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NFTs — The Most Comprehensive Guide

Republished by Plato

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Usually, when we hear about crypto in the news, it is not for good. That happened lately worldwide with NFTs right after the 137th announcement of the death of Bitcoin.

Non-fungible assets are just normal stuff. Fungible assets are the odd ones out!

Devin Finzer, CEO and co-founder of OpenSea.io

Qries

As everybody already knows by now, NFT stands for Non-Fungible Tokens and, from a market perspective, very simply put, because there is really no reason to complicate things further, if you set something apart and it retains a proportional value of the something left, then it is fungible. Otherwise, you broke it, my friend, it was non-fungible. 

Was it a driller? The first picture of Vitalik doing “blockchainy” things? Well, now it is no more.

We will get back to that idea but the concept is that simple when you take it out of the classical gold ingot example. That makes most of the things in our lives non-fungible, See? Non-fungible.

Non-fungible tokens are representations of such kinds of assets that have opened a whole new world of possibilities. Let’s explore how NFT makes the concept more powerful by looking at its characteristics.

As currently defined, NFTs have the following properties, as mentioned in the Non-Fungible Token Bible.

  • Standardization: The format in which an NFT comes defined is standard, so any platform supporting it can access the information related to that asset. This property prevents the asset from being constrained to a single domain, thus making it reusable or inheritable in other places.
  • Interoperability: The definition of non-fungible tokens and changes of parameters may also be valid and understood beyond the place where it was first created. Parameters such as ownership, transfers, or access rights, for instance. Also, the changes related to the asset can be checked by anyone.
  • Tradeability: This frees any item from the dependence of having to be sold in certain specialized places. With all the related information accessible, anyone can sell an NFT in any compatible market.
  • Liquidity: Sites that offer a market for more types of items attract a greater number of interested parties, expanding the potential demand for any type of asset and increasing its liquidity.
  • Immutability: Non-fungible tokens live on a blockchain. There is no need to belabor this point, is it?
  • Programmability: With this last property, our heads can spin, imagining the possibilities it provides, right?

Well, the time has come to talk about numbers, ERC numbers — and we all know the number 20 that blesses our crypto wallets with precious, and not so precious, tokens.

NFTs however are defined in the ERC721 standard. We are referring to pure non-fungible asset tokens. 

Let us return for a moment to the above definition of this idea. Value is the key aspect of fungibility for NFTs, not to be confused with the non-fungible price. 

“Price is what you pay; value is what you get.” – Warren Buffet

In addition to the aforementioned physical integrity of a given asset, its market value can be affected by the assigned emotional component, its useful life, or the time we can make use of it in a time-sharing regime.

simpsons nft

https://simpsons.fandom.com/wiki/Dead_Putting_Society?file=Homerandflanders.jpg

These types of uses refer to semi-fungible assets and are defined in the ERC-1155 standard. It introduces classes that may include items sharing some set of parameters that define them.

As you might guess, this brings us to a small drawback. New standards may require new wallets which would force us to have to use more applications. 

Fortunately, the DeFi industry is always vigilant and has already created solutions like the folks at Eidoo that integrate a non-fungible token Manager within the same ERC20 wallet application. So, no more passwords to remember, forget or repeat — just the one for accessing your crypto walllet.

What is really important is to keep the distinction between the two cases — non-fungible and semi-fungible — because that is where the magic happens.

As it appeared in the news recently, the most scandalous and evident use has been that of digital assets of particular relevance and cuteness, also known as Crypto Kitties.

crypto kitties nft
Source: https://www.pngwing.com/en/free-png-meqms

But let’s be rigorous and ask ourselves what’s so interesting about the non-fungible Crypto Kitties?

The truth is that they demonstrated the power behind non-fungible tokens by integrating their lovely parameters on the metadata, defining them univocally to create an NFT that represented each kitty without any possibility of error.

nft infographic
Source: OpenSea Blog

Beyond sensationalism, the truth is that the NFTs have had a way beyond, reaching the world of collectibles. This type of item has already benefited from an important development with the appearance of the Internet and social networks and could be about to live a golden age thanks to an ERC document.

Art is another type of asset ideal to make use of a non-fungible token format. At this point, art is constrained to the supported format requirements (JPG and PNG), but as things develop, we might see other formats or techniques. Who knows, maybe the return of steganography on image, music, and video integrated with viewers and players.

Furthermore, a particularly interesting, almost natural, use of NFTs has been seen in the gaming world. Quickly, the sharp minds in the MMORPG industry saw the possibility of defining assets and metadata (both their characteristics and their cool names) as tokens so that ownership would be better represented to the community. 

In essence, non-fungible tokens are inherited assets to be grouped and sold with parent assets. In other words, if you transfer the ownership of a character, not only game perks but also its NFT-registered assets will go with it.

