Hello, reader! DeFi Kingdoms for Commoners series is written for audience who have little to no experience in the world of cryptocurrency. My main goal in writing this is to provide in-depth information about DeFi Kingdoms in simpler terms. This is the third installment of this series, feel free to click this link to access the previous articles. Happy learning!
What is DeFi Kingdoms?
DeFi Kingdoms is a game, a DEX, a liquidity pool opportunity, a market of rare utility driven NFTs, and it all plays out seamlessly in the incredibly nostalgic form of fantasy pixel art. It is launched on Harmony Network.
In this article, we are answering one question: What are NFTs?
Non-fungible Tokens (NFTs)
A fungible asset is something that can be readily interchanged. For example, a 10$ bill can be interchanged with two 5$ bill and the value will be the same. Two 5$ bills will always be equal to 10$. Non-fungible assets are unique and its value cannot be fixed at a certain point. NFTs can be anything digital, such as art, GIFs, videos, sports highlights, collectibles, virtual avatars, video game skins, designer sneakers, and musical pieces (even tweets by the way). Essentially, they are like physical collector’s items, but digital.
A more formal definition of NFTs is it is a unique and non-interchangeable unit of data stored in a blockchain. Each token has its own signature that protects its unique owners (because you can literally download the image and declare it your own). It cannot be “stolen” (unless someone has access to your private wallet) and are usually bought and sold online with the use of any cryptocurrency.
There has been growing popularity about NFTs with added utilities, rather than relying on the possibility for its value to appreciate in value depending on how much does the market think an NFT costs. One of the more novel concepts is NFT staking or farming. It gives NFTs passive yield-generating utility, and can be thought of as decentralized finance (DeFi) meets NFTs. It is also reshaping the cryptocurrency space by integrating the NFTs in play-to-earn models, which gives it much more potential for value appreciation.
DeFi Kingdoms NFTs
One of the many (like, really) NFTs that can be found on DeFi Kingdoms are Heroes. Each Hero has a unique combination of rarity, generation, summon limit, stats, background, weapon, and other characteristics. As of this writing, there are currently more than 50,000 Heroes (and counting) minted by the players that are being constantly traded every day.
The Tavern, also known as the Scarlet Hearth, is the marketplace where players can browse, buy, sell, and rent out heroes.
Additional Hero Information
I am a crypto noob but I am interested. How do I start?
You can start by making an account in a Central Exchange (Binance, Crypto.com, Kucoin, or just ask your crypto friend), then create a MetaMask wallet. Stay tuned for the next installment of this series.