Everything you need to know about Crypto, NFTs, and the Blockchain
You may have heard of Bitcoin, and how it insanely raised in value throughout the years. Just know that this technology isn’t going anywhere. In fact, Bitcoin is so valuable because there’s only 21 mil that will ever exist and the only way you can get it without buying from someone else is to “mine it”. With so many digital products that exist its going to be hard to determine who owns something without something like the blockchain.
S/o Jupiter’s Sick, Julian, SoloJt, and Ethos for bringing this information to my attention — I think it’s only right I share with you all.
Blockchain is the technology that enables the existence of cryptocurrency (among other things). Bitcoin is the name of the best-known cryptocurrency, the one for which blockchain technology was invented. A cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds. The homie @datasynced defined it as an “Excel sheet that keeps tracks of all purchases of Crypto and is used for verification/authenticity”. He has highlights on his IG explaining everything as well. Be sure to follow @datasynced for more daily information.
Ok now you should have a basic understanding.. Let’s get into NFT
Non-fungible tokens (NFT) are digital assets that represent a wide range of unique tangible and intangible items, from collectible sports cards to virtual real estate and even digital sneakers.
One of the main benefits of owning a digital collectible versus a physical collectible like a Pokemon card or rare minted coin is that each NFT contains distinguishing information that makes it both distinct from any other NFT and easily verifiable. This makes the creation and circulation of fake collectibles pointless because each item can be traced back to the original issuer.
Unlike regular cryptocurrencies, NFTs cannot be directly exchanged with one another. This is because no two NFTs are identical – even those that exist on the same platform, game or in the same collection. Think of them as festival tickets. Each ticket contains specific information including the purchaser’s name, the date of the event and the venue. This data makes it impossible for festival tickets to be traded with one another.
The vast majority of NFT tokens were built using one of two Ethereum token standards (ERC-721 and ERC-1155) – blueprints created by Ethereum that enable software developers to easily deploy NFTs and ensure they’re compatible with the broader ecosystem, including exchanges and wallet services like MetaMask and MyEtherWallet. Eos, Neo and Tron have also released their own NFT token standards to encourage developers to build and host NFTs on their blockchain networks.
Why should I care?
In a TechCrunch article, I’ve read that NFTs have exposed a creative side of crypto that is not only fun to play, but digestible and accessible to new users. As bigger names host their first NFT drops, they bring a new wave of attention to their millions of followers noticing crypto for the first time.
This leaves people in a unique position to curate and discovers this growing wave of scarce digital content. Are we witnessing the future of Digital Art?
You start dying when you stop dreaming.