Taking into account that for the past 7 years Bitmedia has been all about blockchain development and projects based on it, we just couldn’t go past NFT without becoming part of the movement. :) Therefore, we have decided to leave 8biticoin as is but now allow its users to tokenize their images (avatars) and turn them into standalone NFTs.
Moreover, from now on the 8biticon users are not only the rightful owners of their images but also have a chance to get rewards from all future sales of their avatars and design elements they feature. I will expand on this further in the Token section of the article.
Wonder why we are doing this? To tell you the truth, it’s an experiment. We would like to test the idea behind the NFT but go beyond the basic DOGE gif ownership, taking its ideology to a level of a more complicated but very interesting tool. We want to create a mix of a DeFi instrument and the rights of an art piece ownership. Yep, you become the owner of an avatar right after you claim it or cover the token generation costs as we like to call it. This stipulates that there is no way other people can download it or even recreate via our randomiser.
Last but not least, we are currently in talks with other projects in a bid to legitimise the rights distribution of purchased assets. Now, let’s get into the details!