NFT's Are Heating Up! What are they and what crypto will benefit?

in LeoFinance2 months ago

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NFT's are hitting headlines as of late and because of that the action is heating up around them. In this article I'm going to explain what NFTs are and what cryptos can benefit from this new trend. Is it here to stay and how will NFT's look a few years from now?

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What are NFT's?

NFT or Non-fungible tokens in a simple sense are a unique token that represents something on the blockchain. Think of them as a snow flake how each are unique.

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What Cryptos Will Benefit From NFT's?

Currently Ethereum is one of the primary cases of using NFTs and it's been benefiting from it greatly and of course from DeFi.

However there are other ones such as Cardano however could possibly be the new one as of today the blockchain is getting an update that will allow for it to house NFTs and which should be a much lower transaction fee compared to what we have been seeing on the Ethereum network as of late.

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What Might The Future For NFT's Look Like?

While NFT's are just getting started I see a future full of them. Subscriptions, movies, music and sport cards. Are all viable options to be included within NFT's and really open the digital world up. There's already many powerful sites that currently use these functions but currently use USD. What will be interesting is when they make the conversion over to crypto.

I believe music could play a big part in this and things are just heating up. Selling tracks, photos and videos are starting to trend upwards. As well as movies and streaming services or anything subscription based I feel will be the next move.

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I love NFT's. The fact I've sold one has nothing to do with it. Okay, maybe a little. It's something new to learn. Something else I love about this place. Always something new to learn and explore.
I hope NFT's take off in a big way.

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Do you mind me asking what you sold and on what network or site you used? Looking to crash course myself in this right now so appreciate any feedback or suggestions thanks!

I've minted on Nftshowroom and mintable. Sold on NFTshowroom. That one is 5 hive to mint. Mintable is free. They offer more options of things you can mint. There are more popular ones like rarible and opensea. But the fees are a lot higher. Too high for me.
https://nftshowroom.com/bullauge/collection/athomewithcraig_random-lines_random-thoughts-in-color

Thank you very much for the feedback going to dig into those here tonight :) Love a good crash course night lol

You're very welcome

The NFTs on hive aren't doing all that bad imo. It's going to take time to grow an ecosystem like ETH has, but I think we can do it. One of the biggest problems I've seen on HIVE is it seems like more whales cash out or horde tokens instead of splashing them around the ecosystem. Then again I suppose the insane inflation pool might explain some of that.

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Exactly still very early stages for NFTs and many don't yet understand them etc. And agree there is for sure centralization on Hive. But it's honestly no different then the centralization of Bitcoin where 62% of bitcoins are held up in the top 16,000 wallets. Hive is just a smaller scale of that. Won't ever truly be decentralized till everyone gets involved with a new coin launch or evenly distributed at launch to billions. I don't see that ever happening though.