So far, we have mentioned the most obvious use cases, but what other fields could be opening up already? 

In general, any product where provenance is a key component of its value may be a viable candidate to enter the market as a non-fungible token. These types of products usually have to be backed by certificates and the sites that sell them act as auditors and guarantors of the veracity of the item. But, hey, that’s what the blockchain with its immaculate transparency is for.

Products that are more commercial than unique pieces but try to retain a certain aspect of exclusivity due to their branding or limited editions are also very NFT-able.

However, this is not going to happen. Because it is already happening. Exclusivity is the ultimate concept that fits in the non-fungible token catalog. Either you have it or you don’t.

There are already initiatives that point in this direction on the part of the National Basketball Association (NBA), National Football League (NFL), Ultimate Fighting Championship (UFC), Formula 1, Louis Vuitton, Samsung, and Nike.

NFTs could become the next big thing in the crypto ecosystem. In addition to their suitability for traditional assets, the inclusion of classes with ERC1155 makes it possible to speculate about new types of non-fungible tokens applied to DeFi, derivative products, insurance, e-identity, last wills, etc. 

It is difficult to predict with certainty where the innovation will go but it is certainly something that goes beyond the interest of digital cat owners.

Image(s): Shutterstock.com

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://nulltx.com/nfts-the-most-comprehensive-guide/

Blockchain

John McAfee’s Strange Suicide Leads To Even Stranger Conspiracy Theories

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Today is a sad day for the crypto-verse. For good or bad, John McAfee, one of the most eccentric, bizarre, and influential personalities of the ecosystem, said his goodbyes to the physical world in a no less eccentric, bizarre, and controversial way: He committed suicide by hanging himself from a rope in his prison hours after learning that the Spanish justice system had approved his extradition to the United States.

The news was first announced by his lawyer and later confirmed by the government of Catalonia, the region of Spain where McAfee was imprisoned.

“Everything indicates that it could be a death by suicide.”

Immediately after the news broke, the Crypto Twitter community quickly shared their shock. Some paid respect, others criticized… and others questioned everything that happened.

Don’t Trust…

The conspiracy was easy to imagine, given McAfee’s background. Several cryptocurrency influencers began trying to tie up loose ends to understad what happened. They relied on several tweets from McAfee claiming that he would never commit suicide, that he was being threatened, and that he knew some secrets that the elites needed to silence.

But something that blew everyone’s minds was a picture uploaded post-mortem to his official Instagram account. A black letter Q, presumably pointing to the QAnon movement, though without explanation.

The last post by John McAfee: A Letter Q.
Source: Instagram

QAnon, or simply Q, is a conspiracy movement that claims that a group of satanic pedophiles dominate government and media elites. Its followers claimed that former President Donald Trump was waging a battle to destroy this group.

The movement gained momentum with the arrest of Harvey Epstein on sex charges. The suspicious causes of his controversial suicide prior to his testimony further heightened suspicions that he had in fact been murdered in order to be silenced.

The slogan “Epstein didn’t kill himself” went viral and is still observed when references are made to corrupt government practices in the United States.

And, of course, McAfee had a thing or two to say about this. He pointed out to similarities between his case and Harvey Epstein’s in many times, and assured he had many secrets that the government wanted to hide. If his allegations are true, and the QAnon post means anything, we could soon find out what he knew.

“McAfee Didn’t Kill Himself”

A Twitter user attempted to contact the administrator of the controversial right-wing news site Zero Hedge and introduce him to a Spanish journalist who claims to have video recordings and reports that Joe Biden allegedly teamed up with the Prime Minister of Spain, Pedro Sanchez, to fake McAfee’s suicide.

MMCrypto, a cryptocurrency trader, also questioned McAfee’s suicide. He shared a tweet from McAfee in which he assured that if he were to appear dead, it would not be by his own decision, and everything could be a set-up “a la Epstein.”

Tweet from MMCrypto
Source: Twitter

Podcaster Peter McCormack shared the ticker $WHACKD in reference to another McAfee tweet showing a tattoo as a reminder that he would never commit suicide despite threats from US Officials.

Also, Kim Dotcom, the man behind Mega.nz and active Bitcoin Cash advocate, claimed to be working with McAfee on an initiative to fight government surveillance shortly before the tragic news.

And finance lecturer Vladislav Ginko also shared several tweets warning about the danger of McAfee and his family suffering from deaths caused by USAMRIID, the Department of Defense’s (DoD) lead laboratory for medical, biological defense research.

