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What is an NFT? – Forbes Advisor

Published

7 months ago

2 May, 2024

Editorial Note: We earn a commission from partner links on Forbes Advisor. Fees do not influence the opinions or ratings of our editors.

Non-fungible tokens (NFTs) seem to be everywhere these days. From art and music to tacos and toilet paper, these digital assets sell like they did in the 17th century Exotic Dutch tulips– some for millions of dollars.

But are NFTs worth the money or the hype? Some experts say they are a bubble ready to burst, like the dot-com craze or Beanie Babies. Others believe that NFTs are here to stay and will change investing forever.

What is an NFT?

An NFT is a digital asset that can come in the form of art, music, game items, videos, and more. They are bought and sold online, often with cryptocurrencyand are generally coded with the same underlying software as many cryptocurrencies.

Although they have been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. The NFT market was worth a staggering $41 billion in 2021 alone, a figure approaching the total value of the entire global fine art market.

NFTs are also generally one-of-a-kind, or at least very limited-run, and have unique identifying codes. “Essentially, NFTs create digital scarcity,” says Arry Yu, president of the Washington Technology Industry Association’s Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.

This is in stark contrast to most digital creations, the supply of which is almost always infinite. Hypothetically, cutting supply should increase the value of a given asset, assuming it is in demand.

But many NFTs, at least in these early days, have been digital creations that already exist in some form elsewhere, like iconic video clips from NBA games or securitized versions of digital art already floating around Instagram.

Renowned digital artist Mike Winklemann, better known as “Beeple,” created a set of 5,000 daily drawings to create perhaps the most famous NFT of 2021, “EVERYDAYS: The First 5000 Days,” which sold at Christie’s for a record $69.3 million.

Anyone can view individual images or even the entire image collage online for free. So why are people willing to spend millions on something they could easily screenshot or download?

Because an NFT allows the buyer to own the original item. Not only that, it contains built-in authentication, which serves as proof of ownership. Collectors value these “digital bragging rights” almost more than the object itself.

How is an NFT different from cryptocurrency?

NFT stands for non-fungible token. It is generally built using the same type of programming as cryptocurrency, for example Bitcoin OR Ethereumbut that’s where the similarities end.

Physical money and cryptocurrencies are “fungible,” meaning they can be exchanged or exchanged with each other. They also have the same value: a dollar is always worth another dollar; one Bitcoin is always the same as another Bitcoin. The fungibility of cryptocurrencies makes them a reliable means of conducting transactions on the blockchain.

NFTs are different. Each has a digital signature that makes NFTs impossible to exchange or match with each other (hence non-fungible). An NBA Top Shot clip, for example, is not the same as EVERYDAYS simply because they are both NFTs. (One NBA Top Shot clip isn’t even necessarily the same as another NBA Top Shot clip, for that matter.)

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How does an NFT work?

NFTs exist on a blockchain, which is a distributed public ledger that records transactions. You are probably more familiar with blockchain as the underlying process that makes cryptocurrencies possible.

Specifically, NFTs are generally held on Ethereum blockchain, although other blockchains also support them.

An NFT is created, or “minted” from digital objects that represent both tangible and intangible items, including:

Graphic art
GIF
Sports videos and highlights
Collectibles
Virtual avatars and skins for video games
Designer sneakers
Music

Tweets matter too. Twitter co-founder Jack Dorsey sold his first-ever tweet as an NFT more than $2.9 million.

Essentially, NFTs are like physical collectibles, only digital. So instead of getting a real oil painting to hang on the wall, the buyer receives a digital file instead.

They also have exclusive ownership rights. NFTs can only have one owner at a time, and their use of blockchain technology makes it easy to verify ownership and transfer tokens between owners. The creator can also store specific information in an NFT’s metadata. For example, artists can sign their artwork by including their signature in the file.

What are NFTs for?

Blockchain technology and NFTs offer artists and content creators a unique opportunity to monetize their wares. For example, artists no longer have to rely on galleries or auction houses to sell their art. Instead, the artist can sell it directly to the consumer as an NFT, which also allows him to keep more of the profits. Additionally, artists can schedule royalties to receive a percentage of sales each time their art is sold to a new owner. This is an interesting feature since artists generally do not receive future proceeds after their art is sold for the first time.

