Crypto News: NFT & Dogecoin news

Alex Alex 07 March
Crypto News: NFT & Dogecoin news

Instead of checking out the hottest assets or the  latest Elon Musk price pump, the news this week is   about the latest trend in crypto. It’s cool to  talk about how well Bitcoin is doing and which   new company has put BTC on their balance sheet,  but we think it’s also important to cover how   real people and some forward  thinking companies are using crypto. 



If you’ve followed the latest  crypto trends, you’ve probably heard of NFTs,   Non-Fungible Tokens. These are types of  tokens on the Ethereum network that have   a limited supply. For example, you  could have a NFT trading card with   10 numbered tokens. The trading cards are  valuable because only 10 of them can ever exist.  Alternately, 10,000 trading cards, or  even just 1.

The point of an NFT isn’t   necessarily to have a certain number  of items, the point is that there is a   fixed amount and whatever number is chosen at  the beginning, there can never be any more. 

NFTs can represent all sorts of  cool items, from real estate to   trading cards to digital art. An NFT token  could even represent music rights to a song   or a Tweet. The possibilities are endless and  NFTs are starting to become quite popular. 

The most visible example of this is in  the world of Art, even the prestigious   auction house Christies is getting in on  the movement with a piece from the famous   artist Beeple that is currently bidding at  $3.5 million. Banksy, another famous artist,   turned his artwork “Morons” into an NFT and  sold it for $100,000, then burned the original. 

The total market cap of the NFT  sector is just over $4 billion.   That’s pretty significant considering that this  genre hardly existed forty-eight months ago.

Getting into the nitty gritty details of the  who and what of NFT’s is beyond what we can do   on this program. 

What we will talk about though  is the Potential of NFTs. This is what I think   is one of the most exciting aspects of this new  technology, and that is, it’s returning power to   the content creators themselves. Digital artists,  musicians, filmmakers, novelists, journalists and   content creators of all sorts are going to  be able to use NFTs and other smart contract   based technologies to get paid directly for their  work.

YouTube disrupted the record labels and now   decentralized finance is going to disrupt YouTube  and other traditional publishing platforms.   To be honest though, we’re still not sure exactly  how this new blockchain economy is going to work.   It’s  really like the late  1990s with the internet.   Those who understood the technology  recognized that the internet was going to   change everything, but it was hard to  predict exactly how it would all play out. 

Crypto builders are creating new  digital economies that are faster,   more efficient, more empowering, and  more inclusive than what we have now.   If you’re already here today that’s pretty  cool. You’re getting involved at the ground   level and everything is just going to get  bigger and better in the years to come. 

 

One of the most common criticisms of Bitcoin is  that you can’t buy anything with it. Honestly,   it’s a fair point. BTC is definitely not very  good for small purchases. The fees are too high   and the wait time is too long. However, what  about spending Bitcoin on a shiny new car?  If you’re buying a car it doesn’t matter  if you spend $5 on a transaction and have   to wait an hour. It’s still easier than  sending a bank transfer or delivering a   paper check from the bank.

That’s why we think  it’s pretty cool that HGreg, a dealership with   30 locations throughout North America, is going  to start accepting Bitcoin as a payment method.  That’s not the end of the story either. HGreg   is planning to keep a portion of all the BTC  that they receive on their balance sheet. 

What can you buy with your Bitcoin? Just about  any kind of car you want. HGreg sells everything   from the proverbial Lamborghini right down  to the used Toyota. If Bitcoin goes as high   as some people are predicting, 1 BTC will be  enough to get you a mint condition Porsch 911.

Speaking of buying stuff with your crypto,  the Dallas Mavericks are going to accept   DOGE coin! The meme-based cryptocurrency has  been getting a lot of attention since Elon Musk   started pumping it a few weeks ago and Mavs  fans can now buy sports gear and tickets   with their DOGE. 



There are more examples of  how to use your crypto to purchase everyday   things such as groceries from whole foods on  Purse.io to booking your vacation on Travala.com. So there you go, next time someone  tells you that you can’t buy anything   with crypto you can show them the 2 Bitcoin  Lamborghini that you’ve got your eye on. 

It’s truly an exciting time to be  involved with crypto since we’re   witnessing the very first stages of  DLT technology changing the world. We hope you had a great week and have some good  plans for the weekend. Spring is just around   the corner and even though BTC is taking  a break, the pauses in big bull markets   don’t tend to last long. 



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