Definitions

General definitions needed to know for our project

NFT

NFT stands for "non-fungible token." At a basic level, an NFT is a digital asset that links ownership to unique physical or digital items, such as works of art, real estate, music, or videos.

NFTs can be considered modern-day collectibles. They're bought and sold online, and represent a digital proof of ownership of any given item.

NFTs are securely recorded on a blockchain — the same technology behind cryptocurrencies — which ensures the asset is one-of-a-kind. The technology can also make it difficult to alter or counterfeit NFTs.

Mint

Minting an NFT is how your digital art becomes a part of the Binance Smart Chain blockchain–a public ledger that is unchangeable and tamper-proof.

Similar to the way that metal coins are minted and added into circulation, NFTs are also tokens that get “minted” once they are created. Your digital artwork is represented as an NFT so it can then be purchased and traded in the market and digitally tracked as it is resold or collected again in the future.

Play-to-Earn

Play2Earn (play-to-earn) games refer to the concept of gaming in which a platform provides its players with a chance to earn any form of in-game assets that can be transferred to the real world as a valuable resource. In the case of The Presidents, players are rewarded the governance token, which can be used on the platform and traded on popular decentralized exchanges.

GameFi

GameFi, one of the hottest buzzwords in the cryptoverse, is a portmanteau of “Game” and “Finance.” It describes the gamification of financial systems to create profit from playing play-to-earn crypto games.

GameFi video game projects run on a blockchain’s distributed ledger, which enables players to have verifiable ownership of the virtual items in the game. In contrast to traditional gaming, where users play to win, GameFi projects adopt a play-to-earn model.