15th July 2021
Tyson Fury further expands his presence by entering the NFT space, offering his fans and the NFT community the opportunity to access his NFT collection, in Part 1 collectible series of NFTs ranging from Diamond, Platinum, Gold, Silver, and Bronze. Part 2 allows the user to buy the “Lineal by Tyson Fury” unique piece which comes with a signed 5-foot by 5-foot painting of the NFT, signed boxing glove, and a video from the Gypsy King himself.
So, what is an NFT?
“Non-fungible” in simple terms means that it is unique and cannot be replaced with something else. For example, bitcoin and other cryptocurrencies are fungible — you can trade one for another, and you’ll have exactly the same thing. A one-of-a-kind Tyson Fury 5/5 collectible, however, is non-fungible. If you traded it for a different collectible, you’d have something completely different.
How do NFTs work?
NFTs are part of multiple blockchains, HoDooi.com operates a multi-chain system and we launched on the Binance Smart Chain but will soon be announcing futures plans for exactly which chains we will be integrating. BNB and USDT are our current cryptocurrencies for methods of payment, soon to be integrating HOD and other payment options.
NFTs provide the user with complete ownership of the asset they purchase, allowing them to store it in their profile, show it to friends or even re-sell it for a higher price.
What is a blockchain?
A blockchain is a type of database. You can delete, amend or replace a cell or table in a spreadsheet but you can’t alter the information on a blockchain. You can instead put additional information on another block, and add them together, forming a chain. New information leads to new blocks and a larger chain.
Because information is added rather than altered, it forms an irreversible history of data, meaning ownership is something that can’t be changed in the database, only tracked. HoDooi.com is currently operating on the Binance Smart Chain but we will be integrating multiple blockchains over time.
How do I buy NFTs on HoDooi.com?
Users can purchase NFTs in two different ways;
Buy Now – you can purchase NFTs immediately with the Buy Now function.
Auction – You can bid on items as you would on eBay or other internet auctions sites/apps during the auction process until the end of the auction.
How will bidding on HoDooi.com work?
You can bid on the Lineal by Tyson Fury as you would with any other platform such as eBay, we currently allow payments in BNB or USDT (BEP-20), you can also bid on other NFTs when the creator lists it as an auction, with the two options for listing being Buy Now and Auction.