In early March 2021, a group of NFTs by digital artist Beeple sold for over $69 million. The sale set a precedent and a record for the most expensive pieces of digital art sold thus far. The artwork was a collage comprised of Beeple’s first 5,000 days of work.

By enabling digital representations of physical assets, NFTs are a step forward in the reinvention of this infrastructure. For example, they are an ideal vehicle to digitally represent physical assets like real estate and artwork. Because they are based on blockchains, NFTs can also work to remove intermediaries and connect artists with audiences or for identity management. NFTs can remove intermediaries, simplify transactions, and create new markets. Like physical money, cryptocurrencies are usually fungible from a financial perspective, meaning that they can be traded or exchanged, one for another. For example, one bitcoin is always equal in value to another bitcoin on a given exchange, just like how every dollar bill of U.S. currency has an implicit exchange value of $1.

Ethereum smart contracts support a variety of distributed apps across the crypto ecosystem. Perhaps the most famous use case for NFTs is that of cryptokitties. Launched in November 2017, cryptokitties are digital representations of cats with unique identifications on Ethereum’s blockchain.

Faced with only token opposition, the superhero sequel picked up $10 million on Wednesday. By the same token, work began to creep into more of employees’ home lives, with kitchen tables turning into workstations and log-on and log-off times growing fuzzier. Alexia Pico dances with instructor Marc Bertrand at Arthur Murray Dance Studio.

Tokens do not have their own blockchain, but run on other people’s blockchain. For example, in the Ethereum what is helixnetwork network – which is very popular. After Bitcoin, Ethereum is the second most popular virtual money.

How to use token in a sentence

By converting individual passports into NFTs, each with its own unique identifying characteristics, it is possible to streamline the entry and exit processes for jurisdictions. Expanding this use case, NFTs can serve an identity management purpose within the digital realm as well. For this reasons, NFTs shift the crypto paradigm by making each token unique and irreplaceable, thereby making it impossible for one non-fungible token to be equal to another. They are digital representations of assets and have been likened to digital passports because each token contains a unique, non-transferable identity to distinguish it from other tokens.

1975 Frederick Exley Pages from a Cold Island The student could ask anything he chose, and by the same token Wilson could if he elected choose not to answer. You use by the same token to introduce a statement that you think is true for the same reasons that were given for a previous statement. An action or a decision that is so small or inconsequential as to be only symbolic.

More examples He lives with his parents and pays them a token rent of $50 a month. A person, especially a minority, who has been hired, admitted, enrolled, etc., to forestall charges of prejudice or discrimination. The religious movement was an exhibition of latent energy, and a token of what may take place at some future day. It’s a collection of 10,000 NFTs that are graphical representations of cartoon-like apes on the Ethereum blockchain. Decentraland is a digital game that is part of a growing trend that has led to metaverse-related coins proliferating dramatically.

According to the Securities and Exchange Commission, utility tokens cannot have a financial motivation. In other words, the issuer must not offer a return on investment. Tokenised securities are intended to be compliant with securities regulations, which is what security tokens are intended to do. Tokens are important in the cryptocurrency world because of their many functions. There are a variety of alternative cryptocurrencies to Bitcoin. They grant their owner the right to carry out a certain activity on a decentralised resource.

The memo and rebuttals on Twitter came on the back of a record number of net daily Bitcoin and Ether token outflows from Binance on Tuesday. In 2016, developers forked the Ethereum blockchain and created the Ethereum Classic token. All the people who work there are men except for a couple of token women. Symptom suggests an outward indication of an internal change or condition. Sign applies to any indication to be perceived by the senses or the reason. A specific instance of a phenomenon or a class of things, as of a linguistic feature in a sample of a person’s speech, that can be isolated for study or analysis.

Example Sentences

This can prevent chain collisions from occurring or unauthorised people from making changes to the blockchain. Tokens are unique units that grant their owner access to a shared, decentralised resource. S, which offered the prospect of shares in SushiSwap’s revenues and voting rights, would be awarded to people who put up funds. OpenSea is the largest non-fungible token marketplace, offering the ability to buy, sell, create, and trade.

• Consider the case of physical passports that need to be produced at every entry and exit point.
• The company was bought by the government for a token 1p a share.
• At a high-level, the minting process entails a new block being created, the information of the NFT being validated by a validator, and the information being recorded.
• We have summarised 4 possible uses of security tokens for you.

