Blockchain
NFT for Dummies by Crocs League founder Doctor Troller
There has been an explosion in the sales of NFTs in the past year. One digital artist called Beeple sold his NFT artwork called Opus for $69 million at Christies. Another artist called Pak created a collection of NFT Cubes which sold out at Sothebys for $17m, and last week UK based artist Doctor Troller’s first drop of Crocs League NFTs netted over $500,000 in a couple of hours.
But what exactly is an NFT?
OK, let’s start with the basics. NFT stands for non-fungible token.
OK, I’m sure you get the token bit, but non-fungible?
Non-fungible means it’s unique, one of a kind, and cannot be replaced with something else.
You’ve heard of Bitcoin, right?
Well Bitcoin is fungible. One Bitcoin is exactly the same as another, you could trade any Bitcoin for another, they won’t be any different. An NFT however, is a one-of-a-kind trading card. If you swap or sell it for another NFT you will have something completely different.
So how exactly do NFTs work?
Most NFTs are part of the Ethereum (ETH) blockchain. Most purchases and trades of NFTs are done in ETH. Ethereum is a cryptocurrency, like Bitcoin, but the ETH blockchain also supports these NFTs, and stores extra information which is why most NFT transactions are done in Etherium.
So what is worth buying in NFTs?
NFTs can be pretty much anything collectable that can be digitised. It could be music, videos, the world’s first Tweet (it sold for $2.9m), but a lot of the current NFT excitement is around digital art.
The reason for this excitement is that NFTs are designed to give you something that can’t be copied: ownership of the artwork. To explain this in terms of physical art collecting, anyone can buy a Van Gogh print, but only one person can own the original. And with blockchain technology, you can easily see that the artwork is the genuine version and not a fake.
OK, how does that work?
All transactions of the artwork are recorded and stored on the blockchain, this gives the NFT artwork, what art dealers call “provenance”, you can see exactly who has owned the artwork right the way back to the original minting by the artist.
Right, I’m interested, but which NFTs are worth collecting?
Well, that’s the $69m question, literally. So rarity of NFTs is important. If an artist releases an edition of a million NFTs they’re not exactly rare, and so therefore this should be reflected in the price.
Have a look on community sites to see what prices these NFTs are going for, do your research. Discord is a good site to check on prices and sales for NFTs. Look and see what prices those NFTs have sold for today, not last week. This is a fast moving market, fortunes can be made quickly…and lost quickly. You’ve got to know the right time to get in, and get out.
What about security, I’ve heard about people being robbed online?
It’s really important to have strong security. Have a good secure wallet, something like Metamask, but also it’s good to double down with a physical wallet as well, so that if your computer is hacked you’re not going to lose everything when you’re asleep.
Please do ask us any questions that you think we should cover and we’ll get back to you with some answers soon.
Blockchain
Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users
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Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
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Blockchain
CoreNest Capital Announces Strategic Investments in SpaceX, CTGT, Open Clinic, Asha Health, CollectWise, Curo, Hybrd, and Study Dojo
OpenAI, xAI, SpaceX, Weave Robotics, Blaze Payments, Domu AI, Phonely AI, Andromeda Surgical, Texture Capital, Artisan AI, Piramidal,Avatar Medical, OpenCall, Fleak AI, Algorized, itsElectric, Dili, CTGT, Open Clinic, Asha Health, CollectWise, Curo, Hybrd, Study Dojo, Sologenic, Coreum, Pulsara
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