{"id":258,"date":"2022-02-25T17:41:25","date_gmt":"2022-02-25T17:41:25","guid":{"rendered":"https:\/\/solanacrypto.news\/2022\/02\/25\/nfts-psychedelic-crypto\/"},"modified":"2022-02-25T17:41:25","modified_gmt":"2022-02-25T17:41:25","slug":"nfts-psychedelic-crypto","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2022\/02\/25\/nfts-psychedelic-crypto\/","title":{"rendered":"NFTs: Psychedelic Crypto"},"content":{"rendered":"<div data-v-1535acc6=\"\">\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\">A basic premise when it comes to price movements in crypto has consistently been that when bitcoin makes a significant move, everything else follows. And, frequently when it comes to altcoins the movement can be amplified.<\/p>\n<aside class=\"automated-link\" data-v-25b4fe84=\"\" data-v-1535acc6=\"\"><a target=\"_blank\" href=\"https:\/\/www.financemagnates.com\/intelligence\/products\/qir\/q42021\/\" rel=\"Nofollow noopener\" data-v-25b4fe84=\"\"><br \/>\n    Q4 2021 volumes have gone up or down and how much?<br \/>\n  <\/a><\/aside>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> So, if a macro, geo-political event (a war breaks out on the eastern edge of Europe, for example) causes BTC to take a sharp drop, then younger, more flyaway Layer 1s, such as Cardano and Solana, will take an even more precipitous fall.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> And, it\u2019s the same on the way up too. If you\u2019re looking to grow your investment by multiples of ten, then you\u2019re going to have to drop some cash into the risky small and micro caps, and make sure to get it out again in time. But, you\u2019ll likely still be checking on BTC first as your primary market indicator.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\">In the last year or so, something new has broken to the foreground of the crypto world, in the shape of <a target=\"_blank\" href=\"https:\/\/www.financemagnates.com\/cryptocurrency\/opensea-hack-dozens-of-nfts-stole-via-a-phishing-attack\/\" class=\"article-link\" data-v-1535acc6=\"\" rel=\"noopener\">NFTs<\/a>. It\u2019s striking that NFTs have, without any particularly deliberate effort, found their way into the mainstream, non-crypto consciousness. Paris Hilton and Jimmy Fallon discussed their non-fungible acquisitions on primetime American TV. Justin Bieber picked up a couple of Bored Apes too. Christie&#8217;s and Sotheby&#8217;s auctioned off weird digital crafts for tens of millions of dollars.<\/p>\n<aside class=\"related-articles\" data-v-50d11d57=\"\" data-v-1535acc6=\"\">\n<p>Related content<\/p>\n<\/aside>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> The dog days of 2020 were dubbed DeFi Summer, but not many people not already enthusiastic about crypto were aware of that, and still now DeFi remains, for those not used to using crypto, and even for some who are, fringe and esoteric, although it\u2019s to be hoped that it attracts more users.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> NFTs, though, are a departure. Sure, <a target=\"_blank\" href=\"https:\/\/www.financemagnates.com\/cryptocurrency\/russia-ukraine-conflict-where-are-bitcoin-and-crude-oil-heading\/\" class=\"article-link\" data-v-1535acc6=\"\" rel=\"noopener\">Bitcoin<\/a> (and <a target=\"_blank\" href=\"https:\/\/www.financemagnates.com\/cryptocurrency\/news\/bitcoin-ethereum-and-xrp-see-large-weekly-inflows\/\" class=\"article-link\" data-v-1535acc6=\"\" rel=\"noopener\">Ethereum<\/a> to an extent) has always had a certain hacker-ish allure. Nerdcore, for certain, but associated also with cypherpunks and Silk Road. <span data-ref=\"term-wrapper\" class=\"term__wrapper\" data-v-3da1e7d7=\"\" data-v-1535acc6=\"\"><span class=\"term__term-title-container\" data-v-3da1e7d7=\"\"><span class=\"term__term-title\" data-v-3da1e7d7=\"\">\u00a0Altcoins\u00a0<\/span><\/span> <span class=\"term__pop-up-wrapper display-block\" style=\"display:none;\" data-v-3da1e7d7=\"\"><span class=\"display-block\" data-v-3da1e7d7=\"\"><i class=\"close-icon term__close-icon\" data-v-3da1e7d7=\"\"\/> <span class=\"text-body bold display-block\" data-v-3da1e7d7=\"\"><br \/>\n            Altcoins<br \/>\n          <\/span> <span class=\"dots__wrapper term__description\" data-v-c02f1b78=\"\" data-v-3da1e7d7=\"\"><span class=\"dots__visible\" style=\"max-height:63px;\" data-v-c02f1b78=\"\"><br \/>\n    Altcoin is a term that describes any cryptocurrency that isn\u2019t Bitcoin. Since Bitcoin\u2019s inception there have been countless cryptos launched. Many of these have met varying levels of success, though several have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There presently exist over 5,000 altcoins and this number seemingly grows constantly. The paramount altcoins as of May 2020 are Ethereum and Ripple.In terms of structure, altcoins can be different from the Bitcoin network in any number of ways. This is often the primary reason