Good afternoon everyone. Happy Friday - Another BTC All time high + BROKE the 1 Trillion dollar market cap!! ETF INBOUND
Everything around us is adapting to the digital era we live in. No longer do we send mail to one another, we use e-mail, text message etc. Meetings no longer have to take place in person, you can send a zoom link. Education can be taught remotely, banking can even be done remotely. I believe as time continues everything around us will be digitalized one way or another. The hot topic as of recent is digital art and digital collectibles, in a non-fungible token better known as a NFT.
A Non-fungible token aka NFT is a form of cryptographic tokens that can represent ownership of digitally scarce goods such as digital art or collectibles. To further explain the definition we would have to take a step back and review some economics. The term fungibility is defined as “able to replace or be replaced by another identical item; mutually interchangeable”. As an example of something fungible, think of a dollar bill, you can trade your dollar bill for anyone else’s dollar bill. Something that is NON Fungible would be a baseball card being traded to someone else for a random card, every card has its own unique value determined by condition, year printed etc.
NFT’s have specific properties one being that it is unique, the information is stored in the metadata. Another would be that its provably scarce, the number of tokens can be verified on the blockchain. Indivisibility is another property, NFT’s cannot be split. NFT’s can prove ownership, are easily transferrable, and are fraud proof. NFT’s can be implemented on any blockchain that supports smart contract programming. They mainly use ERC-721 and ERC-1155 on the Ethereum network.
“Beeple” is a popular name in the NFT space creating digital art in a creative, creepy way. NFT prices are booming, big names like Mark Cuban, and Garyvee aka Gary Vaynerchuck have been preaching on NFT’s and the future of their existence. Eventually property, and real estate will be tokenized and you will trade them on an exchange or be able to get collateral on your NFT.
I do not own the rights to this picture, this is Beeple’s.
-Congrats to all HODL’rs talk to you tomorrow!!!
