Bitcoin Cash And Things - what the heck are NFTs?
The rise of non-fungible tokens was among the most surprising trends in the cryptocurrency market in 2021.
With the growth of metaverse –which relies on non-fungible tokens in large measure–the growth of NFTs is a sure bet.
non-fungible tokens offer lucrative opportunities for investors, traders, artists, and businesses
The recent rise in prominence of digital art and NFTs has created opportunities for artists to monetize their work online, and also democratize the access of fans and users to their work.
The rise of non-fungible tokens was among the most surprising trends in the cryptocurrency market in 2021. In addition to growing to a multi-billion-dollar size, NFTs were embraced by an exponentially surging number of traders, collectors, and investors, and many well-known artists, celebrities, athletes, and billionaires have launched their non-fungible tokens.
Interestingly, when NFTs have started to gain traction last year, they were dismissed by many critics who viewed the assets as a simple fad fueled exclusively by hype, expecting the boom to disappear with the hype. But this seems not to be the case.
While there was indeed an extraordinary amount of hype around non-fungibles, these assets definitely want to stay in the crypto market in the long run.
What proves this best is that many well-known figures, billionaires, artists, and athletes have adopted them or launched their own digital collections. Combine this with the hundreds of thousands of investors and users as well as numerous businesses that have joined the NFT sector in the past few months.
NFTs are non-fungible tokens...but what exactly does that mean?
One of the most trending acronyms utilized within crypto is NFTs.
Like the finance industry, the cryptocurrency space is full of acronyms. From ICOs, IEOs, and IDOs to DeFi, ASICs, and AMMs, blockchain hustlers like to keep things short and sweet when discussing all the exciting topics about digital assets.
However, for someone new to the industry, it can cause some headaches for beginners, especially when they come across these phrases for the first time.
As a quick recap, NFTs - non-fungible tokens are rare and irreplaceable blockchain-powered digital assets that are limited in supply. While they can represent anything from art and memorabilia to in-game items and digital identity, NFTs can be easily authenticated and traced on the blockchain, offering real ownership for their holders.
Non-fungible tokens feature a wide range of benefits that can come in handy for artists, content creators, gamers, and collectors alike.
While they offer real ownership over digital items – such as memorabilia, digital identity and avatars, artwork, and in-game assets –, gamers can take advantage of the trending Play-to-Earn model to generate money by simply playing a game.
Most importantly, NFTs offer an excellent way for talented artists and content creators to monetize their work. At the same time, established influencers can also leverage this opportunity to access a new revenue source.
While we have mentioned how they took the digital asset market by storm last year as well as their exponentially-growing adoption and great potential, it's also crucial to understand the basics about non-fungible tokens.
By heading to the links below, you will find exciting articles that will take you through the basics about NFTs.
A Guide to Crypto Collectibles and Non-fungible Tokens (NFTs)
These articles are from Binance academy, my first guide to everything crypto before connecting with crypto enthusiasts on Torum and then here on read.cash.
Now that you have learned the basics about NFTs from the Binance academy, it's time to read what fellow read.cash members have to say about non-fungible tokens. To find out, take a look at the below posts:
Understanding NFT - Alexsteem shared his review of NFT. The meaning, function and use, as well as the risks of NFTs. Click the above link to see the details of his article.
NFT craze and the current NFT market - Here are the highlights of arslankhalid's article - the current status of NFT, NFT bubble and copyright, and will the NFT bubble burst? Visit the article to learn more.
"NFTs are scams" or so they say - In his recent article Crimsonowlkk discussed the stand of two platforms Ko-fi (a platform that allows users to donate and tip creators and itch.io (a game distribution site) against NFT and their decision not to support NFT creators on their platforms. "In itch.io's word, "NFTs are scams" and Ko-fi dismisses it as "No Flipping Thanks".". He went on to react to their words and shared his perspective regarding NFTS. Go here for more details of the story.
My NFT journey - Sajibb shares his journey into the NFT world and a sneak peek of his NFT collection.
A guide on NFT Marketplace - To learn about the digital platforms where NFTs are listed and sold, you can check the guide by LucasAndrew and DanielGriffin
Non-fungible Token [NFT] - a gamer's view of NFT.
What is a Non-Fungible Token(NFT)? - A complete use-cases of NFT by Linda.
NFT - A comprehensive guide for beginners by Zina.
Why You NEED To Be In SmartBCH NFTs TODAY! - by Pantera.
NFTs & Me - Dancing The Discord Disaster And The Fall Of Wukong by Amoryarte.
Explore Non-Fungible Tokens (NFTs) on smartBCH - by alberdioni8406
Exploring Opportunities in the SmartBCH NFT Domain - by Pantera
YouTube Embraces NFTs - Very interested to see how they integrate NFTs within their platform.
Why I Don't Recommend NFTs… YET! - by scottcbusiness.
A lot of writers and financial experts have shared their views regarding NFTs. Now it's up to you to DYOR and decide if NFTs are for you or not.
These are all the stories I've collected for you on NFTs this today. Be sure to have a lovely weekend, as I'll return with my newest collection on Monday.
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Those against NFTs today are either misinformed or biased. NFTs are opposed by those that will become obsolete in the future.
This is evolution, either you become part of it, or you are left behind. Simple as that.
It is not about the jpeg. It is not about trading either.
Maybe I trade, and make money, who cares, I traded crypto for four years, what exactly is the accussation by those guys? That we trade NFTs? So what? Is it not permitted? I'm not sure I understand the hatred. This is about our money, and certainly not a scam as a total perspective as I've seen some links are suggesting.