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Sublime Madness

Staying abreast of the way society is heading makes sense by being on the forefront of the latest news. Connecting and supporting certain beliefs and then taking action to get ahead takes guts, but also could be sublime madness.

Take Neymar as an example, as he spent R$6 million on a Non-Fungible Token – NFTs 'images' of monkeys. According to some savvy experts, NFTs are a ticket to win the lottery, and it isn’t necessary to shell out millions of reais to start on this latest trend.

No, the PSG star hasn’t gone mad, or so they say. Behind this multimillion purchase, there is a market in full rise that has already conquered Adidas, Nike, Facebook’s Zuckerberg and other big brands and theoretically can deliver surprising valuations.

Although it seems bizarre from afar, Neymar didn't spend 6 million on mere images. Those monkeys are actually pretty exclusive NFTs to the Bored Ape Yacht Club. Much more than avatars, these monkeys are like a membership card of a club that includes not only the Paris Saint Germain star but also other celebrities like Justin Bieber or rapper Eminem. It appears that behind those illustrations, there is a multi-million-dollar market upsurging.

Why not contract an online artist to create a logo mark and put a copyright© stamp on it, like a firm register’s® a company to have exclusive rights over its unique name? Differently to owning a copyright though a NFT is a unique type of cryptocurrency that can’t be split and therefore can become very valuable indeed. Click the link and learn more about Non-Fungible Tokens. Make some advanced research into the subject.

Bitcoin’s cryptocurrency started at US$0 and hiked on the wild side of growth since its founding in 2009. It has reached as much as US$60,000 per Bitcoin. Of course, who purchased when it reached an overinflated value thought they had made a good decision based on the market trend, and the hype to promote earnings potential. Presently it’s hovering at around US$42,000, so down 30% in January 2022 alone.

Over the long-term, however, the price has been on a steady rise, compounding at roughly 100% to 200% every year. Those who bought Bitcoin early and held on to it have typically seen phenomenal returns. Past performance though is not indicative of future results. There are many new cryptocurrencies to choose, some are called altcoin and others shitcoin which doesn’t need much explanation.

In crypto, Cryptokitties are among the most popular non-fungible tokens. Each Cryptokitty is unique, which means they are often sold for large sums of money. For example, a Cryptokitty cannot be broken down into smaller fractions and then traded with several others, as is the case with Bitcoin. So, it is not possible to buy a fraction of a Cryptokitty; you have to buy it all in its entirety.

Cryptokitties is a blockchain game on Ethereum developed by Canadian studio Dapper Labs that allows players to purchase, collect, breed and sell virtual cats. It is one of the earliest attempts to deploy blockchain technology for recreation and leisure. Individual Cryptokitties have sold for more than US$300,000 a piece, some say. As of this writing, the average sale price for a Cryptokitty was $65.76.

Proof of authenticity of an NFT can be proven within the blockchain network. Also, these digital assets can move freely without compromising ownership as blockchain technology helps maintain ownership rights. Ethereum is a decentralized blockchain platform that establishes a peer-to-peer network that securely executes and verifies application code, called smart contracts.

Therefore, a sender must sign transactions and spend Ether, Ethereum's native cryptocurrency, as a cost of processing transactions on the network. The difference between Ethereum and Bitcoin is the fact that Bitcoin is nothing more than a currency, whereas Ethereum is a ledger technology that companies are using to build new programs. If Bitcoin was version 1.0, Ethereum is 2.0, allowing for the building of decentralized applications to be built on top of it.

NFT stands for Non-Fungible Token. Cryptocurrencies, which use a digital public record of transactions called a blockchain, are fungible. NFTs are digital items that can be bought and sold using this blockchain technology.

If you believe in the Bitcoin craze and or NFTs then Ethereum might be worth investing into. I’m no expert, so please make your own research before making investment decisions.

Take care!

Carl Boniface

P.S. El Salvador has become the first country in the world to make the cryptocurrency Bitcoin legal tender. Advocates of the digital currency, including the country's president, Nayib Bukele, say the policy that took effect Tuesday morning was historic. 7th Setember, 2021.

Vocabulary builder:

Forefront (n) = front, lead, head, vanguard, front position, (ant) back

Sublime (adj) = inspiring, inspirational, uplifting, (ant) ridiculous

Overinflated (adj) = the value has increased too much (excessively), or a tire (US) tyre (UK) from a vehicle can be overinflated by having too much air pressure.

Avatar (n term) = The definition of an avatar is something visual used to represent non-visual concepts or ideas, or is an image that is used to represent a person in the virtual world of the Internet and computers. An example of an avatar is an icon you use to represent you on an Internet forum.

Upsurge (n) = rise, surge, increase, expansion, (ant) decrease

Hype (n) = publicity, propaganda, buildup, excitement, hysteria, hot air

Hovering (adj) = floating, hanging, suspended, on the edge, flying, airborne

Altcoin (n term) = are cryptocurrencies other than Bitcoin (BTCUSD). They share characteristics with Bitcoin but are also different in other ways. For example, some altcoins use a different consensus mechanism to produce blocks or validate transactions.

Shitcoin (n term) = is an umbrella covering all the spin-offs of failing or already failed cryptocurrencies. Usually devoid of any identifiable purpose, these currencies have no basis for existence and lack fundamentals to back them.

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