Mankind has been fascinated by cryptocurrencies ever since they arrived supernova on planet Earth. On stardate 01.03.2009, Satoshi Nakamoto, the Japanese computer scientist who invented the Bitcoin network and led humans on a metagalactic spaceship ride through the sun’s rays of the crypto cosmos.
The Universal Writer
The primal chaos before creation came on stardate 01.09.2009 when Nakamoto released SourceForge, a version 0.1 of the bitcoin software by mining and implementing the Genesis Block of Bitcoin that had a reward of 50 bitcoins (block number zero). In the coinbase was an embedded code that read: “The Times Jan/03/2009 Chancellor on brink of second bailout for banks.”
Keep reading to discover more about non-fungible tokens and how the blockchain network developed into a decentralized network of digital currencies that morphed earthlings into a digital art platform for the milleniea.
WHAT ARE NON-FUNGIBLE TOKENS?
Non-fungible tokens (NFTs) are a rendition of digital properties like videos, music, art, memes, and collectibles that come with property-right applications and stored on platforms such as the Ethereum blockchain.
The digital art collectibles are designed with an “all rights reserved” signature that allows for the ownership of the digital piece to be verified and traced and where only one earthling can hold the rights to it in their hand. The digital artwork cannot be sold without explicit consent of its owner.
NFTs are taking the crypto-universe by geomagnetic storms and are a new medium for artists to create digital artwork assets and secure their long-term royalties. When there is a limited supply of NFTs, content creators can deploy a scarcity that drives the prices for collectibles through the earth’s thermosphere for both today’s modern investors and the best digital creators alike.
HOW DO NFTS WORK?
NFTs are universally different than other types of digital currency assets such as litecoins, bitcoins, and cryptopunks in such a way that makes them neither divisible nor interchangeable.
Fungible assets can be exchanged with an identical version without losing any value and can also typically be divided into smaller constituent parts. For example, if two humans were to swap one unit of bitcoin with each other, no meaningful change has occurred, and each unit can also be broken down into smaller units called Satoshis.
Non-fungible tokens, on the other hand, demonstrate ownership of a unique property and therefore have a unique value, and NFTs cannot be divided up into smaller units regardless of the number of blockchains on the outer edges or ecliptic planes of the universe.
CELEBRITIES CREATING/SELLING CRYPTO ART
The universe of cryptocurrency has arrived supernova and collected a robust fan base and a list of top shot celebrities like YouTuber Logan Paul and bands such as Kings of Leon that uses NFTs for various songs and albums heard amongst the interplanteray planets.
Most recently the second-most-hated-person-on-the-internet (SMHPI) sold digital images of the trading card game known as the Pokemon Card with anime art of himself on the trading cards. The assets racked up a sidebar of galactic sales with NFT tokens worth thousands of dollars and millions in cryptocurrency that rotated the crypto-universe toward the subscription planet called YouTube.
Below are some of the famous human celebrities creating, selling, or buying NFTs for digital art collectibles, but are not limited to:
- William Shatner
- Logan Paul
- Lindsay Lohan
- Taylor Swift
- Arnold Schwarzenegger
- Lebron James
- Mark Cuban
In October of 2020, Dapper Labs did something that would change the NBA with Top Shot digital collectibles and got a slam dunk with its first official NFT Cyptopunks that feature nine Alien Crtptopunks.
Mark Cuban, the owner of the NBA team, the Dallas Mavericks told Coindesk, a pioneer in blockchain news that he was now selling Mavs gear with the ability to accept payments via NFTs.
WHAT IS FUNGIBLE AND NON-FUNGIBLE?
The term fungible is used to refer to an asset or a product that can easily be replaced by another asset that fulfills a similar purpose. A good example of a fungible asset is what most humans call cold-hard-cash. Investors can easily replace $100 with €83.86 and retain the value without compromising the value of the purchase.
Much like binary numbers that work on a rudimentary system, the results are infinitely predictable and ambiguously produce the same results time and time again.
NFTs cannot be readily interchanged for another, it is a bulletproof system. For instance, an asset such as a house cannot be readily interchanged with a car, and because they have different values and carry out different functions; moreover, most earthlings currently don’t have a clue about the WTF is an NFT but they might want to when they find out what these things are worth.
HOW DO I BUY NFTS?
A non-fungible token NFT is a digital artwork, songs, videos, etc., that anyone can create and turn into an asset on the blockchain. The artist creates the digital asset through a process known as minting and puts it up for sale on a marketplace. There are various market places for NFTS that are used by such human digital artists.
