Nonfungible tokens don’t live on the blockchain, experts say

As nonfungible tokens (NFTs) are advertised as blockchain-based technologies, there are misconceptions on how they are stored according to two experts. They argued that technically, these tokens do not exist in the blockchain but are actually stored elsewhere.  In a Cointelegraph interview, Jonathan Victor, the Web3 storage lead at Protocol Labs and Alex Salnikov, the co-founder of Rarible, discussed decentralized storage, the future of the NFT space and investing in NFTs. According to Victor, main chains are very limited in size and storing data on the blockchain can be very expensive. Because…

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Is it a good time to buy nonfungible tokens? Expert answers

As the floor prices of popular nonfungible token (NFT) collections took a nosedive along with the broader crypto market, an NFT expert believes that this is a good opportunity for investors within the space.  In a Cointelegraph interview, Ahren Posthumus, the CEO of NFT marketplace Momint, shared his thoughts on compelling NFT use cases, its role in contributing to climate action and what NFT investors should focus on during the current bear market. Posthumus believes that fractionalization of bigger assets may be the next big thing for NFTs. Citing the…

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Hong Kong’s Securities and Futures Commission warn of nonfungible token risks

On Monday, Hong Kong’s Securities and Futures Commission (SFC) released a statement warning investors about the risks of nonfungible tokens, or NFTs, which have soared in popularity in recent years. The regulatory body wrote:  “As with other virtual assets, NFTs are exposed to heightened risks, including illiquid secondary markets, volatility, opaque pricing, hacking and fraud. Investors should be mindful of these risks, and if they cannot fully understand them and bear the potential losses, they should not invest in NFTs.” However, it appears that the SFC’s specific concern lies in…

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There’s more to NFTs than just PFPs — 5 ways nonfungible tokens will transform industry

The nonfungible token (NFT) sector has undergone a surge in popularity over the past year and a half as projects like Bored Ape Yacht Club and CryptoPunks captured the attention of the general public.  While the idea of fetching a six-figure payday for the latest trending digital art piece has been a major factor in the attention placed on the sector, the truth is that the crypto industry has only scratched the surface of what NFT technology is capable of. Here’s a rundown of some of the next frontiers in…

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Nonfungible tokens from a legal perspective

A nonfungible token (NFT) can be both a representation of a physical or digital asset that only exists on the internet — a programmable piece of art. It provides ownership of an underlying asset, like a painting, and it can also represent a digital asset in the form of a software code. Therefore, I like to conceptualize NFTs in a more technical view: “An NFT is a pattern of smart contracts that provides a standardized way of verifying who owns an NFT, and a standardized way of ‘moving’ nonfungible digital…

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Nonfungible tokens soar even as Bitcoin price drops close to $32,000

Today the wider cryptocurrency market finds itself looking for something to spark some momentum as Bitcoin (BTC) price dropped to $32,300 and altcoins sustained 2% to 5% losses. Data from Cointelegraph Markets Pro and TradingView shows that the top three performers over the past 24 hours are Audius (AUDIO), Axie Infinity (AXS) and Small Love Potion (SLP). Top-performing assets over the last 24-hours. Source: Cointelegraph Markets Pro The multifaceted use cases and applications of nonfungible tokens continue to be a source of strength for the NFT sector as a whole,…

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Twitter ‘dropping NFTs all day’ in nonfungible token giveaway

Leading social media network Twitter launched a nonfungible token, or NFT, giveaway on Wednesday in a campaign that shined the spotlight on the evolution of the social media network.  Twitter announced Wednesday that it will give away 140 free NFTs to 140 of its followers. The tweet, which had already received over 13,000 likes at the time of publication, contained several follow-up messages with themed NFT drops. 140 free NFTs for 140 of you, besties pic.twitter.com/0Pm0tNhIRg — Twitter (@Twitter) June 30, 2021 The first NFT drop was for “Reply Guy,”…

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Flow’s fully diluted market cap tops $40B as non-fungible tulips go on sale

The NFT craze is showing no signs of slowing down with a newly launched NFT tulip collection epitomizing how some view the current state of the crypto art ecosystem. The NFT collection appears to be an ironic reflection of the tulip mania-like status of the current NFT scene. The collection is on sale on the OpenSea NFT market place as “113 unique algorithmically generated collectible Tulips.”  The NFTs were created by a digital artist going by the Twitter handle @jtbxl who has a number of pieces for auction on the…

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Gamified yield farming with nonfungible tokens

The concept of yield farming has gained a lot of traction over the past year or so particularly because it enables crypto owners to stake their assets in return for tangible returns within short time windows. And while the thought of earning a profit on one’s investment may not be new at all, the idea behind yield farming — where users can earn rewards for making use of a particular DeFi application — is largely confined to the purview of the decentralized finance sector. Also, much like yield farming, nonfungible…

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Zebpay is launching a nonfungible token marketplace in India

Cryptocurrency exchange Zebpay, which claims to have a user base of over 3 million users in India, is now exploring broader crypto market opportunities, such as digital collectibles. With its launch of a new marketplace called Dazzle, Zebpay has chosen to expand into the non-fungible token space. NFTs are unique but tradeable blockchain assets, which can be used to represent all manner of virtual and real-world goods. NFTs are unlike cryptocurrencies in that they can carry unique metadata and vary in their degree of rarity. They are increasingly becoming popular for tokenizing markets…

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