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What are NFTs?

A non-fungible token (NFT) is a special type of encrypted token that represents unique things such as encrypted art, digital collectibles, and online games.

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A non-fungible token (NFT) is a special type of encrypted token that represents unique collectibles. An NFT is used in specific applications that require unique digital items, such as encrypted art, digital collectibles, and online games.

This is in contrast to cryptocurrencies like Bitcoin, and many networks or utility tokens that are fungible. Fungible tokens can be exchanged with each other because they hold the same value similar to a simple exchange between banknotes of the same denomination.

Features

Irreplaceability

NFTs cannot be copied or divided between different holders. Just like a unique piece of art, NFTs are valued because of their cultural significance and social capital value and holding famous works. NFTs are also very popular among artists because a portion of any resale price will be directly returned to the original author.

Tokenization of physical assets

In the blockchain world, NFT means that each token has its own value and distribution characteristics. Another difference with homogenized tokens is that non-financial transactions are indivisible. The most common token standard for NFT is ERC-721.

Through Ethereum’s ERC-721 standard, it is possible to prove that a digital file is a unique “original file” to solve the problem of digital file copying, and to confirm its authenticity and uniqueness. Non-fungible tokens immutably prove digital ownership.

Access to the actual asset

When you purchase an NFT, you not only obtain an immutable ownership record of the asset but also gain access to the actual asset.

Market cap

According to industry data company NonFungible, as of March 30, there have been 5,498,710 transactions in the NFT market, with a total transaction volume of $557,623,962.02

Non-fungible tokens & DeFi

Non-fungible tokens not only operate on the Ethereum blockchain, but they can also run on other decentralized networks, such as EOS and NEO. These decentralized networks all have the function of smart contracts with a box full of NFT tools, so developers can describe metadata in detail.

NFT has increasingly begun to be integrated into the decentralized finance (DeFi) sector.

For example, the DeFi protocol Yearn Finance has developed an insurance product Y.Insure for virtual currency assets.

Y.Insure uses the NFT mechanism (ERC-721) to represent the unique attributes of insurance policies.

Other DeFi projects with NFT bearings include MEME, Bancor, and Enjin.

Trading places

Non-fungible tokens can be traded on OpenSea, Nifty Gateway, Nifty Gateway, MakersPlace, Rarible, SuperRare, and other platforms.

History

Around 2017, the two earliest NFTs to be created and to gain popularity were CryptoPunks and CryptoKitty. CryptoPunks contains 10,000 cute animations of human bodies and animal characters. CryptoKitty is a set of images of fantasy cats, which were originally given away for free. However, the most valuable CryptoKitty is now worth more than $100,000, and CryptoPunks is worth more than $1 million.

Another major player driving the NFT boom is “NBA Top Shot”, a video-based virtual basketball trading card website launched in October last year.

NBA TopShot provides NBA-authorized basketball-themed collections and is the defending champion in the NFT market so far.

Source: NBA TopShot via NonFungible

NBA Top Shot accounted for the largest NFT product with a total transaction volume of $459.71M. So far, over 276,350 transactions has been processed on the network.

Image source: Shutterstock

Source: https://blockchain.news/wiki/what-are-nfts

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Internet Computer (ICP): Everything You Need to Know

After Internet Computer ICP tokens were listed on a number of leading cryptocurrency exchanges, its price even exceeded the maximum of $750, briefly surpassing Ripple, Dogecoin, and Cardano, and re

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The trading performance of Internet Computer (ICP) token skyrocketed after it was listed on a number of leading cryptocurrency exchanges.

ICP figures among the top ten cryptocurrencies by market capitalization currently in circulation. According to Coinmarketcap, ICP is ranked as the eighth-largest cryptocurrency with a market cap of $40.8 billion. Currently, the token is trading at $339.63.

What is an Internet Computer (ICP)?

Internet Computer is the world’s first decentralized public network with an unlimited capacity established by the DFINITY Foundation. Its function is to provide public internet services and to allow back-end software to be hosted on the network. This decentralized cloud computing platform helps software developers freely share their open-source software frameworks on the Internet without relying on technology giants such as Amazon and Facebook, or servers and commercial cloud services.

What is an Internet Computer token?

Internet Computer (ICP) token runs on its own proprietary protocol called Internet Computer. It aims to establish protocol governance and facilitate network transactions. With the ICP token, ICP holders can vote for governance proposals. Another network transaction function is that ICP can convert to cycles that fuel the computation. Its holder can use the token to pay for transaction fees. Compared to the current Ethereum network, the ICP fee has a fixed price for transactions.

DFINITY Foundation

DFINITY Foundation, a non-profit organization, was founded in 2016 by Dominic Williams in Zurich, Switzerland. Its goal is to transform the Internet into a decentralized public computing platform.

DFINITY has currently set up three research centres globally, and the team has recruited more than 100 researchers, engineers, and teams for operations. Since 2015, this project has successively won the favour of well-known investors such as Andreessen Horowitz (A16Z), PolychainCapital, SVAngel, AspectVentures, VillageGlobal, MulticoinCapital, ScalarCapital, etc.

