The world of NFTs came into the spotlight in 2021 with many artists, celebrities and rappers selling artworks , soundtracks and memes for millions of dollars gathering the attention of the general public towards the decentralized world of blockchains.
What is a Non-Fungible token?
A non-fungible token or NFT is a token on the blockchain which represents digital or physical assets which are unique.
While NFTs have enabled artists around the world to sell their art without any middlemen, they have also come under fire due to ‘environmental concerns’ mainly because of the energy intensive consensus algorithms such as Proof-of-Work that blockchains like Ethereum use. Expensive gas fees to mint nfts have also left out artists from jumping into the game. In order to solve these problems, we need a platform which does not cause strain on the environment and which allows everyone to participate freely in this economy. And this is where Hathor Network comes in.
What is Hathor Network?
Hathor Network is a highly scalable user-friendly blockchain platform which can handle high transaction volumes without compromising decentralization or security. Hathor is a feeless chain which implements DAG along with blockchain to achieve scalability. It uses Proof-of-Work as the consensus algorithm and is merged mined with Bitcoin thus eliminating additional hardware costs. Hathor also supports nano contracts which will allow users to develop basic apps on the platform without having to code. The network also has its focus on interoperability through building bridges with other chains thus allowing users to move assets across chains.
Since Hathor is highly scalable it does not require users to pay high fees to transact on it and this enables a greater number of users to participate in the network without having to worry about economic costs.
9Block - NFT Platform built on Hathor
9Block is the first Brazilian NFT platform built on Hathor Network striving to democratize the world of digital art.
9Block was created by Play9 , a digital content creation studio owned by Felipe Neto, one of Brazil's biggest vloggers with over 42 million subscribers.9Block currently has a series of collections of NFTs from Felipe Neto with aims to bring in more collections from other artists as well.
Since 9Block is built on Hathor , it will have reduced environmental impacts compared to other NFT platforms. Hathor Network has taken serious efforts towards reducing its carbon footprint and environmental impact by taking initiatives such as Hathor Green.
Hathor Green
Hathor Green is an initiative undertaken by Hathor Labs towards sustainable Bitcoin mining using renewable resources. This aims to incentivize miners to adopt more environment friendly practices by giving them more HTR tokens for implementing sustainable ways to secure the network.
War of the Cosmos - TCG built on Hathor
War of the Cosmos is a Trading Card game which is currently being built on the Hathor Network. This game allows users to own unique in-game assets through implementation of NFTs.
NFTs - Beyond Art
When most people hear the word "NFTs" , they think of it as some cute cat meme selling for millions or some pixel art going for a shiny penny but the scope of Non-fungible tokens is not limited to just the world of art. NFTs turned out to be a huge gamechanger for artists around the world but as more and more blockchain projects started using the technology, the more it came to light that NFTs could have applications in a variety of fields such as logistics , music industry and many more areas which are going to be disrupted with this new wave of technology.The market capitalization of non-fungible tokens could easily go up to trillions of dollars given the numerous use cases.