In this continuation article, I talk about Non-Fungible Token (NFT), Play to Earn (P2E) and a few blockchain Decentralized Exchanges (DEX).
Part 1 is here if you haven't read it yet. Again, these articles are not financial advice. I am only sharing my thoughts and experiences. Always do your own research. 😉
So let's proceed to the 2nd part of my article. 😁
NFTs and P2Es
When the NFT craze happened, people were blown away at the high prices some artwork were getting sold. How can a digital art be bought for millions of $$$? 😮 Many people wanted to jump right into it because of such news.
Well hello wait a minute guys... ETH has the highest fees I know aside from BTC. 😂 Eventually I found out gas fees for transactions are not that cheap when minting artwork to make a single NFT. Not sure if it went really high because of the number of blockchain usage due to NFTs or what.
6 months ago, I wrote about 3 reasons why people won't get into it. One of those reasons is the high transaction fees. That alone is discouraging to fellow artists who are always late to the party. Personally it seems more like a spend-money-to-earn-money kind of thing. No assurance that you will earn a lot too. The average person might lose more than gain anything.
Unlike if you create art and sell it, you earn money instead of spending anything except the materials to make the art. Makes it easier to have cash than the other one.
Also I don't want to rely on being an art "scholar" or having a sponsor just to be able to sell my art on the ETH blockchain. This is why I am still not turning any of my illustrations/designs into NFTs. Actually I have several lined up but the fees are just killing my motivation. 😂
Because not everyone is rich, other people developed NFT platforms on different blockchains. That's how Polygon (MATIC) and SmartBCH came around (afaik). As soon as the news was out, more people were finally able to get into the craze through those two.
The biggest NFT hype though is still in the ETH community. Now I look at it as where the "elites" go when they want to create and sell their own art. It's at the top of the food chain so to speak.
Can you imagine, even in the crypto world there's a divide in the haves and have nots? 😂 So I believe money/fiat will still be around no matter what people say. Cryptocurrency will just be another way to invest and spend money but it will never be the mainstream way to pay unless the country's economy has really gone for the worst (like Venezuela).
Now with MATIC coming into the picture I still didn't really delve into it that much. OpenSea eventually added the Polygon chain NFT integration but I haven't been able to use it for minting.
And then crypto play to earn (P2E) games suddenly popped out of nowhere because they have their own NFTs for giveaway and such. I'm like... What the heck is going on with these people? 😂
(You can read all about Twitter artists complaining about how many people tweet/DM them to "collab" and make NFTs. Puhleeze, not everyone wants your grimy hands on our artwork. 😂)
Anyway, of course I did not get into the Axie Infinity P2E craze. By the time I checked on it the token price was already so high. 😨
You really have to be fast when investing in crypto projects. It's either gonna burst or boom, meaning your investment can either sink or swim depending on what becomes hyped and crazed about.
My entry to P2E was not really motivated by money. If I don't like it, why would I even play it? I never really bothered much in looking for one. Eventually I was able to read an article and find a game I could enjoy playing that had already become P2E.
Just recently they have announced the "airdrops" or putting our earned tokens in our wallets (FINALLY!). I guess it means I will keep playing it from time to time. Hehe.
Oh hey it doesn't end with NFTs and P2Es. Now DEX tokens (which to me is like mini digital currency within a crypto chain, or what I'd like to think as baby cryptos 😂) have become the next big thing after the two became really popular. 😆 Thanks to tokens being created left and right, people are investing money and cryptos in various tokens in different DEX blockchains.
(NFT + P2E) + DEX = more money? 🤔😂 Jeezus. I certainly never got rich with all the whatevers coming up left and right. Meaning I didn't lose much money too. Haha! 😜 (The less you put in, the less you get too. Just like any investment: the bigger the risk = the higher the profit/loss.)