Image source: Shutterstock

Source: https://blockchain.news/analysis/internet-computer-everything-you-need-know

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Ethereum Gas Fees Surge to a Monthly High, Supply on Exchanges Continues to Decline

Ethereum’s total fees has hit a monthly high of 746.026 ETH.

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After hitting highs of $4,350 recently, Ethereum (ETH) retraced to $3,871 at the time of writing, according to CoinMarketCap.

The crypto market experienced shock waves after Tesla, the American electric car manufacturer, decided not to accept BTC payments, citing concerns of negative environmental impact.

The Ethereum network has enjoyed notable milestones ever since the second-largest cryptocurrency breached the previous record of $1,400 set in 2018.

For instance, the total fees paid hit a monthly high of 746.026 ETH, as acknowledged by on-chain metrics provider Glassnode. Moreover, ETH’s dominance reached a record high of 19.13%.

Ethereum’s supply on exchanges continue to be depleted

According to market analyst Joseph Young:

“The supply on exchanges continues to nosedive. Feels very different from the last bull cycle.”

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Glassnode had previously reported that ETH on exchanges dropped to 12% of circulating supply, as Ether in smart contracts rose to 22.8%.

CryptoQuant CEO Ki Young Ju attributes this trend to Ethereum’s usability and ecosystem, which has made ETH holdings decrease both in derivative and spot exchanges. As a result, the sell-side liquidity crunch has been intensified.

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Crypto addresses with at least 10,000 ETH hit ATH

Lex Moskvoski, the CIO at Moskvoski Capital, noted that crypto addresses with more than 10,000 ETH broke the record in the last 30 days. He explained:

“Number of Ethereum addresses with more than 10k ETH are repeatedly hitting ATH in the last 30 days. Looks like the beginning of massive accumulation. Smart contracts are excluded in this chart.”

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Furthermore, decentralized finance (DeFi) projects on the Ethereum network has expanded at an incredible rate, absorbing more than $100 billion in liquidity in less than a year. Ethereum smart contracts are one of the most sought after features in DeFi.

Time will tell whether ETH will hit the psychological price of $5,000 this year, given that Ether has enjoyed a remarkable bull run in just the first quarter of 2021. Many are inclined to think that Ether will eventually reach $5,000 in value. Dallas Mavericks owner Mark Cuban seems to think that Ethereum will dwarf Bitcoin in the future, given the reliance of other blockchain projects on its network.

Image source: Shutterstock

Source: https://blockchain.news/news/ethereum-gas-fees-surge-monthly-highsupply-exchanges-continues-decline

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Bitcoin Struggles to Maintain Its Dominance

Bitcoin’s dominance has fallen to 44%, which is the lowest level BTC has gotten since 2018.

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Bitcoin’s consolidation continues. Ever since the top cryptocurrency hit highs above $64,500, it has not been able to breach the $60K price level. Last month, Bitcoin even plummeted to lows of $48.5K.

This downtrend was triggered by speculations that the American administration would increase capital gain taxes, which would affect crypto investments. Bitcoin is trading at $55,179 at the time of writing, according to CoinMarketCap.

The lack of an upward momentum has been partly triggered by Bitcoin’s dominance falling to 44%, which is the lowest level BTC has gotten since 2018, as alluded to by market analyst Holger Zschaepitz. He explained:

“Crypto market value hits $2.5tn as Ether hits record high >$4k. Bitcoin’s price is currently ~$59k w/its dominance reaching 44%, lowest since 2018, while Ethereum’s dominance is at a record 18%.”

Despite Bitcoin’s dominance falling, Square Inc. recently announced a BTC revenue of $3.51 billion during the first quarter of 2021, which is an increase of more than 11 times over the same period last year.

Institutions bought the recent Bitcoin dip

According to Glassnode co-founders Yann & Jan, panic selling by retail investors caused Bitcoin to plummet. They said:

“While retail investors panic sold, institutions bought this recent Bitcoin dip.”

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They had previously said that new market entrants caused the recent BTC panic selling, which saw the cryptocurrency’s price nosedive to the $48K level.

Bitcoin whales are, therefore, in an accumulation mood, as noted by Santiment. The on-chain metrics provider explained:

“Of the 16,104 Bitcoin addresses holding between 100 to 10,000 BTC currently, they own 9.1M BTC ($531.3B in USD). After declining holdings from April 10 to May 4, this group is showing signs of accumulating again with 20k added BTC the past 2 days.”

On the other hand, Bitcoin’s selling pressure from miners has fallen, as stated by a crypto trader tweeting under the pseudonym “Crypto Baby.”

“BTC selling pressure from miners is dead. They sent a large amount of BTC to exchanges in Feb this year, but they are moving a relatively small amount of Bitcoins these days. The sellers today seem not long-term investors and miners, but short-term profit takers.”

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Although Bitcoin is eyeing the $60K price level and has been struggling to retest it, 2021 has still proven to be a record-breaking year for BTC.

Image source: Shutterstock

“Crypto market value hits $2.5tn as Ether hits record high >$4k. Bitcoin’s price is currently ~$59k w/its dominance reaching 44%, lowest since 2018, while Ethereum’s dominance is at a record 18%.”

Source: https://blockchain.news/news/bitcoin-struggles-maintain-its-dominance

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