Voted 2022 “Best New NFT Crypto Asset” on Block-Chain:…

(MENAFN-EIN Presswire)

EtheriThumbs.com’s mission is to create a unique, limited collection of 10,000 unique characters that are all thumbs; because thumbs are also fingers.

EtheriThumbs.com was voted the industry’s best technology offering for NFTs; we all absolutely agree. — E. SNOWDEN, CEO and Founder LOS ANGELES, CALIFORNIA, USA, September 25, 2022 /EINPresswire.com/ — What is a non-fungible token (NFT)?
Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguishes them from each other. Unlike cryptocurrencies, they cannot be exchanged or traded on an equivalent basis. This differs from fungible tokens like cryptocurrencies, which are identical to each other and therefore can serve as a medium for business transactions. Just like Bitcoin, NFTs also contain ownership details for easy identification and transfer between token holders. Owners can also add metadata or attributes relating to the asset in NFTs. For example, tokens representing coffee beans can be classified as fair trade. Or, artists can sign their digital work with their own signature in the metadata.

Understanding Non-Fungible Tokens (NFTs):
NFTs evolved from the ERC-721 standard. Developed by some of the same people responsible for the ERC-20 smart contract, ERC-721 defines the minimum interface (property details, security and metadata) required for the exchange and distribution of game tokens. The ERC-1155 standard pushes the concept further by reducing the transaction and storage costs required for NFTs and by bundling multiple types of non-fungible tokens into a single contract ( )

NFTs have the potential for several use cases. For example, they are an ideal vehicle for digitally representing physical assets such as real estate and works of art. Because they are blockchain-based, NFTs can also work to cut out the middleman and connect artists with audiences or for identity management. NFTs can cut out middlemen, simplify transactions and create new markets. In early March 2021, a group of NFTs by digital artist Beeple sold for over $69 million. The sale set a precedent and record for the most expensive digital artworks sold to date. The artwork was a collage made up of Beeple’s first 5,000 days of work

Much of today’s NFT market is centered around collectibles, such as digital artwork, sports cards, and rarities. Perhaps the most hyped space is NBA Top Shot, a place to collect non-fungible tokenized NBA moments as a digital card. Some of these cards have sold for millions of dollars.2 Recently, Jack Dorsey of Twitter (TWTR) tweeted a link to a tokenized version of the very first tweet, in which he wrote, “just setting up my twttr”. The NFT version of the very first tweet sold for over $2.9 million.

Like physical money, cryptocurrencies are fungible, meaning they can be exchanged or traded for each other. For example, one bitcoin always has the same value as another bitcoin. Likewise, a single unit of ether is always equal to another unit. This “fungibility” feature makes cryptocurrencies a secure means of transaction in the digital economy.

NFTs change the paradigm of cryptography by making each token unique and irreplaceable, thus making it impossible for one non-fungible token to be equal to another. They are digital representations of assets and have been likened to digital passports because each token contains a unique, non-transferable identity to distinguish it from other tokens. They are also expandable, meaning you can combine one NFT with another to “replicate” a unique third NFT.

Key points to remember:

NFTs (non-fungible tokens) are unique cryptographic tokens that exist on a blockchain and cannot be replicated.
NFTs can represent real-world items such as artwork and real estate.
“Tokenizing” these real tangible assets makes buying, selling and trading them more efficient while reducing the likelihood of fraud.
NFTs can also function to represent the identity of individuals, their property rights, etc.
Collectors sought out NFTs because their value initially skyrocketed, but has since moderated.

Why NFTs are important:
Non-fungible tokens are an evolution of the relatively simple concept of cryptocurrencies. Modern financial systems consist of sophisticated trading and lending systems for different types of assets, ranging from real estate to loan contracts to works of art. By enabling digital representations of physical assets, NFTs are a step forward in reinventing this infrastructure. Certainly, the idea of ​​digital representations of physical assets is not new, nor is the use of unique identification. However, when these concepts are combined with the benefits of a tamper-proof smart contract blockchain, they become a powerful force for change.

Market efficiency is perhaps the most obvious advantage of NFTs. Converting a physical asset to a digital asset streamlines processes and cuts out the middleman. NFTs representing digital or physical artwork on a blockchain remove the need for agents and allow artists to connect directly with their audiences. They can also improve business processes. For example, an NFT for a bottle of wine will facilitate interaction with different actors in a supply chain and help track its provenance, production and sale throughout the process. The consulting firm Ernst & Young has already developed such a solution for one of its clients. Non-fungible tokens are also excellent for identity management. Take the case of physical passports that must be produced at each point of entry and exit. By converting individual passports to NFTs, each with their own unique identification characteristics, it is possible to streamline entry and exit processes for jurisdictions. Expanding this use case, NFTs can also serve identity management purposes in the digital realm.

NFT in the real and virtual world:
NFTs can also democratize investing by splitting physical assets like real estate. It is much easier to divide a digital property between several owners than a physical property. This tokenization ethic need not be limited to real estate; it can extend to other assets, such as works of art. Thus, a painting does not always need to have a single owner. Its digital equivalent may have multiple owners, each responsible for a fraction of the painting. Such arrangements could increase its value and its income ( ).

The most exciting possibility for NFTs lies in creating new markets and forms of investment. Consider a property split into several divisions, each containing different characteristics and property types. One of the divisions may be next to a beach while another is in an entertainment complex, and yet another is a residential area. According to its characteristics, each land is unique, priced differently and represented by an NFT. Real estate trading, a complex and bureaucratic affair, can be simplified by incorporating relevant metadata into each unique NFT. Decentraland, a virtual reality platform on the Ethereum blockchain, has already implemented such a concept. As NFTs become more sophisticated and become integrated into the financial infrastructure, it may become possible to implement the same concept of tokenized lands (different in value and location) in the physical world.

Are NFTs safe?
Non-fungible tokens, which use blockchain technology just like cryptocurrency, are generally secure. The distributed nature of blockchains makes NFTs difficult (but not impossible) to hack. A security risk for NFTs is that you could lose access to your non-fungible token if the platform hosting the NFT goes out of business ( ).

What does non-fungible mean?
Fungibility is an economic term that describes the interchangeability of certain goods. For example, a barrel of oil is fungible (interchangeable/indistinguishable) from any other barrel of oil. A dollar bill, likewise, is equal to any other dollar bill (or 4 quarters, etc.). Non-fungible is to make these items unique or distinctive. For example, if you were to take a dollar bill and have it drawn and signed by a famous artist, it would become unique – unlike all other dollar bills, and possibly worth more than its value. nominal.

I’m an artist …
First things first: I’m proud of you. Path to follow. You might be interested in NFTs because it gives you a way to sell work that there might not be much of a market for otherwise. If you have a really cool digital sticker idea, what are you going to do? Sell ​​it on the iMessage App Store? Certainly not. Additionally, some NFT marketplaces have a feature that allows you to ensure that you get paid a percentage each time your NFT is sold or changes hands. This ensures that if your work becomes very popular and increases in value, you will see some of these benefits.

I am a buyer…
One of the obvious benefits of buying art is that it allows you to financially support the artists you love, and that’s true with NFTs (which are much trendier than Telegram stickers). Purchasing an NFT also usually gives you basic usage rights, such as the ability to publish the image online or set it as your profile picture. Plus, of course, there’s bragging rights that you own the art, with a blockchain entry to back it up.

No, I meant I’m a collector…
Oh, okay, yes. NFTs can work like any other speculative asset, where you buy it and hope its value will one day increase, so you can sell it at a profit. I feel a little dirty for talking about this, though.

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