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Tuesday, 07 February 2023
Tons of Crypto Community Members Went All Out To Attend The Crypto NFT Event – And They Didn’t Quite Know What To Make Of It

Tons of Crypto Community Members Went All Out To Attend The Crypto NFT Event – And They Didn’t Quite Know What To Make Of It

2022-10-29

Cryptoenthusiasts and cryptoinvestors can now get their hands on a piece of the crypto pie. In the past few months, we’ve witnessed the rise of the non-fungible token (NFT), a new blockchain-based “thing” that is almost as specific as a collectible card. Cryptoenthusiasts and cryptoinvestors can now get their hands on a piece of the crypto pie. In the past few months, we’ve witnessed the rise of the non-fungible token (NFT), a new blockchain-based “thing” that is almost as specific as a collectible card.

The general concept of an NFT is actually not new. Decades ago, the gaming industry saw the rise of collectible card games, which are usually played with physical cards. There are a lot of similarities between NFTs and physical cards, such as a lack of transparency and a centralized intermediary that controls the circulation of the assets. The only difference is that a digital NFT represents a unique digital asset with its own token on the blockchain.

Why Are Non-Fungible Tokens Being Adopted by Blockchain Projects?

Since Bitcoin’s inception in 2009, blockchain technology has received a lot of attention from the general public, as well as institutions such as banks and financial services. While blockchain has a lot of potential, it’s not without issues. Perhaps one of the most significant issues facing blockchain is scalability, which is a significant challenge for current public blockchain projects.

Scalability issues can prevent blockchain from functioning as a secure, decentralized, and frictionless technology, which could ultimately result in the extinction of blockchain as we know it. As we begin to approach this reality, a new wave of projects are looking to adopt new, more scalable technologies.

The Road to Becoming a Reality

The concept of NFTs has been around for almost 50 years, and they’re only recently seeing an increase in attention and adoption. As with most new technologies, the earliest speculators were trying to find uses for them. In this case, the uses ranged from gaming items to financial instruments.

 

In the mid-2000s, the first NFTs were created in the context of Second Life, an online virtual world that was developed and launched in 2004 by Linden Lab. The idea was that virtual items would have an economic value outside of the game, which would incentivize users to acquire virtual items and hold them as an investment. The most notable NFT to emerge from this experimentation was Linden dollar, or “SLL.”

How to attend the Crypto NFT Event

The first NFT-based event happened in the summer of 2017, when the non-fungible tokens industry took over New York City for the Blockchain Expo. There were several events similar to this one in the past year, and each one attracted thousands of crypto enthusiasts. The Crypto NFT event was organized by the non-profit organization CoinSt, which works to expand blockchain technology through education, advocacy, and awareness. The event featured almost 100 speakers, including industry leaders, government officials, and entrepreneurs. The lineup included blockchain and NFT pioneers, such as Ethereum founder Vitalik Buterin, Zcash founder Zooko Wilcox, and Master Protocol founder Jonathan Bootle.

Differences Between NFTs And Cryptocurrency

To understand the differences between NFTs and cryptocurrency, it’s important to first understand the differences between blockchains and cryptocurrencies. Typically, a cryptocurrency is transferred via a blockchain that functions as a decentralized ledger. Unlike a centralized database, which is controlled by a single entity, a decentralized ledger is distributed across the network and is therefore more difficult to tamper with. Because cryptocurrencies are transferred via a blockchain, they are “non-fungible”—meaning that each token is unique and represents a specific asset. For instance, one token may represent 10 bitcoin, and another token may represent one-tenth of a bitcoin.

Key Takeaway

While the idea of non-fungible tokens has been around for almost 50 years, the first real examples didn’t emerge until the last few years. The popularity of these tokens has grown rapidly, and they’re now being used by a growing number of projects in a variety of industries. If you’re interested in learning more about NFTs, we recommend checking out the growing body of knowledge on the subject at cryptoinvestor.com. There, you can find guides, articles, and analysis to help you better understand NFTs and their potential applications.

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