IOST Is Distributing 1,000 Redeemable NFT Tokens to Celebrate CoinCheck Listing

Following listing on CoinCheck, the IOST Foundation is distributing 1,000 NFT badges in their 4th NFT Event set to begin from today to Sep 18. This is after the third NFT, iDeFi event, a continuation of the IOST 2020 Year-long Event.

Recipients will be rewarded within a week after the event ends for following, liking, and retweeting IOST’s pin post, congratulating IOST listing on CoinCheck, and filling in a form as directed on Sep 3.

What is a Non-Fungible Token (NFT)?

A non-fungible token (NFT) is a cryptography-secured non-monetary digital asset that represents something unique. It can be a real-world asset or even a virtual asset like a gaming character. Each is tagged with a unique token identity for differentiation. 

As such—and unlike ordinary tokens and coins, NFT tokens lack interchangeability and divisibility since each asset, even though appearing similar, may represent a different value. This also comes in handy especially for collectible NFTs which must be scarce to derive value. 

Despite their uniqueness, they can still be traded like ordinary assets and are thus more liquid than real-world collectibles and valuable assets. This is because they are all formulated based on a given standard designed to deter attempts of forgery. 

IOST has the IRC-721 Standard

Within the IOST ecosystem, NFT tokens are based on the IRC-721 standard, a guiding compliance checkbox that was recently released. Different from the NFT guiding standard of Ethereum–riddled with technical challenges, the IRC-721 standard allows the launching of NFTs from a scalable and an enterprise-grade blockchain. 

To promote NFT and the IRC-721 standard, the 1,000 NFT badges will be distributed for free on a first-come, first-serve basis to the global IOST fandom. 

The Mystery Box

IOST mainnet account holders who managed to collect 9 NFT tokens from 9 NFT events will be eligible to a mystery box which includes but is not limited to IOST tokens, physical prizes, merchandising, staking votes, tickets, and so much more. 

The mystery box redemption time will be announced in January 2021. After the winner is announced, the mystery box gift will be distributed to winners within 15 days.

Presently, a lot is going on in the IOST ecosystem as BTCManager reports. They have reiterated their focus on compliance and are also exploring other emerging sub-sectors like DeFi as part of their utility drive.