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NFTs Have Gone Mainstream | ProBit Exchange Manic NFT MAYhem

The non-fungible token market has exploded, saturating mainstream headlines in publications like CNN, NYT, the Financial Post, CBC, and the BBC. Much of this recent mainstream exposure can be attested to the Beeple piece, which sold for a whopping $69.3 million at auction.

ProBit Exchange has been eager to vet and onboard promising NFT-based projects, filtering through the noise for you! We have a full pipe of NFT-based ProBit Exclusives on the way during Manic NFT MAYhem — and we couldn’t be more excited.

Don’t MISS OUT on this week’s exclusive which will be followed by week 2's MAYHEM exclusive featuring OGN.

Decentraland (MANA) is a decentralized virtual reality platform housed on the Ethereum blockchain. The finite, explorable universe within Decentraland is known as LAND, a non-fungible asset facilitated by Ethereum smart contracts. Land is partitioned into parcels of which can be purchased using the network’s native token MANA. Users have complete control over the creative process within their parcel and full ownership, as they solely possess the NFT. Decentraland is one to watch.

Although NFTs such as MANA offer different use cases than Bitcoin and other leading cryptocurrencies, they share a decentralized future vision. It wouldn’t be out of the question to assume some positive sentiment spillover into the cryptocurrency universe from NFTs, which primarily function on Ethereum-based protocols. With new NFTs surfacing daily, you may be wondering how exactly do NFTs work?

NFTs are tokens that contain unique data housed in a blockchain. Standard tokens can be exchanged with any other token, but NFTs cannot. Think of the dollar. If we both had a dollar bill and decided to trade, it would be an equal exchange. However, with non-fungible tokens, meaning there are visible differences, each token is unique. I could be offering a signed hockey card while you could be trading a tokenized degree. This makes an equal exchange impossible, hence the term “non-fungible.”

CryptoKitties, based on the Ethereum blockchain, was one of the first NFT based applications to gain traction, offering a game where users can collect unique virtual cats. Despite its popularity among crypto enthusiasts, its lack of relatability impinged on its potential mainstream traction.

Over the last couple of weeks, NFTs have gone from a relatively niche market to global headlines, with NBA Top Shots packs selling out and athletes, fast food companies, and mainstream media all joining the ranks of NFT creators. Sports, Music, Art, Food… these niches are easier to relate to, rather than blockchains, decentralization, and other aspects of cryptocurrency that can be difficult to grasp.

Why would I own something that everyone can view on the internet with ease? Similarly to the high-end art market, these purchases are likely driven by their new owner’s lust for “ownership.” In the physical art world, this characteristic certainly isn’t a foreign concept. Both in the physical art world and the NFT market, pride of ownership may partially draw from exclusivity.

NFT Minting Process

So you are a content creator, or a celebrity, or representing an organization, and you have something that you believe will be of value to someone else. NFTs may just be the answer you didn’t know you were looking for.

There is a range of platforms for minting NFTs, each with varying prices, file size limits, levels of contract control, and either decentralized or centralized functionality. If utilizing a third party to create and deliver your NFTs doesn’t strike your fancy, you can also vouch for your own store.

Starting a store has some initial overhead costs but gives you complete control over a smart contract on your chosen blockchain. Despite some initial gas costs, running a store rewards you the ability to mint hundreds of NFTs on a minting platform for a negligible sum.

The actual minting process varies from each provider, but it typically involves uploading your JPEG, PNG, or MP4 file, which is then uploaded to a server, either centralized or decentralized, resulting in a newly minted NFT! Creators can then leverage decentralized online marketplaces to create and manage listings for their new NFT assets.

A future where open-source code replaces multi-billion dollar businesses — may be in the making.

Just A Fad Or Here To Stay?

NFTs are about as new as they get. They had their mainstream debut in 2017 but came to life in 2021. NFTs have massive growth potential in numerous markets, services, asset types, and communities, yet to be realized and reach maturity.

New NFT applications could help ease late adopters in the crypto world via a more relatable medium. They serve as a palatable introduction to the infinitely disruptive potential of blockchain and cryptocurrency. Clear opportunities exist that offer superior value to what is currently being utilized in society, and NFT adopters are drawn to that.

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ProBit Global is a Top 20 crypto exchange worldwide servicing crypto enthusiasts with unlimited access to trade and buy Bitcoin, Ethereum and 800+ altcoins in 1000+ markets.

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ProBit Global

ProBit Global

ProBit Global is a Top 20 crypto exchange worldwide providing unlimited access to trade and buy Bitcoin, Ethereum and 600+ altcoins in 1000+ markets.

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