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.
bybit lucky
Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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