Tech

What You Need to Know about Non-Fungible Tokens

Published

3 years ago

May 19, 2021

After Beeple sold his “Everydays: the First 5000 Day” digital-only artwork at Christie’s auction house for $69 million, non-fungible tokens, or NFTs for short, stole the show and became one of the hottest topics for discussion in the crypto space. But what are NFTs and what makes them so unique and valuable? Let’s find out together.

Non-fungible tokens are viewed as cryptographic assets on blockchain with special and unique identification codes as well as metadata that enable you to differentiate them from each other. When comparing fungible vs. non-fungible tokens, it is worth noting that NFTs can be neither traded nor exchanged at equivalency — and this is exactly what differs theme from fungible tokens, e.g. cryptocurrencies backed by gold, or silver, which are normally used as a means of exchange when dealing with commercial transactions.

NFTs, for their part, have managed to upend the crypto paradigm by making each and every token unique and irreplaceable — therefore all non-fungible tokens cannot be equal to another at all. As well as this, it is possible to extend NFTs, which means that you are enabled to combine a particular non-fungible token with another in order to literally “breed” a third unique token.

However, just like Bitcoin NFTs possess ownership details for easier identification and smooth transferring between token holders. In addition, owners can provide in NFTs extra details like metadata as well as other information related to the asset. For example, artists can provide a signature to their digital artwork in the metadata.

Non-fungible tokens can be created on the Ethereum blockchain but developers say that soon some other blockchains will support NFTs too. As a matter of fact, NFTs evolved from the ERC-721 standard which defines the minimum interface needed for exchange and distribution of gaming tokens. Another token standard, which is ERC-1155, is used for reducing the transaction and storage costs needed for non-fungible tokens and batching several types of NFT tokens into one single contract.

A non-fungible token can be implemented in a number of use cases. So, for instance, they are considered to be a perfect match when representing various physical assets such as real estate property, works of art, music, and so on. Considering the fact that NFTs are dependent on blockchain technology, they can be used to do away with costly middlemen services, substantially simplify transactions, and contribute to the creation of new markets.

For the time being, much of today’s market for non-fungible tokens is concentrated around collectibles, including digitally created works of art, sports cards, rarities, video games, music, virtual real estate items, and so on. Currently, one of the most popular NFT spaces is NBA Top Shot, which is a place where you can collect non-fungible tokenized NBA moments in the form of digital cards.

Non-fungible tokens are considered to be a true evolution over the familiar concept of cryptocurrencies. The present-day finance systems comprise elaborate trading and loan systems for a large number of assets, ranging from real estate to art. Probably, one of the most clear-cut benefits of non-fungible tokens is market efficiency. Thanks to the conversion of a real, physical asset into a digital one, it is more than possible to boost strenuous processes and do away with any intermediaries. NFTs that represent a digital artwork on the blockchain are capable of removing the need for agents, thus enabling artists to sell their works directly to their audiences.

As well as this, non-fungible tokens are also capable of democratizing investing via fractionalizing physical assets such as real estate. It goes without saying that it is much easier to divide a digital real estate among a particular number of owners rather than a physical one. This practice can be extended to works of art, video games, and music too.

On the whole, non-fungible tokens are a real power and they have a tremendous capacity to shape our view of the possible. They have become a new plaything for crypto enthusiasts and there is surely real money to be made. If you want to engage in this exciting game too, it is better to trust non-fungible token development to a professional blockchain development team who will take the trouble to make your NFT campaign a success.

Tech

Resist Temptation and Get More Productive With Website and App Blockers

Published

3 weeks ago

July 4, 2024

Jonathan Grilli

From reading the latest news to looking for your next big vacation (or being captivated by social media), the Internet has become a massive landscape of diverse content. With the digital world filled with countless distractions, resisting temptation and being able to focus has become more and more difficult. The development of website and app blockers provides a simple solution to avoid scooting down portal pathways that hinder productivity and, sometimes, lead to negative consequences.

As a worldwide societal phenomenon, the Internet is rapidly evolving, with entire economies and personal relationships relying on the web. A website and app blocker intentionally restricts access to specific internet sites and apps through software programs. Website and app blocker software can be downloaded as add-ons or extensions for browsers, like website blocking on Chrome. Such blocking can include programs that assist in URL-based blocking, Platform-based blocking—specifically when using search engines, and Domain Name Systems blocking, which all make it difficult to access specified domains and websites on the Internet.

Many website and app blockers allow you to enter websites and apps that you want to restrict access to for a certain time period throughout the day or a certain length of time. This can be helpful to those who need to focus on studying but keep falling into temptation’s trap, straying away from what needs to be done to engage in unnecessary Google searches or scrolling through Instagram posts.

However, there are website and app blockers that can permanently restrict access to specified sites and apps. With potentially crucial reasons to restrict access to Internet content, blocking software could improve daily lives. Those struggling with shopping addiction or facing negative consequences at work for an inability to remain focused may find website and app blockers incredibly beneficial.

Website and app blocking isn’t confined to personal, individual use. It has become a rising trend for many governments to utilize this software when blocking illegal content. Yet, the software can also help parents, guardians, and other family and friends block access to harmful content and inappropriate material for children.

By restricting access to certain websites or apps, you allow yourself to build new and more productive habits, or keep yourself and your kids safe. Through establishing “forced focus” times for yourself, concentrating solely on your work or tasks at hand becomes easier. Protectivity has many proven benefits. Committing to what needs to be done can help build your self-worth, creating a feeling of accomplishment that is good for your mood. Even if the things you need to focus on and get done are smaller tasks in nature, accomplishing your daily tasks can help ward off excessive stress and anxiety, as well as depression.

NetNanny, BlockSite, and Surfblocker as some of the most effective website and app blocking software. BlockSite is a blocking software used globally by millions of people, and it provides relief from temptation by temporarily blocking websites and apps, so you can focus, be productive, and build self-control habits.

Whether you are trying to keep yourself in check or your family safe, website and app-blocking software limits screen time while providing customization to users that help tailor usage to individual needs.