Currently NFTs are mostly built on the Ethereum Network and these can be anything from Art creations, or gaming tokens, collectibles of all sorts, top sports moments (short video clips), tickets and even celebrity tweets… Everything really.
Since the explosion in NFT auctions this year and the whole sector’s very rapid exposure into the mainstream, we are seeing a lot more blockchains implement upgrades and starting to build applications to support and enable creation of NFTs which leads to a much greater competition and variety already. Binance Smart Chain is the first that pops in my head, but also we saw crypto. com and Enjin, Cardano joining the NFT race, while Zilliqa, FLow, Theta and Decentraland have been established in this space for some time now.
Tezos is another such blockchain.
They already launched three different marketplaces for NFTs created on their platform and right now we have a chance of getting a free NFT until the end of July.
You can simply head over to their official website’s announcement : https://tezos.com/create-wallet/
and navigate from there. If you have a Tezos wallet that supports Tezos-related tokens, then use that or if not, you have a few choices on their website that you can use.
This is a typical promotion where you give something for free to the customer, but you win them as a returning customer, hence you grow your brand and network in the long term. It’s a very good marketing method and I am all for it. Users can get a free NFT for just opening (or already owning) a wallet. I’ll show you where to click for this and the link is in the description below, but first, a little bit about Tezos for those who don’t know much about it.
Tezos (XTZ) is an open-source platform for assets and applications – a blockchain network that is based on smart contracts, in a way not too different to Ethereum. However, Tezos aims to offer infrastructure that is a little more advanced — meaning it can evolve and improve over time without there ever being a danger of a hard fork. This is something that both Bitcoin and Ethereum have suffered since they were created. People who hold XTZ can vote on proposals for protocol upgrades that have been put forward by Tezos developers.
This open-source platform bills itself as “secure, upgradable and built to last” — and says its smart contract language provides the accuracy that is required for high-value use cases. According to Tezos, its approach means that it is future-proof and will “remain state-of-the-art long into the future,” meaning it can embrace developments in blockchain technology.
The (XTZ) token is the cryptocurrency of the Tezos platform, with liquidity proof-of-stake consensus, allowing holders who stake their token to earn staking rewards. The total available supply of Tezos is approx 882 million XTZ. and its circulating supply right now is approx 852 million.
In July 2017, the Tezos team generated around $232 million, an equivalent of 66,000 BTC and 361,000 ETH in its first ICO, the largest at the time. Consequent to the initial coin offering, the Tezos Foundation appeared to launch the protocol.
Tezos’ arrival was groundbreaking, with its novel model separating cryptocurrencies into “on-chain governance” and those with “off-chain governance”. This new and unique idea brought Tezos a lot of public interest, which was proven by its more-than-successful funding series in 2017. Tezos officially went live in 2018.
In contrast to other cryptocurrencies such as EOS (EOS), Lisk (LSK), Tron (TRX), and BitShares (BTS) which are using Delegated Proof-of-Stake, Tezos uses a Liquidity Proof-of-Stake (LPoS) algorithm. It allows Tezos software to secure the network, validate transactions, and distribute newly minted XTZ.
For governance participation (in other words, to run a node), users need to stake XTZ in a process which Tezos calls “baking”.
“Baking” is the act of signing and publishing blocks to the Tezos blockchain. It’s what we call mining for Proof of Work blockchains.
You need 8,000 XTZ to become a baker. Bakers earn a block reward of 40 XTZ for baking a block.
Early adopters are at an obvious advantage as the price of XTZ was around 40 cents back in 2019 – today, it is around $3. In fact, in the last 2 days its price ranged between $3.26 and $2.85, reaching as low as $2.14 and as high as $3.43. Its market cap ranged between $2.77 B and $2.42 B making it 39th in ranking by marketcap according to data from Coinmarketcap and 44th in place according to Coingecko – the two leading data aggregators.
XTZ is actually one of the top staking coins.
Block rewards are funded by protocol defined inflation. Rewards are calibrated so that the number of XTZ tokens grows at roughly 5.5% per year. If 100% of Tezos tokens are delegated, the annualized yield will be 5.5%. As of May 2021, approximately 78.8% of Tezos tokens have been delegated, including the 10% owned by the Tezos Foundation, so the annualized yield is roughly 5.8%.
Users can also delegate their tokens to other bakers, allocating votes to other users so they can earn XTZ rewards on its live blockchain.
If you don’t 8,000 XTZ or you don’t want to set up computing infrastructure to bake blocks, you can delegate your holdings to a baker- practically, you are lending your coins to a baker which is a mining company, so you become a delegator, they act as a baker. By doing so, you are giving the baker a higher probability of being selected to bake and endorse blocks – such is the proof of stake mechanism – the more stake you have, the more baking power you operate with. Bakers usually share the additional revenue generated from the delegated tokens with the coin holders. Most Importantly, this process does not actually transfer ownership of coins – you are the owner of your coins and bakers cannot spend or control the XTZ amounts delegated to them, ensuring that bakers cannot steal or abuse the delegators’ funds.
There are many wallets with which to store and use XTZ. The Wallets you see on their official site have undergone at least one independent external security audit, so it’s best to choose one of these.
Always remember: if you do not control your private keys, you do not control your tokens. Every user should make sure to exercise extreme care and take all available safety precautions when entering private key information anywhere. I use two wallets for my XTZ holdings – Ledger Nano X and Trust Wallet – one is a hardware device and the other is on my phone – Trust wallet that is – you also get your private keys with Trust wallet and it’s one of the safer mobile wallets out there. I actually submitted both wallet addresses just to see if I will get two NFTs – but I assume that with the Trezor address I might not be able to access the NFT, which means later on I will have to sweep that private key into one of the dedicated Tezos wallets which is understandable.
Head over to https://tezos.com/create-wallet/ and try to get one of these free NFTs before July 31 (2021).
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