Things you didn’t knew before about NFTs and Cryptocurrencies

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Source: CNBC

The introduction of crypto-currency has been one of the most talked-about technological advances in recent years. Since its inception in 2007, it has grown in popularity due to its unregulated market and ability to be used globally. So let us know few points about NFTs and cryptocurrencies that you guys didn’t knew before:

NFTs can be any form of art: 

At their core, NFTs are a data collection linked to a token. They exist as a digital representation of a work of art and all of the information that goes with it. As a result, they can represent any type of digital art, such as a song, a video, an image, or even a video game.

The exact identity Of the creator of The First Cryptocurrency creator is unknown:

 Since the creation of the first cryptocurrency database, there have been numerous investigations into its alleged creator, Satoshi Nakamoto. Although Nakamoto has been a member of the Bitcoin community since the technology’s inception in 2007, little is known about him.

Source: USA Today

Anyone can Mine Bitcoin:

 As one of the appealing points of view, anyone with a computer and a reliable Internet connection can use the cryptocurrency for Bitcoin. Bitcoin is created and maintained by a complex code sequence that allows users to generate Bitcoin when computers are running.

NFTs are a part of The Ethereum Blockchain:

 Ethereum, the most widely used blockchain technology in the world, and its native Ether cryptocurrency have been shaking up the cryptocurrency world. Ethereum hosts NFTs and facilitates sales via various online auctions, with a focus on validating holdings via proof of participation methods.

Many major retaliers Accept cryptocurrency as payment

Although many people were initially sceptical of cryptocurrency because it was significantly more volatile than other forms of currency, several key players were beginning to view cryptocurrency more positively. Many businesses have begun to accept cryptocurrencies as legitimate payment methods in recent years. Furthermore, companies such as Apple were rumoured to be developing their own cryptocurrency.

Cryptocurrency are not controlled by an Authoritiatve Body

The only type of currency that is not controlled by an authoritative or governmental body is crypto currency, which is currency created by individuals and maintained by code sequence. This may change soon, as certain countries begin to develop their own cryptocurrencies.

Many cryptocurrency can’t be spent more than once or refunded

Another distinction is that many cryptocurrencies, such as Bitcoin, prohibit their coins from being repaid or used more than once. Only theft and fraud can result in double purchases.

NFTs make easier for gaining profit from their work 

For many years, many people have struggled to profit from their works and have lost money as a result of unauthorised uses. People, on the other hand, were able to avoid this problem by tokenizing their works and selling them as NFTs.

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