The BANITY collection will debut as the first-ever NFT collection of Bitcoin vanity addresses on the Ethereum network. BANITY will begin a presale on November 25th, where users can design their own vanity address, and will go live on December 15th, at the time of minting.
The authenticity and ownership of a BANITY are tracked on the blockchain as it passes through the hands of collectors, with the buyer taking on the role of official owner. When redeeming a BANITY, the owner has the ability to unlock the private key of the valid Bitcoin address. A redeemed token is permanently destroyed and can no longer be traded.
Investing in BANITY is purchasing a Bitcoin vanity address and then selling it for a profit, all without disclosing any information about the address’s private key. Investors favour vanity addresses that are “long” and/or “noticeable,” meaning they are difficult to manufacture or that attract the eye at first glance. Vanity addresses are an investment opportunity for foresighted investors that want to get their hands on unusual crypto addresses before the rest of the world.
DECOM, a crypto asset manager based in Switzerland, created BANITY as a collection of 1001 NFTs. The collection, according to DECOM, is meant to raise awareness and comprehension of Vanity Addresses. Vanity addresses are exceedingly hard to come by. These are referred to as “Diamonds of the Blockchain” by DECOM.
The BANITY collection, according to the creators, is not about hype and is much more than just JPEGs or GIFs. A genuine Bitcoin Vanity address is found by trial and error as a BANITY. The construction of vanity addresses necessitates a brute force technique, which generates a new random private key and repeats the procedure if there is no match with the necessary sequence of letters and digits.
This can be quite expensive for the person who generates it because it necessitates testing billions of key combinations, which can take weeks or even years. In order to produce the 1001 addresses for the BANITY collection, the Swiss company DECOM had no choice but to use specially developed gear and software. This would not have been possible in such a short time without the improvement.