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.