators and owners to tokenize their NFTs and provide fractional ownership of their NFTs to unlock value. Those tokens will be minted on the Pecu Novus Blockchain Network via the MVault and automatically listed on HootDex with the ability to be swapped for other digital assets on that system.
Where Can I Mint a Non-Fungible Token on the Pecu Novus Network?
All NFTs on the Pecu Novus Blockchain Network are minted via the layer-2 system The MVault. The MVault is accessible via the Pecu Terminal and through a simple interface Pecu holders can mint NFTs and they are automatically placed in their MVault. It has been made very simple for creators to mint an NFT that represents a unique one-of-a-kind item or asset.
Can Account Statements be Printed For My NFT’s?
YES, on the Pecu Terminal you will be able to print your account statement for the current month showing your digital assets holdings.
How Can I Transfer an NFT on the Pecu Novus Network?
Creators and owners of NFTs minted on the Pecu Novus Network must have their Pecu Novus Mobile Wallet and activate their Pecu Terminal, it’s in that terminal that they will be able to mint and transfer NFTs simply.
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