The test is considered positive if all questions can be answered positively. As a result, the instrument is a security as defined by the SEC. This is because while utility tokens try to distance themselves from being classified as a security, their structure almost always forces them to be considered one.

Token Definition

Consider a piece of real estate parceled out into multiple divisions, each of which contains different characteristics and property types. One of the divisions might be next to a beach while another is in an entertainment complex, and yet another is a residential district. Depending on its characteristics, each piece of land is unique, priced https://cryptolisting.org/ differently, and represented with an NFT. Real estate trading, a complex and bureaucratic affair, can be simplified by incorporating relevant metadata into each unique NFT. Non-fungible tokens are also excellent for identity management. Consider the case of physical passports that need to be produced at every entry and exit point.

While all these words mean “a discernible indication of what is not itself directly perceptible,” token applies to something that serves as a proof of something intangible. He was hired as the company’s token black person.The television show was primarily directed toward a black audience, but it did have a few token white people as performers. In other words, securities tokens offer ordinary investors a way to participate in the market. Finally, tokenisation makes assets that were previously only available to large institutional investors such as banks and family offices accessible to a wider audience.

This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional. In token passing local area networks , a special signal in the form of a certain bit pattern that circulates among the connected stations. A station cannot transmit data unless it has possession of the token. See also LAN, signal, token bus, token passing, and token ring. A physical object used for exchange between drivers and signalmen on single track lines.

Herfurtner Law Firm always advises caution when it comes to cryptocurrencies – they are an unsafe investment. We advise you nationwide on all legal topics relating to the definition, meaning and function of tokens, digital currencies, investment fraud, cybercrime and fraud . We have summarised 4 possible uses of security tokens for you.

These include gold, silver and other precious metals, but also real estate and other forms of capital. Therefore, these tokens act as collateral for actual assets. Tether, for example, is tied to the value of the US dollar, while GoldMint is tied to the price of gold. Tokens are created on an existing blockchain and represent a form of utility that can only be used within the blockchain.

Words Near Token in the Dictionary

For example, a barrel of oil is fungible (interchangeable/indistinguishable) from any other barrel of oil. A dollar bill, likewise, is equal to any other dollar bill (or 4 quarters, etc.). Non-fungible is to render such items unique or distinguishable. For instance, if you were to take a dollar bill and have it drawn on and signed by a famous artist, it become unique – unlike all other dollar bills, and perhaps worth more than its face value. Many NFTs can only be purchased with Ether, so owning some of this cryptocurrency—and storing it in a digital wallet—is usually the first step.

Importance of tokens in the field of cryptocurrencies

Therefore, “token” women’s participation and authority will be lower than “token” men’s. In the rehabilitation work-settings, minority counselors in double token status (e.g., female, black ) or triple token status may experience more intense token effects of have mixed outcomes. However, it should be noted that wherever ministers are opposed to mixed churches, the racial admixture is token. Included in minimal numbers in order to create an impression or illusion of diversity, especially ethnic or gender diversity. 2000, Cheris Kramarae, Dale Spender, Routledge International Encyclopedia of Women, Page 176There are still many churches where the participation of women is token. A bit of leather having a peculiar mark designating a particular miner.

Data storytelling is the process of translating data analyses into understandable terms in order to influence a business decision… Self-sovereign identity is a model for managing digital identities in which individuals or businesses have sole ownership … Credential theft is a type of cybercrime that involves stealing a victim’s proof of identity. In a token ring network, the presence of a token in a continually circulating transmission stream allows a device to change the bit setting and put a message in its place.

Exit scams, as were widespread during the 2017 ICO boom, will be much harder to execute if issuers are listed with their clear name and registered office with the relevant securities regulator. Classic cryptocurrencies such as Bitcoin, Monero and Litecoin are used as payment tokens. This means they have no project obligations and can be used for a variety of other purposes.

A transaction on a blockchain can only be carried out by the owner of a token. Non-fungible tokens can digitally represent any asset, including online-only assets like digital artwork and real assets such as real estate. Other examples of the assets that NFTs can represent include in-game items like avatars, digital and non-digital collectibles, domain names, and event tickets. To be sure, the idea of digital representations of physical assets is not novel nor is the use of unique identification. However, when these concepts are combined with the benefits of a tamper-resistant blockchain of smart contracts, they become a potent force for change.