Cryptocurrencies have soared in recent years, but these digital assets are more than just speculation. Blockchain, a digital ledger technology that enables cryptos, is already being used in the real world. NFTs (non-fungible tokens) are one example. Furthermore, NFTs are blockchain-based tokens that reflect digital asset ownership. The latest trend in NFTs concerns digital art, creativity, as well as historical moments. For instance, Twitter CEO Jack Dorsey sold the first-ever published tweet for $2.9 million as an NFT.
With the world jumping on the cryptocurrency bandwagon and finally seeing Bitcoin as a viable investment option, anything associated with blockchain or crypto is making headlines. NFTs are no different. They have taken the world of crypto by storm, and everyone wants a piece of it. Basement Dwellers are one of them. They are the latest name in the NFT circuit, offering meme-inspired digital art.
Before we look into Basement Dwellers and their concept, let us look into NFTs and how they work.
What is A NFT?
Essentially, an NFT is a collectible digital asset that has value as a cryptocurrency and as a piece of art or culture. NFTs are being viewed as a value-holding investment in the same way as art.
Let’s start with a definition of the term. NFT stands for a non-fungible token, which is a sort of cryptocurrency similar to Bitcoin and Ethereum. However, unlike a standard coin on the Bitcoin blockchain, an NFT is one-of-a-kind and cannot be swapped for other NFTs (hence, non-fungible).
So, how is an NFT different from a traditional cryptocurrency? The NFT file includes additional information that elevates it above ordinary currency and allows it to be used for anything. NFTs exist in several forms, but they can be anything unique that can be recorded digitally and regarded as valuable, such as a piece of digital art or a music file. They are essentially similar to any other tangible collector’s item, except you receive a tokenized asset instead of an oil painting on canvas to hang on your wall.
How Does An NFT Work?
NFTs are independent tokens that are part of the Ethereum blockchain. The critical element is the extra information, which allows them to be represented as art, video, or music in the form of JPGs, MP3s, videos, GIFs, and other formats. They may be purchased and sold like different sorts of art because they have value – and, like real art, with demand determining their worth.
That isn’t to suggest that only one digital version of an NFT art is accessible for purchase on the market. Copies of an NFT are still valid elements of the blockchain, just like art copies of an original are made, used, bought, and sold – but they will not have the same value as the original.
Don’t imagine that by right-clicking and saving an image of an NFT, you’ve hacked the system. Because your downloaded file does not include the information that makes it part of the Ethereum blockchain, you will not become a millionaire. Does that make sense?
Things will make more sense now after reading about NFTs and the ways they work. Now we can talk about Basement Dwellers. With the bulls circling the current crypto market, NFTs are upward trending and highly appealing to buyers.
Basement Dwellers are just here to do that; take the world of NFTs by surprise with their quirky digital art. Meme culture and gamer stereotypes are the main inspiration behind Basement Dwellers. This is something you’ll be able to connect to if you’ve ever sat for hours talking about your favorite games while exchanging memes with your friends. The best thing about Basement Dwellers is that they have included references in their collection, which will appeal to everyone. Basement Dwellers have you covered from old school to the latest games, which have captured the market’s interest and are popular with the newer generation.
👾Basement Dweller #NFTGiveaway #20🕹
– 5x #BasementDweller #NFT Pre-Mint Pass
*ONE PER DWELLER = FIVE WINNERS*
2️⃣Like & Tag 3 Collectors
3️⃣QUOTE RT with your Game🎮
GIVEAWAY ENDS IN 12HRS‼️⏳ pic.twitter.com/vwQBfUvU57
— Basement Dwellers NFT (@BasementNFT) October 4, 2021
Basement Dwellers: The Team
Basement Dwellers has an experienced team of designers, developers, marketers, and crypto enthusiasts with backgrounds as Twitch streamers, competitive gamers, software sales, and other NFT projects. Furthermore, the team has worked on credible projects like TheProjectURS (Dev) & CryptoDads (Artist). Additionally, the team is made up of members from across different continents; the US, South Korea, and Australia.
Nomanz and Skizzo, the co-founders, are gaming enthusiasts and Twitch streamers. Nomanz’s professional background is in software sales and internet marketing (having sold more than $800,000/year in software products). Leya, the designer, helped design the viral Cryptodads NFT project (with ‘floor’ prices currently sitting at 1.1 ETH and more than 8,700 ETH in trading volume). Lastly, Mempool, the strategist behind the project’s launch, was the dev team leader at TheProjectURS, which hit a record-breaking public sale raffle with $33 million deposited from eager buyers. All of this highlights the experience the Basement Dwellers’ team has under their belt, further adding to the appeal factor of their project.
Furthermore, with the massive surge in the market for NFTs and OpenSea processing more than $2.6 billion in sales over the past 30 days, the team will release 10,000 randomly generated NFTs (from 200+ unique traits) with the “mint” price for each being 0.069 ETH.
What To Expect Moving Forward
According to the roadmap, Basement Dwellers have planned Airdrops, where reserved Basement Dweller NFTs will be gifted to randomly selected holders, containing an extremely rare 1 of 1 NFT. Other giveaways are planned, too, where the team will distribute custom PCs worth $3000 to five people holding a Basement Dweller in their wallet. Alongside this, gaming consoles will be awarded as well to five members from within the community. Furthermore, Basement Dwellers also has charity in mind where the team will raise $40,000 to donate to various charities supporting children. Visit Basement Dwellers on Discord to stay updated on future developments.
It’s difficult to predict if NFTs will become more common in the future or not. Indeed, there is a lot of interest in them right now, with considerable growth potential. However, the technology is still in its early stages. There are several obstacles to overcome, which the Basement Dwellers team is certainly capable of doing.
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however, no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the cryptocurrency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal, or accounting advice.