Nearly everything you wanted to know about NFTs but were afraid to ask

Some non-fungible tokens (NFTs) have sold for millions of dollars, and experts expect the market will exceed the billion dollar mark by a couple of hundred million within 2021. What is this thing that is creating new markets and has captured the attention of creators, collectors, and crypto-enthusiasts?

An NFT is a specific type of digital asset. The token refers to a virtual entity. Cryptocurrency like Bitcoin and Ethereum are examples of tokens. However, cryptocurrency is by definition fungible. It is meant to be mutually interchangeable with other forms of money. In contrast, something that is non-fungible is truly one-of-a-kind.

It brings to mind the descriptive phrase in Antoine de Saint-Exupéry’s The Little Prince, “unique in all the world” that the prince applies to his rose as distinct from all others. In contrast Gertrude Stein declared there is no difference among roses: "Rose is a rose is a rose is a rose."

Money in all its forms, including digital tokens is the interchangeable rose. But an NFT is a token immortalized as something distinctive

 Read more in  NFT Explained: How to Make, Buy and Sell Non-Fungible Tokens

The Big Three in Crypto: Bitcoin, Ripple and Ethereum

https://commons.wikimedia.org/wiki/File:Cryptocurrency_logos.jpg 

In the beginning, there was Bitcoin, then came Ripple, and then Ethereum. Along the way, many others came and went as cryptocurrency and blockchain protocols moved from the fringe to the mainstream, but these are still arguably the top three.

Cryptocurrency shares the fundamental definition of all forms of money: it is a medium of exchange, a measure of value, and a store of value. What sets it apart from fiat currency, though, is the following:

1. It has no physical form and exists solely as a digital bit of data.

2. It is not issued by a government entity.

3. It is completely decentralized and clears transactions through network consensus rather than through the authorization of a central bank.

4. Transactions cannot be reversed or charged back as is the case for those cleared by banks.

Beginning with Bitcoin

Though there had been some plans for a system of digital currency set out in the late 20th century, for the early part of the 21st century, the Bitcoin system and its currency unit, bitcoin or BTC was synonymous with cryptocurrency.

In October 2008, the name Satoshi Nakamoto appeared on the paper, Bitcoin: A Peer-to-Peer Electronic Cash System, which explained how the setup of blockchain technology was used in the cryptocurrency.

A blockchain is a decentralized ledger that allows a peer-to-peer network to obtain confirmation of transactions without waiting on a central clearing authority.

Read more in  The Differences Between the Top 3 Cryptocurrencies

Related posts:  Is Digital Currency Catching On?

Blockchain Can Change the Recruiting Game

​Can Blockchain Improve Tech’s Workplace Diversity?
​Blockchain & the Gold Standard for a Conflict-Free Supply Chain
Countering Counterfeit Drugs with Blockchain
 Can You Obtain Certifications for a Blockchain Career?

How Crypto Can Help Women Gain More Equal Footing in Business Leadership


 Facebook's Change Of Heart On Cryptocurrency Ads
Using Blockchain To Beat The Bots
Blockchain and the Ad Experience

Blockchain Could Track Ads

Digital ads have the advantage of scaling personalization effectively. But with the rise of ad fraud pushed forward by “bots,” numbers can appear inflated way beyond true human audiences. Some see blockchain as the most promising solution to this problem, given its function to act as an immutable ledger,

Blockchain has the potential to play a significant role in marketing and advertising. That vision is now being realized, thanks to the increasing awareness of digital ad fraud that is prompting marketers to seek greater transparency -- a primary attribute of blockchain technology.

The revenue currently lost to ad fraud is staggering. According to Juniper Research, losses will amount to $19 billion this year, which translates to roughly $51 million a day. Those numbers are expected to more than double over the next five years, to the tune of $44 billion. 

Shidan Gouran, president and CEO of Global Blockchain Technologies Corporation,says the problem is exacerbated by “programming bots to emulate human behavior to simulate engagement and traffic to earn revenue from those ads.” But he sees the possibility of curbing the fraud through blockchain by implementing solutions like adChain.  

Read more in 

Using Blockchain To Beat The Bots

The Blockchain Solution to the Counterfeit Drug Problem

Takeaway: Blockchain’s public ledger could be the solution to the problem of counterfeit drugs by tracking all drugs throughout the complete supply chain from raw materials to patients.

In addition to posing a health risk to patients harmed by placebos or even harmful ingredients in the fake drugs, counterfeits add up to a major loss for the pharmaceutical industry to the tune of hundreds of billions a year. Aside from concerns about harm and loss, new legal requirements that demand traceability for drugs are kicking in.

Counterfeit drugs have been identified as a persistent global problem since 1985. The World Health Organization (WHO) estimates that around 10 percent of drugs found in low to middle income countries are counterfeit. That translates into the deaths of tens of thousands of people with diseases who took medication without the necessary active ingredient to treat their conditions.

Given that what is at stake is not just billions of dollars for the pharma industry, but the lives and health of millions of people who have been prescribed medication, all the involved parties should come together to solve the problem of counterfeit drugs. If the difficulties in accountability and identification for drug production could be remedied by blockchain, it should be universally implemented.

Read more in  Countering Counterfeit Drugs with Blockchain

Gold Standard Tracking with Blockchain

Conflict minerals making their way into the electronic supply chain presents a challenge to companies

that want to act both legally and ethically. Tracing such minerals to their source is not straightforward or simple. Blockchain technology can solve that problem.

The Responsible Gold supply chain  is designed to track “responsibly sourced gold from mine, to refinery, to vault.” It’s put out by Emergent Technology, and has first been applied to gold mined by Yamana.

Read more in 

Blockchain & the Gold Standard for a Conflict-Free Supply Chain

To certify or not to the certify: the building blocks of a blockchain career

It’s clear that tech pros in a variety of industries are examining the implications of blockchain. After all, the technology can be leveraged not only for cryptocurrency (i.e., Bitcoin), but everything from “smart” contracts to secure, distributed ledgers. Can developers prove that they have the skills to work with this technology?
Read more in Can You Obtain Certifications for a Blockchain Career?

Diversity in the Pipeline and Blockchain

Blockchain is expected to add over $3.1 billion in business value, according to research firm Gartner. But the value proposition could involve more than money: blockchain might lead to a more diverse pipeline of qualified employees.

That’s the mission of STEAMRole, which uses blockchain and its own cryptocurrency (called RoleCoin) for two purposes: providing STEAM-expert role models and a Diverse Talent Pipeline Platform (DTPP) for companies to use in tracking and hiring diverse talent.

Based in Palo Alto, California, STEAMRole connects role models with aspirants (called Steamers) particularly from groups that are underrepresented in STEM and the Arts (the “A” in the acronym). Both Steamers and role models are awarded RoleCoins for their activities, which not only incentivizes participation and achievement, but also records it on the system’s blockchain, a feature that could be applied to tracking the effectiveness of STEAM program funding.

Read more in 

Can Blockchain Improve Tech’s Workplace Diversity?