What Are NFTs And Why Are They Worth Millions
Non-fungible tokens, or NFTs, are digital assets that are kept on a blockchain and include unique identification codes and metadata that distinguish them from one another.
Just like cryptocurrencies, they can be traded or exchanged for something of comparable worth. But unlike crypto currencies, they are very different from each other, although, that may require a double look to notice the differences most times.
What are NFTs
The ERC-721 standard served as the foundation for the NFT. Some of the same people who worked on the ERC-20 smart contract also worked on ERC-721. Its purpose is to define the bare minimal interface for gaming token distribution and trade. This includes information about ownership, security, and metadata.
The ERC-1155 standard expands on this concept by lowering the transaction and storage costs of NFTs and allowing the grouping of several types of non-fungible tokens under a single contract.
Non-fungible tokens (NFTs) are cryptographic tokens that can only exist once on a blockchain and cannot be copied. NFTs could be used to represent physical assets such as houses and artwork.
The process of “tokenizing” these real-world physical objects facilitates buying, selling, and trading while also lowering the risk of fraud.
Use Case For NFTs
NFTs can also be used to demonstrate a person’s identity, property rights, and other aspects of their lives.
Even though the value of NFTs has plateaued after first rising, collectors have continued to show interest in them.
NFTs could be useful in a variety of scenarios. They are, for example, the best way to virtually represent real-world assets such as real estate or art in the digital world. NFTs, which are based on blockchain technology, have the potential to eliminate the need for middlemen, connect artists directly with audiences, and even assist in the tracking of people’s identities. NFTs could eliminate the need for middlemen, making transactions easier and opening up new markets.
Why NFTs Are So Overpriced
Collectibles such as digital art, sports cards, and rare objects currently account for a sizable portion of the market for non-fungible tokens (NFTs). NBA Top Shot is a platform that allows users to collect digital cards depicting non-tradeable NBA moments. This platform has recently received the greatest attention. Some of these cards have been auctioned off for millions of dollars.
Jack Dorsey, the former CEO of Twitter, recently tweeted a link to a tokenized version of the first tweet ever sent. “Just putting up my twttr,” he said in the tweet. The NFT version of the first tweet ever sent on Twitter cost over $2.9 million.
3 Of The Most Expensive NFTs Ever Sold
Beeple for Everydays
takes the top spot for the most expensive NFT ever sold with $69.3 million.
Specifications: The most well-known and expensive NFT sale to date was Beeple’s Everydays: The First 5000 Days. It brought in $69.3 million. This is also the most profitable NFT transaction in history.
What makes it so significant? This was not only the most expensive NFT transaction in history, but it also triggered a snowball effect in the mainstream media, bringing the phrase “NFT” into households around the world. Making, collecting, and selling non-fungible tokens (NFTs) regarded to be a niche pastime at best prior to Christie’s Online Auction. But when Beeple won the prize for the largest bag in NFTs history, everyone, including Saturday Night Live, knew it was time for NFTs.
2. Pak and Julian Assange
reached an agreement to pay $52.7 million (16953 ETH) for an NFT Clock Sale
Specifications: Julian Assange and Pak’s Clock NFT received the second-highest price ever paid for a single NFT in February 2022. The NFT has a clock that keeps track of how long Assange has been imprisoned. Pak and Assange chose it as part of their Censored collection, which also included a dynamic open edition.
Why it’s important: Despite becoming one of the highest-paid artists working today, Pak has maintained their secrecy throughout their entire career. They went to Twitter shortly after the auction ended, calling the initiative “a drop with no creator, developer, platform, or intermediaries share,” which they mistook for “from the people, for the people.” AssangeDAO purchased the item. This is a group whose primary objective is to fight for the freedom of Wikileaks founder Julian Assange.
3. Human One Beeple:
$28.9 million (4700 ETH)
Beeple Human One NFT Sale Information: On November 9, 2021, Beeple paid $28.9 million for the HUMAN ONE. It was up for bidding at Christie’s 21st Century Evening Sale, and it was eventually purchased.
What makes it so significant? Because HUMAN ONE is not like the other NFTs. The NFT and the electronic sculpture were auctioned together because they were the first objects the well-known artist had ever created that could be touched. Many people were unsure how much money this brand-new, ever-changing digital masterpiece would get at auction due to the large sale of Beeple’s Everydays, which is number one on this list. Because Christie’s is constantly attempting to demonstrate that NFTs are genuine works of art, it’s no wonder that Beeple’s HUMAN ONE will be the second most valuable piece of art in 2021, after Beeple himself.