Art isn’t the only way to make money with NFTs. Brands like Charmin and Taco Bell have auctioned off themed NFT artwork to raise money for charity. Charmin dubbed its offering “NFTP” (non-fungible toilet paper), and Taco Bell’s NFT art sold out in minutes, with the highest bids coming in at 1.5 Wrapped Ether (WETH), equal to $3,723 .83 at the time of writing.

Nyan Cat, a 2011 GIF of a cat with a pop-tart body, sold for almost $600,000 in February. And NBA Top Shot has generated more than $500 million in sales starting at the end of March. A single LeBron James NFT brought in more than $200,000.

Celebrities like Snoop Dogg and Lindsay Lohan are also jumping on the NFT bandwagon, releasing mementos, artworks and one-of-a-kind moments as securitized NFTs.

How to buy NFTs

If you want to start your NFT collection, you’ll need to acquire a few key items:

First, you’ll need to get a digital wallet that allows you to store NFTs and cryptocurrencies. You will probably have to buy some cryptocurrency, such as Ether, depending on the currencies accepted by your NFT provider. You can buy cryptocurrencies using a credit card on platforms like Coinbase, Kraken, eToro and even PayPal and Robinhood now. You can then move it from the exchange to your favorite wallet.

You’ll want to keep rates in mind as you research your options. Most exchanges charge at least a percentage of the transaction when you purchase cryptocurrencies.

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Popular NFT Markets

Once you’ve set up and funded your wallet, there’s no shortage of NFT sites to shop on. Currently, the largest NFT markets are:

• OpenSea.io: This peer-to-peer platform bills itself as a provider of “rare and collectible digital items.” To get started, all you need to do is create an account to browse NFT collections. You can also sort pieces by sales volume to discover new artists.

• Rare: Similar to OpenSea, Rarible is a democratic and open marketplace that allows artists and creators to issue and sell NFTs. RARI tokens issued on the platform allow holders to evaluate features such as fees and community rules.

• Foundation: Here, artists must receive “upvotes” or an invitation from other creators to post their art. The community’s exclusivity and cost of entry – artists also have to purchase “gas” to mint NFTs – means it can boast artwork of a higher caliber. For example, Nyan Cat creator Chris Torres sold the NFT on the Foundation platform. It could also mean higher prices – not necessarily a bad thing for artists and collectors looking to capitalize, assuming demand for NFTs remains at current levels, or even increases over time.

While these and other platforms are home to thousands of NFT creators and collectors, be sure to do your research carefully before purchasing. Some artists have fallen victim to imitators who have published and sold their works without their permission.

Additionally, the verification processes for NFT creators and listings are not consistent across all platforms – some are more rigorous than others. OpenSea and Rarible, for example, do not require owner verification for NFT listings. Buyer protections seem slim at best, so when purchasing NFTs, it may be best to keep the old adage “caveat emptor” (let the buyer beware) in mind.

Should You Buy NFTs?

Just because you can buy NFTs, does that mean you should? It depends, says Yu.

“NFTs are risky because their future is uncertain and we don’t yet have much history to judge their performance,” he notes. “Since NFTs are so new, it may be worth investing small sums to try them for now.”

In other words, investing in NFTs is a largely personal decision. If you have money to spend, it might be worth considering, especially if a piece has meaning to you.

But keep in mind that the value of an NFT is based entirely on what someone else is willing to pay for it. Therefore, demand will drive price rather than fundamental, technical or economic indicators, which typically influence stock prices and at least generally form the basis for investor demand.

All of this means that an NFT can be resold for less than you paid for it. Or you may not be able to resell it at all if no one wants it.

NFTs are also subject to capital gains taxes– just like when you sell shares at a profit. Since they are considered collectibles, however, they may not receive the preferential long-term capital gains rates of stocks and may also be taxed at a higher collectible tax rate, although the IRS has not yet determined which NFTs are considered for tax purposes. Please note the cryptocurrencies used to purchase the NFT they may also be taxed if they have increased in value since you purchased them, which means you may want to check with a tax professional when considering adding NFTs to your portfolio.