When NFTs are created, the creator has the mandate of determining the value of the asset. Most performers attach a commission to the asset that allows them to earn every time a person purchases the item.
One of the leading market places for NFTs is Nifty Gateway. This is a cosmic site that allows an artist to put up digital artwork for sale whilst also permitting interested buyers to purchase. To purchase any item on Nifty Gateway, earthlings do not have to contact its content creator. Simply find the digital collectibles to buy and click on the buy now button.
It’s really that easy, just like most humans love their peanut butter and jelly sandwiches, it all goes down without a hitch similar to the infinity stars floating among the transparent glass ions of the NFT Milky Way.
ARE UNIVERSAL BITCOINS FUNGIBLE?
Some earthlings think that bitcoins are NFTS or non-fungible in simple terms. On the contrary, bitcoins are fungible since they are of the same value and of the same kind. All bitcoins can be used to perform similar functions and as a result, they are fungible.
Further, bitcoins are from the same computer protocol and have an equivalent ratio in terms of value.
Since units of cryptocurrencies such as BTC are fungible, it is possible to change one for another. Unfortunately, changing one coin for another will not result in any gain or loss. An NFT is a file that when changed with another, will result in gain or loss.
Examples of NFTs are NFT images, NFT songs, and NFT videos that are listed on the blockchain and market ads in the wormhole of the digital universe.
Most platforms that deal with digital currencies already transfer bitcoins for other products and coins. An NFT like a digital image cannot be transferred because it’s not easy to determine its value.
WHAT ARE CRYPTO TOKENS USED FOR?
Cryptocurrency coins are a form of payment that carries a specific value. A crypto token may function as a form of payment but they have more functions than crypto coins. Most cryptocurrencies are created as ERC20 tokens for convenience. With the tokens acting as independent items, they can be used for diverse purposes on the blockchain market.
Crypto tokens are often referred to as crypto assets and represent a special virtual currency that resides on individual blockchain. In most cases, tokens are used for fundraising in the digital currency markets. Their ownership can be transferred and can be used as a substitute for other things.
A crypto token is used to share and exchange assets among investors. The data within a single crypto token has a certain value that can be used as an asset in the market for cryptocurrencies. The token does not lose its value even when ownership is transferred from one person to another and ends better than most cases of divorce.
WHAT IS CRYPTO ART?
This is a trend that is emerging in the blockchain technology space, where any artist develops art in terms of digital assets and exchanges them for money. The genre started developing following the rise of blockchain networks such as Ethereum. Artists sought to tap into the unlimited ability of digital transactions to sell their items and turn their work more profitable.
The world of crypto and art is vast and the items on sale are unlimited. The most direct form of crypto art is where digital artwork is published directly onto the blockchain. Although coins such as Ethereum are fungible, the artwork is developed as an NFT which enables its ownership, uses, and transfer within the NFT platform.
The beauty of crypto NFTs and NFT art is that the asset is protected and property rights reserved for the owner. Unlike other forms of NFT digital art that can be stolen, crypto art cannot be used by other people without obtaining permission from the owner of the work. In March, Dapper Labs opened NBA Top Shot to all as a form of NFT art.
LARVA LABS: ERC 721 ETHEREUM BLOCKCHAIN
American studio Larva Labs owned by Matt Hall and John Watkinson developed CryptoPunks, the first non-fungible token (NFT) on the Ethereum blockchain in 2017. The project was the first real result of the ERC-721 standard.
The ERC-21 is an open standard that describes how to build NFTs on the Ethereum blockchain. The standard is currently used by many NFT artists who try to come up with unique tokens on the Ethereum blockchain. Whilst the Ethereum tokens are similar to one another, the application of the ERC-721 makes the tokens unique.
These tokens are simply digital artwork and NFT collectibles created by humans wishing to use the platform for sales. CryptoPunks allows the creators to develop thousands of their NFTs and share them with the universe. This platform is used as an early use case for NFT technology.
WHAT IS BEEPLE?
Beeple is a digital art NFT created by Mike Winkelmann. The digital artwork created by the CryptoPunks guru became so valuable that he sold it at a whopping $69.3 million to Sundaresan, and also the co-founder of BitAccess.
When Beeple was sold, the investor who bought the venture remained unknown. Earthlings started speculating about the possibility of the piece of art being sold to Sundaresan, but no one was certain. Later, auction house Christie’s confirmed that the information being circulated was true. Beeple was bought by Sundaresan.
