What is minting NFTs
Most developed countries in the world are on a cashless society. By 2025, it is estimated that cash transactions will make up less than 10% of the global GDP. This change in payment methods has been driven by consumers demanding a more efficient and secure way to pay for goods and services as well as an easier method of paying employees.
Recently, countries like India have taken this one step further and have started to ban physical currency altogether with their ‘demonetization’ program. The government has been aggressively pushing for the adoption of digital currency or a ‘cashless society’. The push for digital currency is not the only thing that has gained steam in recent years. Cryptocurrency has risen to fame and popularity within the last few years. In fact, Bitcoin has gone up more than 1000% in value since the beginning of 2016!
Now, what is minting NFTS
NFTS (formerly NFTs or Non-Fungible Tokens) are a new type of tokens created and issued through the ERC-721 standard. ERC-721 is a Ethereum specification that allows for the creation of non-fungible tokens. These tokens look like regular cryptos in shape and size, but they work differently. To learn more about minting nft’s, check out mooning.com.
In the same way that conventional cryptos like Bitcoin and Litecoin are fungible, which means they can be exchanged with each other, all tokens issued through ERC-721 are interchangeable. However, since each NFT is unique and cannot be replaced, they are not interchangeable with one another. This is where their value lies.
On the face of it, a NFT can be exchanged for another, but this is not possible with all NFTs. A NFT that has value will often list on exchanges as a cryptocurrency, but many have proven to be worthless. For instance, CryptoKitties is an ERC-721 game and collectible game developed by Axiom Zen that was recently ‘banned’ from the Ethereum network due to the fact that it was causing high gas usage and slowing down Ethereum transactions.. This is an explanation of why some NFTs are worthless and some aren’t.
So, which NFTs are actually worth something? A few coins have been deemed as ‘stable’ and are reliable. These include:
Maker: Multiple stable and trustworthy projects using ERC-20 tokens for their platform require a token called “Maker”. This token can be bought, sold, mined and traded just like any other cryptocurrency. It is one of the easiest, most liquid NFTs to trade.
RareStable: Another reliable NFT is called “RareStable”. This token is a stable platform that allows people to trade rare items between themselves and even display it publicly for high-value buyers searching for its value.
RareBits: It’s hard to get excited about this one, but it has been deemed as an “extremely liquid” NFT by the team behind it.
In conclusion, there are a lot of different NFTs out there right now. It is important to do your research before investing in any NFTs, as some of them may be worth little or nothing. Make sure you are committed to a NFT’s success and have a specific use for the token that you invested in.
Daily Bulletin
