Non-fungible tokens (NFTs) are indivisible digital assets kept on a distributed ledger. They have grown in prominence in recent years as a means of verifying the ownership and originality of digital assets, and they can represent everything from digital artwork to collectibles to virtual real estate.
If Pi NFT is indeed a platform for trading NFTs on the Pi Network blockchain, it might give makers of digital material a new way to make money, while also giving collectors a chance to get their hands on rare digital commodities. In conclusion, NFTs are an exciting new technology that has the potential to profoundly alter our understanding of property rights and monetary worth in the digital realm. Whether or not they will be effective in the long run is unknown, as is the case with any new technology. A variety of factors, including as the Pi Network’s popularity and the desire of users to buy NFTs, would determine whether or not such a market would be successful.
An Online Shopping Mall Built on the Pi Chain
One of the most popular Dapps on the Pi Network is the Pi Chain Mall (PCM). With PCM, a global community of users can purchase, sell, and trade products and services using Pi tokens as payment. The Pi Chain Shopping Center is a breeze to use. After creating a profile and connecting it to their Pi Wallet, users can begin transacting with one another. According to the PCM payments smart contract on the Pi Blockexplorer, users are constantly making transactions and conducting business. While full KYC is not necessary to join Pi Chain Mall at this time, this will change as the Pi Network migrates to the open mainnet. The online market is hosted on the Pi Network’s private mainnet. As a result, shoppers at the Pi Chain Mall are restricted in some ways.
Throughout Pi Network’s infancy, the Pi Chain Mall has been expanding. PCM took first place at the very first Pi Network Hackathon in October of 2021.
Members of the PCM Network can be found all across the world, from China to Nigeria. Business app PCM came in second place at the Hackathon, only behind a marketplace for finding and hiring new employees called Pi Workforce Pool. The PCM group just tweeted their accomplishments to the world. Pi tokens cannot be exchanged for fiat currency by Pi Network users. Currently, the only currency that can be bought or sold within the app is Pi itself.
Every minute, there are transactions on the blockchain. According to the daily volume of transactions, we also have the largest user base of any Pi application,” Edwin, PCM World Community Manager, told BSC News. Despite the fact that “most of the pioneers haven’t get KYCed” and “we are still on enclosed mainnet.” A lot of the Pi Ecosystem’s projects have solid rapport with the Pi Chain Mall crew. The group is in constant contact with Pi Core Team members and can suggest updates to the Pi Network as a whole.
As it stands, PCM users can only make Pi by selling items. But, they are unable to cash out or otherwise use their Pi earnings. “This restricts the availability of Pi on our platform,” Edwin, PCM’s Global Community Manager, said. But PCM will allow withdrawals beginning next month. Users can move their PCM holdings to their pi mainnet wallet via the PCM app. To explain, Pi Network is a mobile blockchain mining project with the goal of bringing the bitcoin revolution to everyone. A group of Stanford University Ph.D. candidates created the project and developed a blockchain mining algorithm suitable for use on mobile devices. For us, this will be an important and landmark event as we usher in a new era in the evolution of pi’s ecological applications. As a result of increased circulation, the value of Pi will increase.
Mobile and desktop browser users can shop at the Pi Chain Mall. The Pi Network App and the Pi Browser both provide PCM access. After years of development, a hackathon, and the creation of two functional Pi blockchain applications, Pi Network is nearing completion of the last stages of transfer to the mainnet.