Simply about crypto, NFTs and blockchain

What is Blockchain?

Blockchain is an extraordinary thing. It is a rigid, inflexible, and invulnerable distributed database of digital assets. It is a form of a huge global spreadsheet that has an excess over millions of computers. Think of it as open-source, so anyone can swap the underlying code. It utilizes avant-garde cryptography, it can record any structured information.

What is crypto?

Cryptocurrency is a sort of digital payment that does not need banks for the verification of transactions. It has allowed anyone to send and receive payments. It exists purely as digital. It is being stored in the digital wallet. Blockchain holds the record. The record present on the blockchain can never be forged. It is represented by the fungible tokens (same tokens, so you can compare them to dollars, digital dollars).

What are NFTs?

NFT stands for the non-fungible token. It is a form of digital file or number that substantiates identity and ownership. This confirmation is being done by Blockchain technology that is based on the mathematics of cryptography. Whenever you talk about NFTs, you will hear “crypto”- crypto art and crypto collectables.

Why people are so after NFTs?

Each NFT is distinctive, individual, unique, and it cannot be duplicated. NFTs started from a form of digital items, where people buy images (like art or photos) and token guarantees authenticity. That is what makes NFT more enticing and alluring. People have swept up the mania for digital assets. As they are rare, there is a higher opportunity that in future their price would increase. That is also why people are investing more in these collectables. People are paying thousands for these NFTs. Slowly, NFTs are moving from digital to real assets. They can protect real art in the same way as they do with digital pieces. Portals like https://nftdeals.io start to prove that also personal tangible items can be sold on the market ranging from sports personal items and to real marketing contracts.

NFT, nftdeals.io

Investing Money in NFTs:

Recently, the NFT market has become very hot. In 2017, crypto kitties were selling for thousands of dollars. Two months ago one NFT auction resulted in $65m purchase! There are various examples of people spending 300 Etherum coins on NFTs. Just recently the market size accounted for almost 100 million dollars every week. NFTs create uniqueness and that uniqueness is the basis of their value. It’s a very interesting topic for the coming years.

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