NFT'S (non fungible tokens) continue to make headlines as more and more digital art pieces hit the market. Cyber collectibles are taking the world by storm as artists are now able to monetize their work individually and avoid all prior intermediary fees. By tokenizing their work, and selling their individual code on a worldwide digital web, artists & creators are now able to have a worldwide reach to new customers. Celebrities and large scale corporations such as Playboy are also joining in on NFT craze as they see this as new opportunity to connect with new and existing fans as they release personal trading cards and company collectables.
Why own an NFT?
1) Unique ownership rights & connection with the creator 2) Proof of authentication
3) Easy to verify
4) Access to a new worldwide web
5) Digital artwork can be used as collateral
How is Ethereum involved with NFTS?
Tokenizing digital assets through NFT's on the Ethereum platform benefits the Ethereum coin immensely because all fees are paid by using Ether only.
Top Ranked NFT projects (sales and volume)
NBA Top Shot
Ethereum Name Services
Ethereum continues to surge higher on the continued NFT news and as they reach huge project milestones. Ethereum now has 3,000 decentralized applications (Dapps) built on its its network. DeFi, also known as "Decentralized finance"'s ability to reach unbanked users across the globe will be a future threat to traditional finance and insurance companies.
DeFi serves as a threat to our financial system foe threat for many reasons, one being the primary intent of Blockchain is to eliminate the middle man and have minimal outside interference with all transactions.
Traditional finance and insurance companies are now at risk due to blockchains minimal interference in users transactions. For example, Yotube content creators share their profits with large corporations who monetize their work on seperate networks where the creator loses potential profit. Ethereum also gives users the ability to process smart contracts which provides a unique risk management tool when dealing with company transactions abroad.
Key Ethereum Milestones
10M+ Blocks mined
7,451 Live main net nodes
99M+ Total unique addresses
111M+ Total Ether supply
916,282, Peak daily transactions in May
*information from consensus.net/blog
Well known Ethereum DeFi projects
Dai - DAI is a stable coin cryptocurrency which aims to keep its value as close to one United States dollar (USD) as possible through an automated system of smart contracts on the Ethereum blockchain.
More info - https://www.worldcryptocoins.com/coins-dai
OX - 0x is a decentralized exchange protocol that developers can use to build their own cryptocurrency exchanges. The company’s founder refers to his solution as the “Craigslist for cryptocurrencies” in that any developer can build their own cryptocurrency exchange and post it online.
More info - https://www.worldcryptocoins.com/coins-zrx
UMA allows counterparties to digitize and automate any real-world financial derivatives, such as futures, contracts for differences (CFDs) or total return swaps. It also enables the creation of self-fulfilling derivative contracts based on digital assets, like other cryptocurrencies.
More info - https://www.worldcryptocoins.com/coins-uma
UniSwap - Uniswap is a decentralized finance protocol that is used to exchange cryptocurrencies. Uniswap is also the name of the company that initially built the Uniswap protocol. The protocol facilitates automated transactions between cryptocurrency tokens on the Ethereum blockchain through the use of smart contracts.
More info - https://www.worldcryptocoins.com/uni-coin-info
Filecoin - Filecoin is an open-source, public cryptocurrency and digital payment system intended to be a blockchain-based cooperative digital storage and data retrieval method. It is made by Protocol Labs and builds on top of InterPlanetary File System, allowing users to rent unused hard drive space.
More info - https://www.worldcryptocoins.com/coins-ful
Written by: Cameron Cole