That said, approach NFTs just as you would any investment: do your research, understand the risks, including that you could lose all of your invested dollars, and if you decide to take the plunge, proceed with a healthy dose of caution.

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Top 5 Crypto Pre-Sales for August 2024

Published

4 months ago

1 August, 2024

TokenTalk Staff

Have you heard about cryptocurrencies in 2011? Was Bitcoin so popular back then? Well, yes, some forward-thinking people saw its potential early and invested in BTC back then. Investors were skeptical about this new financial element; however, many took the risk and invested what they could risk in the cryptocurrency market.

Going through the list of top presales, we have identified and studied five of the main candidates that can change the game on the trading charts. These new opportunities promise the best returns and a great chance to buy tokens at affordable prices. While 5thScape is at the top of our recommendation, projects like DarkLume and Artemis Coin are pioneers in their respective categories.

Top 5 Crypto Pre-Sales to Add to Your Watchlist in 2024

Below we present the top five cryptocurrency pre-sales that you should consider adding to your investment watchlist.

5th Landscape (5SCAPE) – King of digital VR gaming with AR/VR elements
Dark light (DLUME) – Virtual Metaverse for Social Exploration
SpacePay (SPY) – Versatile Financial Payment Gateway for Seamless Transactions
EarthMeta (EMT) – Replicating our planet on a virtual platform
Artemis Coin (ARTMS) – NFT Marketplace for Digital Real Estate Investment

In-Depth Review: The Best Crypto Pre-Sales of 2024

Now, let’s take a closer look at these pre-sale events and how they can help investors make significant profits this year.

5th Landscape (5SCAPE)

The 5thScape project combines emerging technology using the fundamentals of virtual and augmented reality on the Ethereum platform using its native currency as 5SCAPE. Users of the token experience increased security and interactive gameplay in the digital space.

Here are the potential reasons why investors are admiring the 5thScape ecosystem:

Immersive Gameplay: With over five game titles, the platform is ready to amaze the audience with games ranging from archery, sports, battle and high-speed racing.

Innovative VR Content: 5thScape’s progress in the crypto-gaming space will contribute to the development of educational resources and other VR content on the website.

Motion Control Gadgets: This project is working hard to introduce VR devices such as headsets and gaming chairs with precise controls and high-resolution soundscapes to achieve the best immersive feeling while exploring the ecosystem.

Practical utility: 5SCAPE tokens stimulate participation in various activities and convert the ecosystem into economic value for investors.

Staking Opportunities: Acquiring 5SCAPE tokens after listing on exchanges can generate higher earnings

Free Giveaways and Prizes: The distribution of free coins and VR subscriptions attract investors.

Visit 5thScape for more details>>

Dark Light (DLUME)

We just saw how 5thScape captures investors with its AR/VR digital landscape. DarkLume works on similar VR principles but has a completely new VR metaverse. Its presale is about to hit the $1 million mark and simultaneously increase fund inflows.

What are the specifics that allow DarkLume to lead the metaverse industry?

Native currency: The project has DLUME as a digital currency that can be used for in-game purchases or upgrades. These utility tokens also give their holders the right to vote on the development and expansion of the project.

Benefits of staking: Investors who want to hold and earn from this currency expect to multiply their funds after the stock market listing.

Exploratory Metaverse: Once you enter this world, there is no turning back. There are so many opportunities to find recreational activities and relieve stress. Walking through lush landscapes and stargazing at night can be a memorable experience. If you are a party animal, DarkLume’s virtual discos and clubs will win you over.

Visit DarkLume for more details>>

Payment for space (SPY)

Traditional financial setups face many challenges in daily transactions and are also expensive. To solve these concerns, Maxwell Bunting founded SpacePay by combining cryptocurrency payments and blockchain technology. The London-based startup makes online shopping and payments more seamless by integrating its network with existing card terminals, allowing users to make payments in any digital currency. Merchants can choose to receive payments in conventional currency without having to pay exorbitantly.

