January 24, 2022
Find out why NFTs are taking over the world 👨🎨
Over the last two decades, the rapid innovation and adoption of technology have completely changed almost every aspect of life. From the way we do business to the very core of how we interact as humans, technology has touched all. Non-fungible tokens (NFTs) are, in many ways, the natural next step in this digital adoption as people grow to trust and value digital assets more.
An NFT is -
“a non-interchangeable unit of data stored on a blockchain, a form of digital ledger.” - Wikipedia
NFTs differ from other crypto assets such as Avalanche or Bitcoin because each token is uniquely identifiable. Many people anticipate a world in which NFTs are used as deeds for physical property, collectibles, and much more as the blockchain continues to integrate into society.
The tokens are supported on the Blockchain ecosystem and transactions are stored in a digital ledger on a decentralized network. This makes NFTs transparent; each one has information with unique features, such as the asset’s history. You will be able to see all details within the contract to ensure everything is in order. Anyone can create and sell an NFT and the process gets easier as more interest and adoption happens.
In the world of Cryptocurrencies & NFTs, deception can wreak havoc on less experienced users. For now, the best way to defend against these type of people that would try to take advantage is to verify contracts. It is always safest to buy from verified collections and reputable sellers to avoid these issues.
As the space is explored more and more regulations come in, these types of issues will occur less and less. However, it is always good practice to take care in any transactional matters, no matter the level of risk or regulation. Understanding the concepts behind these things will provide the best indicators and guidelines for buying and selling safely.
NFTs came on to the crypto-scene recently but have shown no signs of slowing down. In fact, recent Google searches have shown the search “NFTs” outpacing “crypto” recently which could be an indicator that NFTs are here to stay. Ultimately, as with everything else, time will tell - but NFTs have already done so much to lift up small and independent artists and provide avenues for people to rise above. At the end of the day, this is what decentralization is all about - providing equal opportunity for everyone to attain success and create something special, no matter who you are or where you come from.
Rytell is a new NFT MMO project launched in Avalanche that presents a high-fantasy world, introducing lands, playable characters, weapons, resource gathering, and real-time PVP/PVE; experience comfortable gameplay while you get immersed in Rytell’s lore.
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