Again the fees are why most people would opt for other chains/networks like Binance Smart Chain (BSC) after the ETH NFT boom, etc. You wouldn't even catch me writing for Publish0x (ETH based) no matter what rude people say. 😆
As mentioned I also didn't get into Axie Infinity so what did I get into next? Because of trying to make NFTs and before the OpenSea Polygon integration, I delved into BSC as an alternative just to see how I can avoid the high ETH NFT-related fees.
Good lord only those who have a good/high paying job and/or those who earn in $$$ would want to use anything ETH related. Our currency (PHP) is not that high in value so if you are/feel poor, it is a pain in the *** to spend big equivalent $$$. (Then again BSC fees are still kinda ouch for me even if it's way lower than ETH. 😂 More on that below.)
Blockchain Communities and DEXs
Now we come to what I've just gotten into. I dived into the SmartBCH craze last week. Why not when everyone here on read cash and noise cash keeps seeing posts about it. 😂 Anything about earning more money here and there will definitely interest a lot of people.
But we keep forgetting about the fees, the transaction fees involved in everything we do on the blockchain, in any blockchain. We keep converting and trading this for that and those not so tech savvy one day goes: "Where did my money go? 😮" 😂
For some people who don't study first before diving in, it's all a charge to experience kind of learning. This is where I started to appreciate the blockchains that offer lower fees as compared to the top dogs (BTC, ETH, etc.). (Why even DOGE has low fees you know. It's a meme coin though so I don't take it seriously even with Elon Musk hyping it up.)
I'm more into Polygon/MATIC and SmartBCH now. Why? The low transaction fees and the speed of transferring cryptos.
I mentioned I got into BSC right? It has several DEXs too. One of them is the Pancake Swap site. (There is no literal pancake swapping in there. 😆) That's where I first got exposed to farming and staking tokens for real.
I mean, no offense to STEEM/HIVE DEXs but trading on newer DEXs is more interesting/fun even if there are fees involved. 😅 Then again I didn't stick around to watch my cryptos and CAKE tokens.
After getting into SmartBCH and knowing the fees we have to pay for every transaction, I decided to go back to Pancake Swap to check the difference. And there I saw how each transaction I did before just ate my cryptos/money. 😂
Did you know, one BSC transaction can cost around P24 (approx. $0.5) while on SmartBCH it's only around P3 or P5! I've never seen it go up to P10 (unless perhaps the crypto amount is big, which I rarely do so I wouldn't know). No way am I gonna convert some BSC tokens to altcoins now. 😂 The fees cost more than the tokens earned! 😨 (If you're more of a penny trader you will never earn money in DEXs.)
As for the other network, I have been using more of the Polygon blockchain (MATIC altcoin) because of the P2E I mentioned. They moved the token "harvesting" to the Polygon network. Didn't read much on why but I believe it has something to do with the low transaction fees. 😌 For sure, why else would anyone change blockchain/networks from ETH to MATIC? 😂
Now we come to my favorite... Why is the BCH blockchain better than the rest?
Because it is easy to use and has lower transaction fees.
People are generous enough to share their money so more people will earn BCH (like here in read cash and noise cash). It seems like a more philanthropic blockchain than others.
Writing communities are way nicer too thanks to these two writing platforms where rudeness and online bickering is not tolerated within the community. ❤
Yeah there was an issue with plagiarism and article spinning last year but heck the rewarder bot still visited their posts so meh. Everything has been said and done, so if new writers here don't behave they will just get reported once they are found out. Easy.
And so with that I will keep using BCH because it is easier on the pockets. Next would be MATIC. If I was already rich perhaps I wouldn't care for the fees. Maybe I would use ETH a lot too if I had millions of money. 😂
I believe there are other blockchains that have low fees. However, if I don't have any use for them then I wouldn't know about them. 😂
How about you? What are your thoughts on what I shared?
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All images from Unsplash except when noted otherwise.
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hello my sister, i just got NFT from airdrops program. How to sell it?