NFT
SCALLOPX PRODUCT-NFT MARKET
NFT is an acronym for Non-Fungible Token. “Non-fungible” means that it’s unique and can’t be replaced with something else. A bitcoin is fungible because it can be traded for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different.
At a very high level, most NFTs are part of the Ethereum blockchain, though other blockchains have implemented their own version of NFTs. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also keeps track of who’s holding and trading NFTs. They can really be anything digital (such as drawings, music, your brain downloaded and turned into an AI), but a lot of the current excitement is around using the tech to sell digital art.
In the year since NFTs exploded in popularity, the situation has only gotten more complicated. Pictures of apes have sold for tens of millions of dollars, there’s been an endless supply of headlines about million-dollar hacks of NFT projects, and corporate cash grabs have only gotten worse.
Sales have absolutely slumped since their peak, though like with seemingly everything in crypto there’s always somebody declaring it over and done with right before a big spike. Am I predicting that NFTs are about to make a comeback? Absolutely not, but I’m sure there are plenty of folks in NFT-based communities that are sure they’re still on the gravy train.
Scallop will not be left out of the NFT space. An NFT market is among one of the scallopx products. Although it has not been released yet, it promises a lot. Scallop NFT will bring all the exciting, trending and best NFTs to one place for both the investors, lovers and creators of NFTs, scallop NFT will give room for Buying, Selling and the leveraging of digital content using a built-in NFT marketplace.
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