The BANITY collection will launch on the Ethereum blockchain as the first-ever NFT collection of Bitcoin vanity addresses. BANITY starts in a presale from November 25th, where users can create their own vanity address, and will officially go live at the time of minting.
Authenticity and ownership of a BANITY is tracked on the blockchain, while moving through collectors’ hands, the buyer has status as the official owner. Holding a BANITY, gives the owner the right to unlock the private key of the valid Bitcoin address when redeeming the token. A redeemed token is destroyed forever and can therefore no longer change hands.
Investing in BANITY means buying a Bitcoin vanity address and selling it for more than your purchase price, all without revealing any information about its private key. Investors prefer “long” and / or “noticeable” vanity addresses that are very difficult to generate or that catch the eye at first glance. Vanity addresses are an investment opportunity for forward-thinking investors who are buying rare crypto addresses before everyone else does.
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Switzerland-based crypto asset manager DECOM generated BANITY as a collection of 1001 NFTs. According to DECOM, the collection is intended to increase awareness and understanding of Vanity Addresses. Vanity addresses are extremely difficult to find. DECOM compares these as “Diamonds of the Blockchain”.
According to the team, the BANITY collection is not about hype and is much more than just JPEGs or GIFs. A BANITY is a valid Bitcoin Vanity address that is searched through trial and error. The generation of vanity addresses requires a brute force algorithm, i.e., if there is no match with the desired sequence of letters and numbers, the algorithm generates a new random private key and follows the procedure again. This can be very costly to the individual generating this as it requires testing billions of key combinations which can take up to weeks and even years. In this regard, the use of specially developed hardware and software was inevitable for the Swiss company DECOM in order to generate the 1001 addresses for the BANITY collection. Without the upgrade, this would not have been possible in this short time.
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