How can you get NFT
NFT’s can also be minted for free, same way you can mine crypto for free. Some currently low value NFTs are giving out as incentives or rewards in some cryptocurrency exchanges and to some people who hold a specific amount of a particular token.
What are crypto airdrops and how to know malicious or fake airdrops
Ever wonder how come some people (especially top market influencers) get some coins before their presale or even listed in exchanges. Well the answer is crypto airdrop. Crypto airdrops are usually done by the creators of a particular Blockchain or crypto as a way of informing the market of the presence of a new token.
Just like rain droplets from the sky (air) falling to the ground (drop), an airdrop is suppose to reach everyone that satisfied the stipulated conditions for such airdrops. And that is the simple thing that differentiate it from an ICO (initial coin offering)
What is crypto airdrop
A “crypto airdrop” is a way for a cryptocurrency project to market itself by giving away free coins or tokens to people who are interested. People in the community get free money or tokens in exchange for doing very simple things, like joining a Telegram group or following the project on social media or most times retweeting the project so it gains more popular.
The tasks associated with airdrop are just that helps the project but in the case of an ICO, the coin or token is sold for a flat rate to investors before it is been sold on exchanges.
Some projects also give out rewards in form of a particular token/coin that is already existing. Kindly note that this can not be regarded as an airdrop, an example is sweatwalk/sweatcoin app.
But why should the owner of the coin offer you some of the coin for free when they plan to later sell it ?
The reason for crypto airdrop
The owners of the coin or Blockchain may not want to pay enormous fees for advertising as this may not even get to right customers they are target. So they just simple do a crypto airdrop and mostly likely gain attraction and attention from potential investors.
Since the price of the coin has to be connected to what the token has in liquidity, some of it has to go into the market to prove that the project is truly worth investing into before it can be valued at a price and sold.
Risks associated with crypto airdrops
People often weigh the benefits of taking part in cryptocurrency airdrops against the risks they pose. By taking part in airdrops, you can learn about interesting new projects, learn more about the industry as a whole, and even get free coins or tokens. But there are risks to doing this. Some coin airdrops may be scams or not have a good way to make money, so the free coins they give away may never be worth anything.
Also, if you want to take part in an airdrop, you might have to give out personal information like your email or social media account information. Spammers could buy this information and use it to do bad things.
With the computerization of everything these days a malware/virus can be injected into anything even a Blockchain, this was the case some several months ago when some attackers clone a metamusk airdrop project and all the people who fell for it and received the airdrops into their wallets had their wallets wiped off their hard earned tokens.
So basically another thing about airdrops is proper research and greed management, greed is the biggest enemy of wealth in the crypto arena, you could lose all what you have laboured for because of two seconds of extreme greed.
So, how can you tell if a cryptocurrency airdrop is a scam? Here are some signs that something is wrong:
How do you know a malicious or fake crypto airdrop
To take part in a real airdrop, you won’t have to pay any money. You can be sure that any “airdrop” that wants money from you is a scam. Just as we earlier said, crypto airdrop is different from ICO, if the owners call it an airdrop and are demanding for money or collateral assets, that’s it buddy…..it is a scam.
Impersonal communication: Scammers may use emails sent to a large number of people or messages on social media that are not personalized. If the messages from the airdrop project seem cold or like spam, that should be a red flag. Most crypto airdrops are usually promoted on social media like telegram and Twitter, a direct mail to you should be in form of a reward that you have already participated in. If the mail looks phishy or don’t recall participating in any activities related to the mail, it is best you treat it as spam.
Lack of information: Don’t trust an airdrop unless you know who is behind it, what their goals are, and how the money will be spent. If the project doesn’t directly address these problems, it’s probably a scam.
We don’t have anything to sell: Any reputable airdrop project will give many examples of how its token or cryptocurrency can be used. If the project doesn’t have a product or service that can be sold, it is a scam.
Before taking part in an airdrop or linking your wallet with it, it is always a safe practice to do an etherscan and know who are the real people behind the project. Another safe practice is to create a separate wallet for airdrops and monitor them from that wallet until when that have come to satisfactory limelight and you feel safer about them.
To sum up, taking part in crypto airdrops can be a fun and potentially profitable way to learn about new businesses and get free coins. But you have to be very careful and do a lot of research to avoid being taken in by con artists. Keep an eye out for projects that are open, offer a service or good that can be sold, and give each person their own way to get in touch.
How do you get airdrops
We @ticktalker are on a way of bringing some of the latest airdrops being offered by existing and new blockchains, but while that is yet to become established you can follow these procedures for getting airdrops.
Telegram groups are know mostly for airdrops, if you join some bunch of crypto related groups on telegram, you can filter the ones that best supply you with information you need.
