An NFT is a non-fungible token, a kind of digital bearer asset that represents ownership of a unique item or property. NFT's are designed to be distinguishable from each other so that no two tokens are the same, making them ideal for representing collectibles.
NFT’s can be issued on different blockchains and networks. On JUNGLELAB, they're created on the Liquid Network, a Bitcoin layer-2 solution and sidechain, that can be stored in any wallet that supports Liquid assets. JUNGLELAB offers a free built-in web wallet that gets used by default.
When an artist first uploads an image or video file for an artwork, the file is added to the IPFS network and assigned a hash number that uniquely identifies the contents of the file. The artist's JUNGLELAB wallet will then generate a Liquid asset issuance transaction containing the artwork's title and its hash and broadcast it to be permanently recorded in the Liquid blockchain.
JungleLab is a curated physical and digital assets marketplace focused solely on Bitcoin Liquid Lightning Urban Culture . Your application will be reviewed by our team and we'll reach out to let you know if you’ve been accepted.
JUNGLELAB is the first NFT platform that uses the Bitcoin Liquid Network instead of Ethereum or Counterparty. The Liquid Network is a Bitcoin layer-2 solution and sidechain where transaction fees are denominated in Liquid Bitcoin (L-BTC), which is pegged 1:1 to bitcoin.
Transaction fees on Liquid are orders of magnitude cheaper than on the Bitcoin or Ethereum networks. Liquid also supports native asset issuance and atomic swaps, making it possible for people who don't know or trust each other to exchange their different tokens and assets directly in a single transaction without needing to go through a trusted 3rd party escrow agent.
Currently, it is 50 sats (0.0000005 BTC) or less than three cents per asset issuance, and 100 sats (0.000001 BTC) for listing and auctions. The lowest bid price allowed is 1,000 sats (0.00001 BTC).
To bid or list art on JungleLab, patrons will need to have some L-BTC in their JungleLab wallets. The easiest way to fund your account is to send onchain BTC or bitcoin on the Lighting Network to your JungleLab wallet, and it will auto-convert to L-BTC. You can also watch this video tutorial to learn how to use the SideSwap mobile app to turn BTC into L-BTC.