HANOI, VIETNAM / ACCESSWIRE / May 6, 2021 / Sota Finance will see their SOTA token listed on Bitmart Exchange on May 10th, with the available pairs being SOTA/USDT and SOTA/BTC. This comes on the back of a recent announcement, introducing NFTA, their new addition of a cross-chain NFT Auction and Loan Platform
2021 is proving to be one of the best years in the crypto space. Following Elon Musk’s recent announcement that people can buy Tesla with Bitcoin, plus a $69 million dollar purchase of a digital art piece and a recent skit about NFTs on a Saturday Night, Blockchain, Cryptocurrencies and NFTs have been put in the news once again.
The last two years have seen an explosion in the sale of digital art, which has been widely embraced by significant artists and auction houses that have fetched hundreds, thousands, millions and tens of millions of dollars. However, unlike traditional artwork sales, the explosion of digital art is backed by Non-Fungible tokens (NFTs). The artwork is digital assets that range from a photograph, a video, an audio file, a meme, or even a GIF backed by a digital ownership record, recorded on the blockchain.
The advent of NFTs in the Digital Universe
The internet created a global community that improved how we communicate, share files and stay connected. However, it also made it difficult to preserve digital content copyright. No coherent rules and regulations were put in place to solve this challenge.
As a result, digital content creators are forced to choose between safeguarding copyrights or reaching their target audience. In most cases, artists who choose to use the pre-set copyrights protocols do not receive the exact incentives.
Fortunately, Bitcoin brought blockchain technology, creating a new digital realm of opportunities. For instance, blockchain powers Decentralized finance, DAO, and Non-fungible tokens.
In particular, NFTs have unique digital signatures that allow them to track the ownership of a digital asset from owner to owner without affecting the asset’s authenticity. The ownership is automatically changed once the asset changes ownership.
The integration of NFTs and Digital Art
SOTA Finance brings this new realm into reality by connecting digital art, NFTs, and artists through allowing limited digital content creations and facilitating the easy transfer of assets using blockchain technology. SOTA is an NFT platform that enables the creation and trading of collectible items backed by NFTs.
SOTA’s main point of difference is that it’s a multi-chain NFT platform, meaning it’s integrated with more than one blockchain. The platform allows the creation of NFT on both Ethereum and the Binance Smart Chain. The SOTA platform is also expected to integrate with other blockchains such as Tomochain and Solana in the future.
By leveraging the power of being multi-chain, SOTA reduces the cost of gas when creating NFTs. The ability to create digital art NFTs across various chains has the potential to make the creation and sales of digital art and collectibles much more accessible. A barrier that has held many artists in the past.
SOTA also employs an NFT farming mechanism whereby SOTA holders can stake their tokens to earn Pumpkin points. Pumpkin points can be redeemed for a variety of limited NFTs listed on the SOTA platform. This aims to incentivize users to stake their SOTA tokens as users can later sell limited NFTs at a profit.
The SOTA team has onboarded the well-known South Vietnamese artist, Dao Hai Phong. Moreover, during a recent AMA, the SOTA team stated that “In our future vision, the aim is to bring a variety of digital content marketers to the platform with famous entertainers and media business using the platform to distribute limited digital edition items to their fans.”
SOTA Finance seeks to deliver on a vision of bringing a new dimension to the NFT marketplace.
Follow Sota Finance’s media channels to stay up to date with the latest news:
Official website: https://sota.finance/en
Telegram – https://t.me/sotaNFTer
Medium – https://sota01.medium.com/
SOURCE: SOTA FINANCE
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