SpacePay has designed a user-friendly and convenient interface that supports over 325 crypto wallets. SPY, the native token of this platform, serves to enable all transactions within its ecosystem. Tokens can also be used to generate passive income through staking and additional community rewards.

EarthMeta (EMT)

EarthMeta is a virtual metaverse created to replicate our planet, Earth. It is listed as one of the best crypto pre-sales of 2024, with a focus on creating new NFT platforms and virtual assets in premium cities. The startup encourages users to own and govern virtual landscapes.

Cities are then further broken down into smaller assets such as landmarks, buildings, monuments, parks, schools, and more. NFTs can now be bought and sold in the project’s marketplace. Governors are eligible to earn 1% fees per transaction within their city. EMT token holders can also generate more at once with custom API integrations and participation in DAO activities.

Artemis (ARTMS)

Today we have covered a number of financial projects that you can consider along with 5thScape, the most promising VR coins of the decade. Artemis (ARTMS) is a financial platform that allows investors to transact and trade using its digital asset, ARTMS. Users can also lend, borrow, stake, save, and generate rewards from yield farming.

The project is about to enter Phase 4 of development which will see the launch of the Artemis Crypto System. This system is customized to facilitate a large number of secure and transparent crypto transactions. Cryptocurrency enthusiasts and professional entities can buy and sell products such as smartphones, bicycles and internet services using crypto payments. Early investors have great advantages until the project is available at a discounted price in the pre-sale.

Read this before investing in the next cryptocurrency market

Experienced investors know the factors to consider before investing in this dynamic market. Here are some points that beginners should remember before securing a position in the cryptocurrency universe.

It is essential to verify the project details and the founders.
Read and understand the whitepaper for all the technical information about the ICO, the roadmap and the mission of the project.
The project roadmap will provide greater clarity on milestones and results achieved.
Review the fundamentals of the new technologies involved in the development of the platform.
Before investing in any cryptocurrency, carefully evaluate the benefits and risks to avoid losses and build a profitable portfolio.

Conclusion

5thScape ICO Offers Tokens at Deeply Discounted Prices. Once the presale is over, the token price will skyrocket 434% from the first round and promise 600x returns to early investors. Who wouldn’t want to be part of an innovative and growing VR ecosystem? Check your details, review all the documents and start investing in 5thScape now.

Time flies, and so does the $100,000 prize.

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Best Upcoming Cryptocurrencies for Long-Term Profits: Turn $100 Into $1000 With These Picks

Published

4 months ago

1 August, 2024

TokenTalk Staff

Have you ever wondered how much return Bitcoin has given to investors who bought this gold cryptocurrency a decade ago? In 2014, Bitcoin reached its significant milestone of $1,000 in the first month. Currently, it is trading at around $64k, which is an astonishing 6300% increase in the span of 10 years. No stock, no ETF could ever give you such monumental returns. This simply proves that the cryptocurrency market turns your dreams of investment returns into reality.

While the established giants are not giving so much returns now, the ball is in the court of upcoming cryptocurrencies that are based on the development of projects to provide up to 1000x returns in the near future. In this article, we will explore 5 upcoming cryptocurrencies for long-term earnings that can turn your $100 into $1000 – the only key is strategic investing with a lot of patience!

Best Upcoming Cryptocurrencies For Long Term Profits

Below we list the top 5 cryptocurrencies for long-term gains, which are set to give you returns of up to 1000 times in the coming times.

5th Landscape (5LANDSCAPE)
Dark light (DISGUST)
BlockDAG (BDAG)
eTukTuk (TUK)
WienerAI (WAI)

Take a deeper look at the background of these 5 upcoming cryptocurrencies for long-term gains and see why they could be viable options for your cryptocurrency portfolio.

1. 5° Landscape (5SCAPE)

5thScape is changing the face of entertainment by merging augmented and virtual reality with blockchain technology, offering a VR content ecosystem unlike any other destination on the internet. Its native token, 5SCAPE, is the cornerstone of this innovative ecosystem. With a limited supply of 5.21 billion tokens, 5SCAPE offers early investors a unique opportunity to participate in the growth of a potentially transformative platform.

