$610.09 6.61%
ETH · 5w

The Comprehensive Guide to Gem Mining

The Comprehensive Guide to Gem Mining NFT by Awkwardai —

On October 14th, 2020 Cargo — an all-in-one platform to create, manage, and sell NFTs — released Cargo Gems, the platform’s utility and governance token which enables a unique staking model turning ERC-721 NFTs into yield-bearing vaults. That last sentence contained a lot of words which — if you haven’t devoted yourself to the crypto space — probably confuse the hell out of you. This article is meant to explain to you, in a way that makes sense, what we are doing.

What is an ERC-721 NFT?

Let’s start with CryptoPunks, the first NFT project and one that inspired the official Ethereum ERC-721 NFT standard. The CryptoPunks website gives you an idea of what an NFT is — “10,000 unique collectible characters with proof of ownership stored on the Ethereum blockchain.”. Each Punk is a unique digital collectible. Think Pokemon cards, Magic cards, or even Beanie Babies — except in the digital world. Each NFT is a unique digital asset on the blockchain in which ownership is tracked. Ownership of an NFT is tied to your Ethereum wallet and only you — as the owner of that wallet — has access to that digital asset.

Platform Interoperability

Along with CryptoPunks, another well known NFT project helped launch the popularity of NFTs — this project was CryptoKitties. The definition of their platform from the CK site: “CryptoKitties is a game centered around breedable, collectible, and oh-so-adorable creatures we call CryptoKitties! Each cat is one-of-a-kind and 100% owned by you; it cannot be replicated, taken away, or destroyed.” Going back to securing ownership via the blockchain — each cat you own is associated with your Ethereum wallet and only you have access to it.

So now we have two different products utilizing similar concepts and the same underlying technology. The underlying technology being ...

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