Category: proof of work

What are NFTs? Mapping the NFT Ecosystem



The following content is sponsored by Next Decentrum

What are NFTs? The NFT Ecosystem, Explained

Mapping the NFT Ecosystem

NFTs have been the hottest topic and frothiest market of 2021, with sales volumes increasing by 100x while also becoming a topic of discussion on evening talk shows.

It took crypto nearly a decade to really penetrate the mainstream, but NFTs only needed a couple of years to capture people’s attention. As brands like Budweiser, Visa, and Adidas have purchased NFTs and entered the space, it’s clear that NFTs are more than just another hot new trend.

This infographic sponsored by Next Decentrum defines NFTs and explores the flourishing ecosystem that has quickly grown around them. Discover what non-fungible means, where NFTs are being minted and traded, and what the future holds for this asset class.

What are NFTs, and What is Fungibility?

NFTs are non-fungible tokens that have their history of ownership and current ownership cryptographically secured on a blockchain. These tokens can represent anything, whether it’s a piece of digital art in the form of a jpeg or a song as an mp3 file.

By storing transactions of these tokens on a blockchain, we can have digital proof of ownership and markets for these digital goods without the fear of double spending or the tampering of past transactions and ownership.

Figuring out Fungibility

This all sounds pretty similar to cryptocurrencies, so what makes NFTs so special? Their non-fungibility. Unlike cryptocurrencies like bitcoin or ethereum, non-fungible tokens represent goods or assets with unique properties and attributes, (Read more...)

The Bitcoin Crash of 2021 Compared to Past Sell-Offs


This post is by Niccolo Conte from Visual Capitalist


Bitcoin historical corrections from all time highs

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The Briefing

  • Bitcoin had its latest price correction, pulling back more than 50% from its all-time highs
  • Elon Musk’s tweet announcing Tesla’s suspension of bitcoin purchases accelerated the price drop

Bitcoin’s Latest Crash: Not the First, Not the Last

While bitcoin has been one of the world’s best performing assets over the past 10 years, the cryptocurrency has had its fair share of volatility and price corrections.

Using data from CoinMarketCap, this graphic looks at bitcoin’s historical price corrections from all-time highs.

With bitcoin already down ~15% from its all-time high, Elon Musk’s tweet announcing Tesla would stop accepting bitcoin for purchases helped send the cryptocurrency down more than 50% from the top, dipping into the $30,000 price area.

“Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”
@Elonmusk

Crypto Cycle Top or Bull Run Pullback?

It’s far too early to draw any conclusions from bitcoin’s latest drop despite 30-40% pullbacks (Read more...)