It was announced today that the Pecu Novus Network, a digital asset network which incorporates a digital asset and a proprietary escrow system, will be adding non-fungible tokens “NFT’s” to the network. The non-fungible tokens will be created on the Pecu Novus Network and is a way to represent anything unique as a Pecu Novus based asset. This will provide unquestionable ownership of a digital asset as well as a physical asset.
Some examples of what the NFT’s could represent include digital artwork, a digital event ticket, original digital music (master recordings), a domain name, digital collectibles such as sports cards, a virtual home, virtual in-game skins and other items. It can also be a hybrid representing both a digital and physical version of an asset, even represent ownership of real property.
Each token that is minted will have a unique identifier that will have the information of the item, ownership information and other material information that will make it easily verifiable by the owner of the token as well as a future purchaser.
One token will represent a specific item, these tokens will not be able to be split into several tokens. However in the event of sport cards or event tickets, the creator of the NFT will decide the scarcity of the asset, they can allow 1 or 1,000 or more of them to be minted but as stated each token issued, even in a series, will have a unique identifier that will prove ownership of that digital item.
The NFT’s will live on the Pecu Novus Network and it will be very simple for the owner of the NFT to prove they are the actual legal owner of the digital or physical asset, the worry of manipulation of the information is expelled, it can be sold to anyone at any time on the network without restrictions or the owner can simple keep it with the knowledge that it is safe and sound forever.
The tokens will not be shown on any exchanges but the owner will have the option to include the digital item on various platforms that will be offered. All NFT’s minted will automatically added to the creators safekeeping box in the MegaHoot Vault (www.megahootvault.com) providing an extra layer of security for the creator and new owners.
Digital artist, musicians, photographers, authors, virtual creators, businesses, celebrities, athletes and others will be able to create NFT’s to represent the ownership of their original work and they will have the ability to hold onto the digital asset or sell it as they choose to.
Creators of the NFT’s will also have royalty rights each time the token is sold, this will typically range from 5-7% and will occur automatically. Once a token is sold the new owner will have the right to resell the token as well as monetize it in the physical or digital world as the lawful owner, through this monetization the original creator will also receive royalties from this for the life of the digital asset. The percentage will typically range between 1-3% depending on the digital asset and how the original NFT is minted.
Software and Technology company, MegaHoot , will be the lead developer for the NFT’s and subsequent platforms associated with the Pecu Novus Network.
About the Pecu Novus Network
The Pecu Novus Network is a blockchain technology powered network that incorporates a digital asset, proprietary escrow system and enables individuals or businesses on the network to conduct instant and zero cost coin based transactions globally. For more information please go to www.pecunovus.com
MegaHoot is an innovative and diverse American software and technology company that is building a global ecosystem that will incorporate comprehensive tools for business that include Artificial Intelligence (Facial Recognition, Computer Vision, Biometric), Machine Learning, Secure Collaboration Technology, Advanced Blockchain Technology, eCommerce and Gaming platforms, as well as other disruptive technological innovations. MegaHoot’s core focus is on developing such disruptive technology in these arenas in order to provide cost effective and advanced solutions for global enterprise, municipalities and individual use via a SaaS (Software as a Service) model. Divisions include VeroHIve, DocuMega, ZecureHive, SkoolHive and the Megahoot Vault. For more information please go to www.megahoot.com .
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