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NFTG FAQ
What is NFTG? NFTG is our token, as well as the initials for Non-Fungible-Token Gallery. You may find these documents helpful: - Introduction - NFTG Platform - Tokenomics Where can I earn the NFTG Token? NFTG tokens are earned as rewards through yield farming. Yield farming is the practice of staking (locking up LP tokens) in order to generate cryptocurrency rewards. In order to participate in NFTG yield farm(s), you need liquidity pool (LP) tokens. Different farms require different LP tokens. You must connect to the Polygon (MATIC) network to begin farming. You can begin farming on our NFTG web application. Once you have LP tokens for a supported farm, you will see your LP balance under the “Stake LP” field, on our NFTG web application. After successfully staking LP tokens, your “LP Staked” amount will increase and the farm’s “NFTG Rewards” section will appear. We also recommend you to read these documents: - Farming - Tokenomics
What is fungibility and non-fungibility? Assets are fungible if they are interchangeable- currency is a great example of this. You can exchange a $100 bill for another $100 bill, or 5 $20 dollar bills. Each one can be traded for another, for like kind. In contrast, assets are non-fungible if they are not interchangeable with another. Non fungible assets have unique properties that cannot be easily exchanged; they are one-of-a kind. What are NFTs? Non-Fungible Tokens (NFTs) use blockchain technology to attribute ownership rights and leverage smart contracts. NFTs are completely unique digital assets - different from other digital items - because they are encrypted on the blockchain, showing true authenticity and ownership. Why create an NFT? NFTs give agency and ownership back to creatives and artists, and you can set terms through smart contracts to these digital items for immense potential. For example, creators can set terms on their NFTs so every time it is resold, a portion of those proceeds can be sent to the creator. Creators through NFTs can also prove authenticity, control the distribution of their art, mint NFTs to represent physical items, and more. Who is developing the NFTG token and platform? NFTGallery is created by blockchain experts in collaboration with leaders in the music and creative industry, passionate with decades of blockchain, and Web3 experience in Ethereum. Real Items, a blockchain company that verifies product authenticity, contributes resources and developers as a partnership.
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