Slack and discord are mostly used for more advanced project and developers and even promoters.
Twitter is also very common for airdrops.
Popular crypto market places also do have lists of airdrops you can partake in.
Always refer to the above steps and guidelines so you don’t fall prey of malicious or fake airdrops. And always control your greed.
CR7 NFT Is Coming To Binance NFT Marketplace After One Year Partnership With Binance
NFT have become a big fuzz in the crypto arena making a big chunk of liquidity for crypto and of late, the legendary CR7 NFT is coming to binance nft market space. The football legend has been working closely with binance to develop his own NFT and now it is finally getting down with the world cup still on the way.
Incase you haven’t read our article about NFT’s I highly suggest you click this link and do so.
What Are NFT’s
Non-fungible tokens are a new trend in the cryptocurrency business that is spreading to hundreds of other fields as new ways to use the tokens are found.
But if you come up with new ideas but don’t get the word out, it’s like trying to sell a diamond that is in a chest buried in the sand. The same is true for NFTs, which need to use good marketing and advertising to let their target customers know they exist and what they can do for them. To help you promote your NFT project, we’ve put together a list of the seven ways that have worked best so far.
Some Factors To Consider Before Pushing NFT’s into the market
Any good advertising campaign needs to start with a thorough analysis of the product being advertised and the different ways it can be spread. To get started, the project team will have to look into NFT markets that already exist and look at the many fees and terms that come with them.
Volume and liquidity are two of the most important ways to tell if a market is worth your time. Second, there are the transaction costs, which can now range from 2.5% to 15%. This makes it much harder for a business to make money. Now it’s up to you to decide how well the platform generally meets your needs. In an ideal marketplace, both customers and people who make things should have access to a wide range of useful tools and features.
The Binance NFT Marketplace is another option for people who want to be a part of the growing crypto community and help build up the infrastructure that supports it. They have many choices, and this market is just one of them. With Binance NFT, producers can make as much money as they want without having to worry about platform fees, which are a record-low 1%.
Whitelisting Of NFT’s
In the next NFT release, only a small number of people will be able to use the new features. Some projects may give whitelisted users free NFTs and other exclusive content, while others may give whitelisted users access to presale events at a discount. The NFT initiative changes the whitelist offer in a big way.
Also, different projects have different requirements for getting on a whitelist. Some projects may require a certain number of tasks to be done or a certain amount of the corresponding asset to be kept in a user’s wallet. There is no set way to get on a whitelist, and some projects may give you early access just for being an active member of the community and taking part in events and discussions.
Putting an end to the gas wars
Whitelisting isn’t needed for public NFT purchases, but if a lot of people try to buy at the same time, transaction fees could get too high to be worth it. The term “gas wars” refers to what happens when people try to get their transactions approved first, which drives up gas prices.”
Whitelist registration, on the other hand, limits the creation of NFTs to a list of approved wallet addresses before the token is made public. So, there is less chance that network congestion and gas battles will make the public sale less interesting.
Whitelists, which set rules for when NFTs can be mined, can help people avoid gas problems. This is another powerful way that whitelists use to get around problems with gas. Remember that the price of gas will change depending on how much activity there is on the blockchain network as a whole. Outside factors and the results of previous minting sales can affect whitelist sales. If there is a lot of demand to be added to the whitelist, there will be more interest in the release, the project, and possible future releases. This is a good way to build on the idea of a whitelist for NFT projects.
CR7 NFT Collection Set To Live Exclusively On Binance NFT Marketplace
The CR7 NFT collection — available exclusively on Binance NFT — will be the first of a series of drops featuring the football legend Cristiano Ronaldo.
Ronaldo has undoubtedly redefined the game of football as we know it, his legacy — trophies and awards, mind-bending goals, personal and team records — touching every aspect of the sport. Now, the five-time Ballon D’or winner has his eyes set on the NFT arena.
Since binance initial announcement of the groundbreaking multi-year partnership between Binance and CR7 ,we’ve been working closely with Ronaldo to craft a first-of-its-kind experience, one that will change the NFT game forever.
Where Can Fans Get The CR7 NFT
We know fans have been eagerly awaiting his NFT debut. Starting this week, you’ll get a sneak peek at what we’ve been working on, and more surprises on what’s coming next.
The CR7 NFT will only be exclusively available on Binance. No further info regarding whitelisting has been provided, but binance has slated Friday for the launching of the NFT.
Who is the god of football
Ronaldo once had an interview with Messi in which Messi said that the God of football sent him to teach wannabe players how to play football and Ronaldo interjected by saying he didn’t recall sending anybody unanimously making he figurative set himself as the God of football.
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