So far, no official autopsy has indicated his cause of death. In the meantime, theories will continue to emerge. But if there is one thing that everyone – conspiracy theorists or not – can agree on, it is that John McAfee lived his own way until the end.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/john-mcafees-strange-suicide-leads-to-even-stranger-conspiracy-theories/

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Blockchain

Owners Of South African Investment Platform Vanish, Alongside 3.6 Billion USD Worth Of Bitcoin

The owners of the South African crypto company AfriCrypt have reportedly vanished and took off with 69,000 BTC. Largest Exit Scam ever? In April 2021, the two brothers who co-own the investment firm AfriCrypt, turned to their users, stating that the platform has been hacked, leading to a damage of 69,000 BTC, which were worth […]

The post Owners Of South African Investment Platform Vanish, Alongside 3.6 Billion USD Worth Of Bitcoin appeared first on CryptoCoin.News.

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The owners of the South African crypto company AfriCrypt have reportedly vanished and took off with 69,000 BTC.

Largest Exit Scam ever?

In April 2021, the two brothers who co-own the investment firm AfriCrypt, turned to their users, stating that the platform has been hacked, leading to a damage of 69,000 BTC, which were worth 3.6 billions USD at that time. This claim has since then lost most of its credibility, since the brothers cannot be reached anymore.

The South African law firm Hanekom Attorneys, who handle the case on behalf of the victims, believe the incident to be an exit scam, rather than a hack. By their account, employees of AfriCrypt had already lost access to the platform’s backend seven days before the alleged hack. The fact that the owners of AfriCrypt urged investors not to take legal action made the law firm even more suspicious. If proven true, this would make AfriCrypt the largest exit scam in history.

10% Daily Return too good to be true

Reportedly, AfriCrypt attracted new investors by promising them a whopping return of 10% on a daily basis. Additionally, the investment firm promised referral rewards for bringing in more customers. Unrealistically high returns like this should automatically make anyone suspicious, but greed and FOMO drive investors into the arms of fraudulent investment companies and crypto projects.

For the scammers, this is a highly profitable business model, as can be seen by the example of the TRON blockchain. Besides gambling, TRON is notorious for “high risk” investment platforms that typically promise daily returns on the same scale as AfriCrypt, but pull an exit scam shortly after their scheme has gained enough traction.

The success of these fraudulent schemes is a result of the huge influx of new and inexperienced investors over the last months. Just recently, the UK-based Financial Conduct Authority warned against unregulated crypto companies, which operate in a legal grey market.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptocoin.news/news/owners-of-south-african-investment-platform-vanish-alongside-3-6-billion-usd-worth-of-bitcoin-54425/?utm_source=rss&utm_medium=rss&utm_campaign=owners-of-south-african-investment-platform-vanish-alongside-3-6-billion-usd-worth-of-bitcoin

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Blockchain

The Bank for International Settlements Gives CBDCs Full Backing


The Bank for International Settlements (BIS) announced its full support for developing central bank digital currencies (CBDCs) in pursuing financial and monetary stability through international cooperation with the mandate and support by central banks. (Read More)

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The Bank for International Settlements (BIS) announced its full support for developing central bank digital currencies (CBDCs) in pursuing financial and monetary stability through international cooperation with the mandate and support by central banks.

bank-for-international-settlements-bis-cbdcs-digital-currencies-blockchain

CBDCs are crucial in modernising finance

The BIS acknowledged that CBDCs must modernise finance and keep ‘Big Tech’ in check not to control money. 

Benoit Coeure, a member of the BIS, warned:

“Without CBDCs, digital money would become increasingly dominated by big tech firms, as they would leverage enormous social media user bases.”

CBDCs are digital assets pegged to a real-world asset and backed by the central banks, meaning that they represent a claim against the bank exactly how banknotes work. Furthermore, they are blockchain-enabled, representing a new technology for issuing central bank money at the wholesale and retail level. 

According to the announcement:

“As part of its upcoming annual report it estimated that at least 56 central banks and monetary authorities, representing around a fifth of the world’s population, are now looking at digital currencies as commerce shifts online.”

The issuance of CBDCs seems to be a race against time; many nations believe owning a CBDC is instrumental in having control of the global markets.

The Bahamas- the first nation to launch a CBDC

The Bahamas launched the Sand Dollar in October last year, making it the first country in the world to release a CBDC beyond the testing phase officially.

As more nations reveal their interest in CBDCs, the BIS noted that authorities would have to decide whether citizens require digital IDs to use them or choose the token-based route, making transactions more anonymous.

In November 2020, the International Monetary Fund (IMF) advised central banks not to overlook some essential legal frameworks needed for a CBDC to work. 

Once rolled out, CBDCs are expected to drive the financial inclusion of nearly 1.7 billion people left out of the banking system.

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/news/the-bank-for-international-settlements-gives-cbdcs-full-backing

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