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The SilkX marketplace is in development. SilkX innovates the NFT space by only offering NFTs with real-world utility via asset and access tokens.
If you're new to the NFT space, here's a quick overview to understand what an NFT is and how all this works. We've provided a few supplementary resources at the bottom of this page.
What is an NFT?
NFT stands for non-fungible token, which sounds like a very complicated term. So to break it down, a token is a digitized asset that represents something/anything (such as intellectual property, rights to something like an experience or ownership in some sort of asset). "Non-fungible" simply means that no two tokens are the same. For example, one US Dollar is the same as another random US Dollar, they have the same value and the same purpose, so US Dollars are considered to be "fungible". All NFTs have different values and purposes, so we call them "non-fungible".
What are Asset Tokens and Access Tokens?
Asset and access tokens are the two different types of NFTs that are listed on the SilkX platform. Asset tokens grant you partial or full ownership to something in real life such as songs, movies, royalties, brands, intellectual property (copyrights/patents/trademarks), equity share, voting rights in a decentralized autonomous organization (DAO), real estate, or physical art.
Access tokens on the other hand grant the owner of the NFT access to an event, experience, or exclusive product/service. Examples include tickets to concerts/conferences, access to exclusive communities, conversations with influencers/mentors/celebrities, features in a song or post, limited-edition clothing lines, travel, and so much more. The opportunities are unlimited!
What can I do with an NFT?
Once you own an NFT, you really have two options. One option is to choose to hold it for a while, and then list it on the exchange for a higher price, in an attempt to flip it for a profit. This is common for both access tokens and asset tokens. The other option is to "execute" the NFT if (it's an access token) and receive access to whatever the NFT is offering (i.e. a week-long vacation, an exclusive pair of sneakers, tickets to a concert, etc). Most access tokens will only be able to be executed once, so in most cases once you execute the NFT it won't have as much value. In some scenarios, you will not be able to list and resell the NFT once it's been executed, however in all cases you will be able to keep the NFT as a keepsake, much like you could keep a ticket from a fun concert you went to.
What is the blockchain?
The most common textbook definition of a blockchain is "a public distributed and decentralized ledger", which again sounds very complicated. A blockchain is just an innovative type of database that no one person or organization has control of (decentralized). Most blockchains are peer-to-peer networks, meaning that a network of computers work together to solve complex algorithms to verify each transaction (block). Blockchains are also immutable, meaning that the data and records a blockchain stores cannot be easily changed. The significance of blockchains is that NFT transactions are stored and ownership is easily transferred via a blockchain, such as Ethereum.
Isn't an NFT just a JPEG Image?
NO! An NFT is a type of smart contract. Smart contracts automate the exchange of an NFT, so that ownership of the NFT is transferred once the buyer has paid the seller. Once the seller has received payment, the buyer receives ownership of the NFT and everything that the NFT represents. Most NFTs are represented by JPEG images to make them more attractive to potential buyers. What's important to notice is what the NFT itself represents through the smart contract. We have several examples of the types of assets, access, and experiences that these NFTs represent.
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