WHO ARE JACK DORSEY & STEVE AOKI?
Steve Aoki is an American-based, record producer and DJ and was born on November 30, 1977, in Miami Florida, and attended the University of California.
Whilst still in college, Steve Aoki began his career by launching his music record dubbed “Dim Mak.” He performed alongside famous content creators and bands such as the Bloody Beetroots and the Moving Units.
Below is some more information about this earthling sending ions and shockwaves throughout the universal NFT industry:
- Career: At the peak of his music career, Aoki, alongside other artists, performed music shows in Canada, Japan, China, and the US. In their performances, they were also known for doing stunning acrobatics whilst on stage.
- Marriage and Current Life: In 2015, Steve married Tiernan Cowling. Today, he runs the “Dim Mak Collection,” a clothing and fashion business that makes millions of universal sales. Steve Aoki one of the founders of a charitable trust fund that offers humanitarian aid and conducts research in the medical field.
Steve Aoki believes in giving back to society, claiming he also gained from the world. Because of his love for music, he wishes to use music NFTs as a way of reaching out to the community.
Jack Dorsey is an American-based entrepreneur and philanthropist. He is also one of the founders of Twitter and Square, a company trading in financial payments.
Here are two facts about this humanoid and NFT inventor:
BIRTH AND EARLY LIFE
Born on November 19, 1976, in Missouri, he attended the University of Missouri and New York University. He later dropped out of the university and ventured into business.
AWARDS AND RECOGNITIONS
He was named among the world’s top innovators under age 35. In 2012, the Wall Street Journal also named him the innovator of the year.
THE UNIVERSAL NFT CRYPTO INDUSTRY
NFTs have taken the distant galaxy of digital arts and the universal NFT industry by intergalactic regions. Humans can share or duplicate some of the features of NFTs such as images and videos. The ownership rights; however, belong to the artwork’s real owner.
This right to ownership; therefore, makes NFTs worth millions of dollars and cryptocurrencies whilst amongst the aura of the universal Northern Lights to those who love these crypto collectibles that are driving humans mad.
Many content creators benefit from selling the most unique artwork at a higher price, and subsequent series at a lower price. Steve Aoki’s clip featuring both music and animation NFTs held the record for one of the most expensive music NFTs on the planet Earth. On the other side of the electromagnetic field, Jack Dorsey’s crypto artwork had a price tag of $2.5 million.
CRYPTO ACCOUNTS FOR HUMAN NFTS
Cryptocurrency has revolutionized the digital trade. Unlike cash, cryptocurrency is digital money in the form of coins or tokens. Cryptography technology allows for the creation, processing, and transacting of cryptocurrency. The transaction of digital currency is done on a shared blockchain database, which is free from manipulation by the government and other regulatory authorities.
Here are some of the crypto accounts that humans are using for NFTS:
It is the most recognized and famous among all cryptocurrencies currently in use. BTC tokens currently in circulation are more than 18.5 million.
Litecoin is popular for having lower levies and more miners. It also has relatively shorter transaction times.
Since its introduction in 2017, it has grown to become a popular brand in the digital currency market. It has a large block size and faster processing time for digital NFTs.
It was designed in 2014, to assist developing countries that had no formal banks. Users on the network are not charged and operating costs are recovered from public donations.
This is an app in which Ether tokens are used by both developers and users of the app. Changes to the app are only made by the creator of the app.
It is majorly used by companies and large corporations that handle large transactions of money concerning NFTs. The system allows money transfer in various forms including BTC.
The system was developed in China and allows users to transact without the use of intermediaries. It has friendly contracts and digital identities that can integrate easily into the real world.
The system is used for sending and receiving digital funds, with a balanced approach to cryptocurrency. The system boasts of expert scientific reviews from programmers and specialists.
This is an acronym for the Internet of Things Application (IoT). The system uses smart devices, and not the usual block and chain.
Most humans on earth already know by now, trading using digital currency requires no bank or middle and shady earthlings. Interstellarally speaking, digital currency exchange is required to buy and sell digital assets much like the solar eclipse of a website is without a beacon.
Therefore, interstellar knowledge of the types of cryptocurrency and their pros and cons is important for all earthlings interested in digital art and CRYPTO NFTS as a website looking for UNIVERSAL GOOGLE #1 RANKING!
BY THE UNIVERSAL WRITER