for the existence of altcoins themselves.Why Do So Many Altcoins Exist?While Bitcoin is both innovative and massively influential, it does possess some problems that developers are trying to fix with their own products. Over time there have been developed altcoins that makes faster transactions, while also altcoins that are less volatile, or altcoins that are more private, etc.Altcoins also can have different economic models and their methods of distribution can be different. Moreover, their programming languages can be different, and they can support the development of different kinds of applications. While many altcoins have been built with amazing technology and have amazing potential to change the world, many of them have been created as methods of grabbing quick cash, or even as jokes.However, some of the joke altcoins have still managed to gather a significant number of users and followers. The most prominent example of this trend is DogeCoin, a cryptocurrency inspired by the Doge meme. Additionally, other joke altcoins have also experienced large market cap, such as JesusCoin.<br \/>\n  <\/span> <span class=\"dots__actual-content\" data-v-c02f1b78=\"\"><br \/>\n    Altcoin is a term that describes any cryptocurrency that isn\u2019t Bitcoin. Since Bitcoin\u2019s inception there have been countless cryptos launched. Many of these have met varying levels of success, though several have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There presently exist over 5,000 altcoins and this number seemingly grows constantly. The paramount altcoins as of May 2020 are Ethereum and Ripple.In terms of structure, altcoins can be different from the Bitcoin network in any number of ways. This is often the primary reason for the existence of altcoins themselves.Why Do So Many Altcoins Exist?While Bitcoin is both innovative and massively influential, it does possess some problems that developers are trying to fix with their own products. Over time there have been developed altcoins that makes faster transactions, while also altcoins that are less volatile, or altcoins that are more private, etc.Altcoins also can have different economic models and their methods of distribution can be different. Moreover, their programming languages can be different, and they can support the development of different kinds of applications. While many altcoins have been built with amazing technology and have amazing potential to change the world, many of them have been created as methods of grabbing quick cash, or even as jokes.However, some of the joke altcoins have still managed to gather a significant number of users and followers. The most prominent example of this trend is DogeCoin, a cryptocurrency inspired by the Doge meme. Additionally, other joke altcoins have also experienced large market cap, such as JesusCoin.<br \/>\n  <\/span> <!----><\/span> <span class=\"text-caption blue term__link\" data-v-3da1e7d7=\"\">Read this Term<\/span><\/span><\/span><\/span> have always been scammier, more liable to pump and dump, but worth a punt, and yes, occasionally even building out worthwhile products.<\/p>\n<aside class=\"from-our-directory\" data-v-46902626=\"\" data-v-1535acc6=\"\"> <!----><\/aside>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> Then, as mentioned, there\u2019s DeFi, which came across as financially exotic and potentially lucrative, as long as no rugs got pulled, or everyone got suddenly spooked.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> But still, all of these were numerical interests, involving lines on charts and technical analysis, candlesticks and moving averages and Fibonacci.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> And then along came NFTs.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> Tokens on the <span data-ref=\"term-wrapper\" class=\"term__wrapper\" data-v-3da1e7d7=\"\" data-v-1535acc6=\"\"><span class=\"term__term-title-container\" data-v-3da1e7d7=\"\"><span class=\"term__term-title\" data-v-3da1e7d7=\"\">\u00a0blockchain\u00a0<\/span><\/span> <span class=\"term__pop-up-wrapper display-block\" style=\"display:none;\" data-v-3da1e7d7=\"\"><span class=\"display-block\" data-v-3da1e7d7=\"\"><i class=\"close-icon term__close-icon\" data-v-3da1e7d7=\"\"\/> <span class=\"text-body bold display-block\" data-v-3da1e7d7=\"\"><br \/>\n            Blockchain<br \/>\n          <\/span> <span class=\"dots__wrapper term__description\" data-v-c02f1b78=\"\" data-v-3da1e7d7=\"\"><span class=\"dots__visible\" style=\"max-height:63px;\" data-v-c02f1b78=\"\"><br \/>\n    Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer.  The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world\u2019s first cryptocurrency.In particular, bundles of transaction data, called \u201cblocks\u201d, are added to the ledger in a chronological fashion, forming a \u201cchain.\u201d These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called \u201cnodes.