The Who? What? Where? When? Of Nfts — Ethereum, Quitriam Finance And Binance

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The acronym NFT stands for a non-fun­gi­ble token, which means that it is one of a kind and can­not be edit­ed or replaced. NFTs are excit­ing because they’re con­sid­ered the dig­i­tal answer to col­lectibles, with some peo­ple pay­ing mil­lions for them. This has cre­at­ed a new cryp­to audi­ence, encour­ag­ing huge sales for dig­i­tal artists

 

New, pre­sale coin Qui­tri­am Finance (QTM) focus­es on the abil­i­ty to ‘forge’ and ‘mint’ NFTs on their plat­form. But why is this attrac­tive? And what actu­al­ly is an NFT? 

Who?

NFTs are excit­ing for dig­i­tal artists who have a new plat­form to pro­mote and sell their work. Famous names to look out for include Pak (whose piece ‘The Merge’ sold for $91.8 mil­lion), Beeple (also known as Mike Winkel­mann, whose NFT ‘The First 5000 Days’ sold for $69 mil­lion), and Lar­va Lab (he made nine Alien punks who make up the Cryp­toP­unk series, the most suc­cess­ful of which sold for $23.58 million). 

 

 

 

There’s huge mon­ey to be made in the NFT mar­ket. It has been recent­ly pop­u­larised by Madon­na, who made three NFTs using a 3D scan of her vagi­na giv­ing birth to but­ter­flies, a tree, and mechan­i­cal insects. The art­work sold for $627,000, and the total was split between three char­i­ties, demon­strat­ing the pos­i­tive impact that this wealth can make. 

 

Col­lec­tors who enjoy hav­ing unique, one-of-a-kind pieces can engage in this cryp­to space to col­lect their favourite tokens. Ethereum (ETH) is the most well-known pub­lic ledger that dis­trib­utes non-fun­gi­ble tokens. There­fore, using the Ethereum blockchain, col­lec­tors can pur­chase and receive the valu­able NFTs cre­at­ed by famous dig­i­tal artists. 

What? 

You might be ask­ing, but what are they used for? The most com­mon use of NFTs today is in dig­i­tal con­tent, for exam­ple, coins like Decen­tra­land and Axie Infin­i­ty are based in a dig­i­tal cryp­to­verse and use NFTs. 

 

As the val­ue of NFTs is set by the mar­ket demand, they can be bought and sold just like phys­i­cal art at auc­tions. How­ev­er, unlike tra­di­tion­al valu­able art auc­tions, they are eas­i­ly val­i­dat­ed and ver­i­fied because of their unique data. 

Where? 

Buy­ing and sell­ing NFTs takes place on the dig­i­tal mar­ket­place, an exam­ple of which is Binance. Binance is built on Ethereum’s blockchain and uses ERC20 tokens to hold and store val­ue. ‘Tokenis­ing’ or ‘mint­ing’ is the name for when some­one puts their NFT on a blockchain. Blockchains are dig­i­tal ledgers that save records of trans­ac­tions in a safe and secure way and sites like Binance facil­i­tate this trade. This means that no one can false­ly claim own­er­ship of the NFT because the data is so secure­ly recorded. 

When? 

Qui­tri­am Finance (QTM) is a pre­sale coin that allows its users to ‘forge’ and ‘mine’ NFTs, mak­ing them ide­al for any­one who wants to start NFT invest­ments now. It’s advan­ta­geous to invest in this coin at this stage because it’s still in its pre­sale stage. This means that it’s more acces­si­ble for investors to join and more like­ly to gen­er­ate prof­it. Once Qui­tri­am Finance (QTM) has launched its val­ue could sky­rock­et, mak­ing pre­sale the best time to invest. 

 

Learn more about Qui­tri­am Finance:

Web­site: https://quitriam.io/

Pre­sale: http://presale.quitriam.io/

 

Dis­claimer: This arti­cle is a paid pub­li­ca­tion and does not have journalistic/ edi­to­r­i­al involve­ment of Hin­dus­tan Times. Hin­dus­tan Times does not endorse/ sub­scribe to the con­tents of the article/advertisement and/or views expressed herein.

The read­er is fur­ther advised that Cryp­to prod­ucts and NFTs are unreg­u­lat­ed and can be high­ly risky. There may be no reg­u­la­to­ry recourse for any loss from such transactions.

Hin­dus­tan Times shall not in any man­ner, be respon­si­ble and/or liable in any man­ner what­so­ev­er for all that is stat­ed in the arti­cle and/or also with regard to the views, opin­ions, announce­ments, dec­la­ra­tions, affir­ma­tions etc., stated/featured in same. The deci­sion to read here­inafter is pure­ly a mat­ter of choice and shall be con­strued as an express undertaking/guarantee in favour of Hin­dus­tan Times of being absolved from any/ all poten­tial legal action, or enforce­able claims. The con­tent may be for infor­ma­tion and aware­ness pur­pos­es and does not con­sti­tute a finan­cial advice.

 

 

 

 

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