As the popularity of NFTs grows, it is becoming a bit difficult to miss the onslaught of conversations around NFTs. Vijay Pravin Maharajan explains what an NFT is and what beginners should know.
The popularity of NFTs has exploded in the last year, with some NFTs fetching millions of dollars when sold or auctioned. According to market tracker statistics, sales of NFTs increased by $25 billion in 2021, ranging from cartoon tapes to video snippets, as the crypto asset grew in popularity. According to DappRadar, some of the world’s most well-known companies, such as Coca-Cola and Gucci, have also sold NFTs. The total value of NFT sales was $24.9 billion. In 2021, NFT sales reached $24.9 billion, up from $94.9 million the previous year.
When it comes to bitsCrunch, a recently identified wash trade transaction in the prominent NFT collections has been 53.1B in volume in Ethereum Blockchain. The total collections in Ethereum Blockchain are 55.1K. Total Unique wallets and Total Transactions in Ethereum Blockchain are 4.06M and 47.2M respectively. It is becoming increasingly difficult to avoid the bombardment of NFT-related discussions. So, what are they exactly?
Vijay Pravin Maharajan, founder of bitsCrunch explains that an NFT is a non-fungible token. And what this means is that an NFT is a one-of-a-kind token on the blockchain that cannot be replaced. Drawings, music, images, videos, and any other sort of digital asset are all examples of NFTs. However, digital art is not the only way to use NFTs; they may also be used to represent ownership of any unique object, such as a deed for an item that is either digital or even a physical item.
He further added that these are blockchain coins that are transferable but not replicable. When it comes to current highlights from the NFT ecosystem, there are some concerns associated with crypto-collectibles, as NFTs carry considerable market risks, including financial and regulatory risks. Experts believe that any digital underpinning may be simply copied and can lead to counterfeiting, which is one of the most serious concerns linked with NFTs, as we have seen in several incidents of fraud.
“Crypto-collectibles are not controlled by any single entity,” Vijay continues, “therefore you are responsible for your security” (unlike with fiat currency where banks hold your money for you). If you lose the private key (similar to a username) associated with an NFT, then no one else can access it and you will be unable to use or transfer the NFT. This means that if you lose your private key, you’ll lose all of the value contained in the NFT.
So, to safeguard the NFT ecosystem, bitsCrunch’s analytics and security products deliver actionable NFT insights and protect NFT assets when asked how bitsCrunch affects the NFT space. With AI-powered systems that are simple to build and use, we stay ahead of the NFT asset security curve. BitsCrunch uses Artificial Intelligence (AI) to help safeguard the NFT market and allows NFT enthusiasts like you to choose which NFTs to sell, and most importantly, which NFTs to buy. Enabling, Engaging & Empowering Big NFT Ecosystems. When asked to quote the vision of bitsCrunch in one line, founder Vijay Pravin Maharajan states, bitsCrunch will be the verified tick of NFTs in near future, where we become trusted partners to our customers by providing differentiated products and services to help protect the NFT ecosystem.
Follow their brand on Instagram @bitscrunch
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