Combining the immersive experiences of VR technology with a cryptocurrency that has a real-world use case, 5thScape presents a compelling investment proposition. The project’s focus on providing unparalleled user experiences, coupled with its potential to generate substantial returns, makes 5SCAPE an ideal new cryptocurrency to have in your portfolio for long-term gains.

Click here to invest in 5thScape today >>

2. DarkLume (DLUME)

DarkLume is a meticulously crafted metaverse where users can experience a lavish digital lifestyle. At its core is the DLUME token, the currency that powers this virtual economy. By owning DLUME, users gain access to exclusive experiences, from owning virtual properties to attending high-society events and hosting virtual celebrations with their friends.

The metaverse is divided into virtual countries, each with its own citizenship requirements. To become a citizen, users must possess a specific amount of DLUME. Maintaining citizenship involves paying taxes in DLUME and creating a sense of community and responsibility among users.

Unlike other metaverse platforms that are limited to digital interactions only, DarkLume offers a wide range of activities, from leisure and entertainment to social interactions and exciting experiences. The platform’s focus on luxury ensures that every aspect of the metaverse is designed to exceed expectations. As DarkLume continues to grow, its DLUME token is expected to be in high demand. The metaverse concept is supported by renowned names such as Mark Zuckerberg and Satya Nadella. As it is the future of immersive socialization, the DLUME token is expected to appreciate in value over time.

Explore DarkLume’s website to learn more

3. BlockDAG (BDAG)

BlockDAG is an innovative blockchain platform that uses a Directed Acyclic Graph (DAG) structure together with blockchain technology to offer fast transaction speeds, lower fees, and better scalability.

Unlike traditional blockchains that process transactions sequentially, BlockDAG processes them in parallel, which allows it to handle a much higher transaction volume. This approach makes BlockDAG an ideal platform for applications that require high throughput and low latency, such as DeFi, gaming, and IoT. Its presale has been a great success so far, and BlockDAG’s adaptability may be an optimistic sign for early investors in the BDAG token.

4. eTukTuk (TUK)

eTukTuk is a new leading crypto project that combines sustainable transportation with blockchain technology. Its main goal is to electrify the famous “tuk-tuk” industry, reducing carbon emissions that cause environmental damage while creating a thriving ecosystem. Its TUK token powers the entire platform.

One of the most notable features of eTukTuk is its Play-to-Earn (P2E) gameplay. Players can earn TUK tokens by completing challenges and missions in the game. This gamified approach not only makes the platform engaging but also incentivizes user participation in building the eTukTuk ecosystem. The primary utility of the TUK token is as a mode of payment for tuk-tuk drivers who use EV charging stations for their vehicles installed across Sri Lanka. The project will soon expand to other countries.

Overall, the value proposition of the TUK crypto token is strengthened by its utility within the platform. It can be used to purchase electric tuk-tuks, charge them at the network’s charging stations, and access various platform services. As eTukTuk adoption grows, demand for TUK tokens is expected to increase, potentially resulting in significant appreciation in the token’s value.

5. WienerAI (WAI)

WienerAI is a new blockchain-based platform that uses next-generation artificial intelligence (AI) technology to transform the cryptocurrency trading space. Its flagship product is an AI trading bot (with a sausage-themed mascot) designed to analyze market trends, identify potential opportunities, and execute trades with zero errors. With the power of AI, WienerAI provides users with a market edge in the complex and dynamic world of investing.

The platform’s native WAI token is a digital asset that underpins the entire ecosystem. Token holders can enjoy various benefits, including discounted trading fees, priority access to new features, and even a share of the platform’s profits. As WienerAI gains traction and its AI trading bot proves successful, the continued flow of demand for the WAI token will fuel its price.

