Who remembers Pokemon, or pogs? Who remembers finding an old antique and wondering if it will be worth millions in the future, like in the series ‘Only fools and horses’. Who remembers collecting record vinyls or comics thinking they will be rare one day. Now think about this same thing but in 2020 with new technology and cryptography.
NFT’s are non-fungible token’s meaning they represent something unique, rare, and not mutually interchangeable, unlike paper money which is fungible (‘fungibility implies equal value between the assets’, ’Money is fungible because it doesn’t matter what physical dollar bill you have. Every dollar bill is worth $1’).
I purchased my first NFT’s from the profit I made from a new cryptocurrency coin that came out on Coinbase last week called NuCypher. There is something that is called the Coinbase effect that can make a new coin pump very quickly as it is now on a mainstream exchange like Coinbase. However, it could dump very quickly as FOMO dies down, however I researched the utility of the company and its owners.
The owners of a business are one of the most important things when thinking about investment, as a good team even with an idea that goes wrong can come up with strategies to change their direction. A great idea without a great team is not as wise, as, without a team, an individual only has 24 hours a day, a good team helps to make things happen.
NuCyper creators are the same creators who made the Curve card. The curve card became very big as it enabled users to put all their different cards and accounts in one place including Stablecoins and use their curve card to pay for anything, so they only needed to carry one card. Some wonder how Curve makes money, but remember data is the biggest asset today.
NuCypher works on the idea of data storage and usage, the idea started in 2015. It is cryptographic infrastructure for privacy-preserving applications. Remember cryptography is just encryption and codes just like how the internet and coding works. ‘Cryptography is associated with the process of converting ordinary plain text into unintelligible text and vice-versa. It is a method of storing and transmitting data in a particular form so that only those for whom it is intended can read and process it’.
NuCypher saw a problem in the market, companies needed to be able to send large amounts of data privately, within a public blockchain, whilst granting access to specific people, and also being able to do this with large files, to many people simultaneously, instead of the slow 1 to 1 sharing method. Think about you being able to access your medical records anytime you want while knowing it is safe and remains private from other members on the network.
I decided the risk of buying the coin was worth it, and as I am in profit I can take more calculated risks. However, as it was still a risk, once I saw I had made 15% gains in one day I took that out and put it in XRP (as I am taking part in the XRP/Spark token airdrop), and then I let my initial investment run again, within 2 hours I saw I had made another 33%, so I took that out too, and then 1 hour later I saw it had gone up another 30%, so I took that out. This meant even if it now plummets to zero, which will not be the case I would have not made any loss.
I took this crazy profit I made in a day and decided I would get my first NFT within the Bondly game. I was finding this difficult as I had to go from the site and then get connected to their telegram group, which warned me of scammers and other cards that are not from Bondly, and if I get the wrong one with the wrong address I would not be able to be part of the Bondly token airdrop.
The Bondly token airdrop was one of the main reasons I wanted to get in on Bondly. At the time I did not realise it was linked to NFTs and this made me learn about them quick and fast, and before I knew it I was very impressed with a market I had not even realised existed a day before. Did you know even Nike has launched their trainer crypto cards in 2019 ‘Footwear giant Nike patented shoes that are tokenized as a non-fungible token (NFT) on the Ethereum blockchain, dubbed CryptoKicks’.
I even found out NFT’s are used for artist’s to showcase their work and sell ownership of their work, a revolutionary artist made a collection of pictures that showed the Bitcoin coding, and this got big that an America Auction house became the first ever to allow NFT’s to be part of the auction, and it sold for $131,250. ‘Block 21 is a part of Portraits of a Mind, a global art project launched at Christie’s New York made up of 40 paintings which together form a hand-painted transcription of the 12.8 million digits of code behind Bitcoin, the first cryptocurrency. The first 20 pieces of artwork are now located across 14 different cities, with no individual owner having all of the code, representing the decentralised nature of blockchain.’
NFT’s became very popular with blockchain games like Crypto Kitties ‘CryptoKitties is a blockchain game on Ethereum developed by Axiom Zen that allows players to purchase, collect, breed, and sell virtual cats’. One of these cats made history by being sold for 600 Ethereum ($170,000).
Bondly states they are ‘Bringing DeFi to the masses by bridging the gap between decentralized escrow payments and traditional marketplaces’. Escrow is ‘a contractual arrangement in which a third party receives and disburses money or property for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties’. They state the problem with digital payments is DEFI is complicated and CEFI is too slow and DEXes are expensive.
Remember DEFI is ‘Decentralized finance…an experimental form of finance that does not rely on central financial intermediaries such as brokerages, exchanges, or banks, and instead utilizes smart contracts on blockchains, the most common being Ethereum’. CEFI is Centralised finance ‘it mimics the legacy financial industry by allowing people to earn interest or get loans, whereby they use their cryptocurrencies as a form of collateral. In a nutshell, corporations act as lenders and bear custody of their clients’ funds/assets while they put them to use to provide interest for the lenders. DEXes are ‘a Decentralized Exchange (DEX) allows you to trade cryptocurrencies while owning your private key, thus keeping control of your crypto’.
As you can see this is all new technology and part of the DEFI revolution which is off of the Ethereum and Bitcoin revolution and I managed to get my first NFT and look forward to receiving my Bondly tokens. Follow the money to get money, businesses are changing, money is changing. Fintech is a very promising new industry just like digital assets are.
NFT’s go back to 2017 with Cryptokitty and the future there is the potential to use it to allow access to data and many over uses including making physical assets safe from counterfeit, even house ownership and deeds, instead would be a NFT in your digital wallet; and while typing this I have just come across RFT’s (re-fungible tokens), which give you the ability to divide NFT’s into smaller shares so individuals can own fractions of an asset, such as a house.
Click here to read yesterday’s #CoachThursday post titled – How to not be intimidated by the unknown.
You can get over 50 pounds free on Coinbase just by watching 2 minute videos and then change them for Bitcoin if you like or withdraw the money.
You can also get 100 pound free on trading 212 (this is for stocks and investing you can get dividends on this account, coinbase is for crypto).
For coinbase invite code click this link: – https://www.coinbase.com/join/lilley_w2
For trading 212 invite code click this link: – https://www.trading212.com/invite/GIlUzZ4O
Message me for more detail.