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NFT's and Cryptocurrencies - A worthy investment or just a digital foe?

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NFT's and Cryptocurrencies - A worthy investment or just a digital foe?

In today’s digital climate, there have been many attempts by creators to find new ways to make money online. This all starts with cryptocurrencies themselves which, at the base level, are stocks or anything of value that are backed by computing power called the blockchain. Digital ledgers are created every time a transaction takes place online and is distributed to all the computers of the blockchain. As blocks are recorded, they are distributed as well and can be verified from computer to computer. It cannot be hacked, and all data entries are transparent. Coded specifically this way, it allows for a financial system that is incorruptible but also doesn’t rely on traditional banking networks. This is where the word ‘decentralized’ comes from. Once networks are coded and created and a common software is made to access the different networks, it can be running completely on computing power with help of people who put their computers up to mine crypto.

Crypto mining is the process of putting your computer onto a specific blockchain, say Bitcoin or Ethereum. Once the computer is setup, people who pay using crypto must have their payment verified so transactions on the blockchain are sent out into digital space and can be picked up by these computers to be worked out, and then the computer which completed the ledger will be rewarded in crypto currency. This is the main way that more cryptocurrency is put into market. After it's mined, holders can sell it on a marketplace or hold until its worth more.

            Since blockchain is ultimately a collection of computers working together to verify transactions in the digital world, it opens more opportunities for people to make money. One of the newest ways people have used the blockchain to make money is by making digital, 1 off art pieces. Otherwise known as NFT’s or Non-fungible tokens, these digital assets run on a supply and demand market system and are, at their core, just digital artworks. If the art it’s cool enough, it’s worth a lot. Some might ask how these are worth anything at all since, very easily people can screenshot these 1 off art pieces and ruin their value over night. Right? Well, that’s where the blockchain helps, by holding ledgers of all the people who have minted NFT’s, sold NFT’s, bought NFT’s and traded them. The computers verify that these artworks are classics, and that is what gives them their value to be traded on the Open Sea, an online NFT market.

So now the important question: do NFT’s have worth, and are they a good investment? Technically yes, but it’s all up to the market and is somewhat hard to track. People have become millionaires overnight by trading NFT’s on the Open Sea. It’s up to you to do the research to find what might be a good investment. Recent projects like metathugs and the Valt have some promising rises to them The Valt even aims to buy back their NFT’s from buyers for a promised 10x the original price, just to show to confidence these creators have in their projects. The OpenSea is the number one trading platform for these works right now so if you want to get started, check it out! With the digital metaverse soon to launch, a large shift in the market may be coming up. Have fun and happy trading!

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