Final Thoughts: Best Cryptocurrencies for Long-Term Profits

Each cryptocurrency project explored in this article brings a unique and innovative perspective to the blockchain industry. From the immersive worlds of 5thScape and DarkLume to the efficiency gains of BlockDAG and the sustainability focus of eTukTuk, not to mention WienerAI’s AI-powered trading bot with a new approach to investing, these projects are pushing the boundaries of what’s possible with blockchain technology.

While all of these projects are promising, 5thScape and DarkLume stand out as particularly interesting investment opportunities. The combination of 5thScape’s robust VR ecosystem tokenomics and unique AR/VR offeringstogether with the fantasy world of the DarkLume metaversehas the potential to appeal to a wide range of investors who may be entertainment lovers, not just cryptocurrency enthusiasts. Given their current presale stages, acquiring 5SCAPE and DLUME tokens at these early-bird prices could prove to be a strategic move for those seeking substantial returns.

This is a sponsored article. The opinions expressed are solely those of the sponsor and readers should conduct their own due diligence before taking any action based on the information presented in this article.

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Avalanche Predicts ‘Most Bullish Unlock’ in Broader Market $1 Billion in Token Release

Published

4 months ago

1 August, 2024

TokenTalk Staff

Avalanche anticipates ‘most bullish unlock’ amid broader market $1 billion in token release

Token Unlocks data shows that several crypto projects:AvalancheWormhole, Aptos, SandboxArbitrum, Optimism and others are set to unlock around $1 billion worth of tokens in August.

Approximately $260 million will be allocated in the first three days of the month.

Crypto projects often schedule token unlocks to control the asset supply and prevent market oversaturation. This gradual release helps avoid significant sell-offs by early investors or team members who hold large amounts of crypto assets.

Wormhole and Avalanche to Release Over $400 Million in Tokens

The biggest news this month will be Wormhole and Avalanche.

On August 3rd, Hole in the walla cross-chain messaging protocol, will release 600 million tokens worth $151.67 million, or 33.33% of its circulating supply.

Avalanche will follow on August 20, unlocking 9.54 million AVAX tokens worth approximately $251 million, or 2.42% of its circulating supply.

The Token Unlocks dashboard shows that 4.5 million AVAX, worth $118.53 million, will go to the Avalanche team, 2.25 million AVAX, worth $59.27 million, will go to strategic partners, and the remainder will go to the Foundation and as an airdrop.

Farid Rached, former head of ecosystem growth at Avalanche, underlined that this planned unlock would be the most bullish in its history because “it is the last big step for the team and public/private investors.”

Other important unlocks

Sui, a layer 1 network, will unlock 64 million tokens worth $50 million, or 2.56% of its circulating supply, on August 1.

Similarly, decentralized exchange dYdX will issue 8.33 million tokens worth nearly $11 million, or 3.65% of its circulating supply. These tokens will be distributed to investors, founders, staff, and future employees.

Aptos will unlock 11.31 million APT tokens worth $74.64 million on August 12. These will be allocated to the Aptos community, top contributors, the foundation, and investors, with top contributors receiving the largest share: 3.96 million APT worth $26 million.

On August 14, Sandbox will release 205.6 million SAND tokens worth $66.75 million. This issuance will be split between the team, advisors, and a corporate reserve.

Finally, Ethereum’s layer 2 networks Referee AND Optimism will collectively unlock over $110 million worth of tokens by August 16 and 31, respectively.

Mentioned in this article

Posted in: Avalanche, Tokens

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Big Tech Beats Bitcoin (BTC) as Trump’s Trade Cancellation Weakens Token

Published

4 months ago

1 August, 2024

TokenTalk Staff

Big Tech Beats Bitcoin (BTC) as Trump's Trade Cancellation Weakens Token

Bitcoin has failed to join the cross-asset rally fueled by dovish comments from the Federal Reserve, as the tight US election race casts doubt on Donald Trump’s ability to implement his pro-cryptocurrency agenda.

The digital asset slipped 2.4% on Wednesday, tracking a Fed-fueled surge in an index of the Magnificent Seven large-cap tech stocks by one of the widest margins in 2024. The token fell further on Thursday, changing hands at $63,750 by 6:10 a.m. in London.

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