NFT tokens are taking the market by storm. The auction house Sotheby's recently exhibited two works of art at quite similar prices. These were: van Gogh's miraculously found "Street Scene in Montmartre" and CryptoPunk 7523 "Covid Alien". This fact alone indicates that NFT is a sign of our times.
Hundreds of articles have already been written on this topic, so in this one we will focus on the most important features. We have replaceable things - a can of Coke Light, a penny coin, a new iPhone. We also have non-replaceable things - the Mona Lisa, a custom motorbike or our old holiday photo. The interchangeable things are all the same, the non-interchangeable the opposite. A cola is a cola, a coin is a coin, but it will be hard to exchange our daughter's oil painting for Leonardo's canvas.
It is precisely uniqueness that is the basic feature of NFT. As a rule, none of tokens are identical. If the collection consists of 10 thousand characters, each of them will differ from the others by at least a small detail. Another distinguishing feature is the limited number of tokens. This has an economic purpose. If everyone could have a Mercedes, they wouldn't be so unique. But if we make a limited edition - the Arab sheiks will be fighting with Paris Hilton and Rihanna to get them.
NFT tokens are impossible to counterfeit. Yes, someone can draw an identical CryptoPunk to ours (it's not particularly difficult), but it will be like copying the first vinyl by The Beatles in mp3. There is only one original, and the blockchain stores all the data on who owned the this piece of art. Verification of authenticity is not difficult.
NFT is therefore a kind of file, a container. The content of this container is another matter.(...)
The features of NFT tokens can be very useful not only in sharing digital art, but also in serious business applications. This topic is very broad, let's just briefly mention that tokens can be irreplaceable as digital equivalents of real assets, such as houses, businesses or even bottles of wine from excellent vintages. Virtually anything can be tokenised.
See the potential of real estate in Spain, but can't afford to buy a flat for rent? You can buy NFT tokens, giving you the right to gain the profits. Do you think Tuscan vineyards have a bright future? Invest in the Toscanizzazione project.
The era of using NFT tokens in serious business is just beginning.(...)
Vulcan Forged is faster than thought. When I added it to my watch list, one token was traded at a two dollars. As I write these words, it is worth over 40. What made PYR so appealing to investors?
Vulcan Forged presents itself as a community project for blockchain-based games. Its main strength is the metaverse (Vulcan Verse), a sophisticated game set in the world of Greco-Roman myths. In addition to it, the project consists of an entire game studio, a ready launchpad for external projects, its own DEX or a thriving NFT marketplace (Agora). There are already about 10 games and dApps in the ecosystem (including Berserk, Geocats, Rekt City) while new ones are in development. DEX and the NFT market are experiencing steadily growing turnover.
Like Cosmos, Vulcan Forged intends to take a central position in its niche, enabling others to use its solutions easily. In November 2021, it launched the 'Open Metaverse' SDK, allowing any third-party game to access NFTs from Vulcan Forged's library. The platform offers a whole set of tools for game development and third-party dApps, and can also become an arena for game tournaments and virtual events.
The project is supported by developers such as Frank Frazetta, Juan Gimenez and Ciruelo Cabral. Vulcan Forged, through its partnership with Artefy, has secured tokenisation rights to works created by these world-class fantasy artists. The company has also launched a $2 million grant programme to attract other game creators and developers to its ecosystem.The team currently consists of 30 members, spread across Greece, the UK and Ukraine. The main office is located in Athens.
The foundation of the platform is Vulcan Verse.(...)
Vulcan Verse is a MMORPG-type metaverse (a game for a large number of players playing against each other online). To play, all you have to do is log in, but to get the best gaming experience, it's worth buying a piece of land (in the form of NFT, of course).
Vulcan Verse is divided into four main zones: the Underworld of Hades, the Gardens of Arcadia, the Desert of Notus and the Mountains of Boreas, and in the centre of the map, where these zones meet, lies the neutral Vulcan City.
Once you've played for a while and decided it's worth buying your own plot, you can later then upgrade it, unlocking more of its resources. Unfortunately, you currently can't buy a plot on the primary market, you have to look around among those offered by players.
The main assets in the game, apart from land, are Vulcanites, Gods and Items.(...)
Everyone, not only in crypto market, would like to earn a lot and easily. Unfortunately, with such an attitude we are looking for trouble ourselves. Amateurs of easy money are the favorite prey of scammers, hackers and all other poachers. How to guard against them?
DeFi (decentralised finance) is, next to NFT and DApps, the hottest word this year. You can make a lot of money on it, or lose your last shirt. How do you tell the difference between a promising investment and a simple scam? There are two pieces of news. The bad news is that no one can give you 100% certainty. The good news is, that by following the most important rules, the risk drops by 90%.
There are dangers everywhere. You can fall for a project designed from the beginning to steal money from investors (rugpul). You can deposit your stablecoins and receive a bunch of worthless tokens in return (Degen Farms). The project may be honest, but it could fall prey to hackers who will exploit the vulnerabilities of the smartcontract. We will not guard against every possible problem, but it is important to minimise the risks.
To defend your assets from scammers, you will have to invest some effort and time. Say, an hour or two per project to check the absolute basics. (...)