\u201d These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain\u2019s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.<br \/>\n  <\/span> <span class=\"dots__actual-content\" data-v-c02f1b78=\"\"><br \/>\n    Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer.  The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world\u2019s first cryptocurrency.In particular, bundles of transaction data, called \u201cblocks\u201d, are added to the ledger in a chronological fashion, forming a \u201cchain.\u201d These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called \u201cnodes.\u201d These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain\u2019s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.<br \/>\n  <\/span> <!----><\/span> <span class=\"text-caption blue term__link\" data-v-3da1e7d7=\"\">Read this Term<\/span><\/span><\/span><\/span>, still. Tradable and offering the chance for quick-flip gains, or life-changing jackpots if you kept hold of the right ones. But, at the same time, what was this, some kind of visual, creative art? Happening here, in the degen crypto world?<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> One of ones, generative psychedelia, pixelated monstrosities, meme-addled peculiarity, sci-fi nostalgia, <em data-v-1535acc6=\"\">tasteful photography<\/em>, and legion upon legion of cartoon animals smoking and wearing hats.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> It was crypto, but crypto on shrooms, late at night and deep down the rabbit hole. Cozy, oblivious, and, sometimes, in the right place at the right time, hilariously profitable.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> And so, returning to the opening point, how do NFTs fit into broader market movements and the overall crypto sentiment?<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\">  There is a view among some observers that NFTs are a bubble (but then, isn\u2019t everything?) and that they should be the most precarious place in which to park your cash.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> \u201cWar is coming, buy gold and some of those monkey JPEGs,\u201d said no-one.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> And yet, up to now, when the rest of crypto has jolted, frazzled, into panic and fear, the NFT space has responded by making, buying and selling NFTs. Or in other words, the NFT space has barely responded at all, preferring instead to vibe through the ups and downs, pacific and enlightened, treating both highs and lows as temporary guests.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> This is not to say that prices can\u2019t crash, or that many projects won\u2019t go to zero, or that, in some unpredictable way, all this might change, but what\u2019s become apparent is that NFTs, and the NFT quarter of the crypto map, are distinct and different from everything up to now.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> This, if you\u2019re interested in the overall health of Bitcoin and crypto, seems like a beneficial development. Having said that, it\u2019s likely that many bitcoiners (the maxi kind, who are hostile towards other blockchains) don\u2019t care about NFTs and might not welcome the association, but, when it comes down to it, the association is there.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> What looks possible now is that NFTs will break away further from the rest of the crypto environment. Not only do NFTs have their own culture and characteristics, but they also infiltrate more immediately into previously non-crypto areas of life. The art world, most obviously, but also music, gaming and collectibles.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> Strangely, NFTs come across as both the area of crypto that has best captured mainstream attention, but also as something curiously <em data-v-1535acc6=\"\">outsider<\/em>. They\u2019re outsider art, on an outsider medium, utilizing outsider mechanisms, and they\u2019re outsider crypto too. And yet, they\u2019ve gone a long way towards bringing crypto to the inside of popular culture.<\/p>\n<\/div>\n<div data-v-1535acc6=\"\">\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\">A basic premise when it comes to price movements in crypto has consistently been that when bitcoin makes a significant move, everything else follows. And, frequently when it comes to altcoins the movement can be amplified.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> So, if a macro, geo-political event (a war breaks out on the eastern edge of Europe, for example) causes BTC to take a sharp drop, then younger, more flyaway Layer 1s, such as Cardano and Solana, will take an even more precipitous fall.<\/p>\n<aside class=\"automated-link\" data-v-25b4fe84=\"\" data-v-1535acc6=\"\"><a target=\"_blank\" href=\"https:\/\/www.financemagnates.com\/intelligence\/products\/qir\/q42021\/\" rel=\"Nofollow noopener\" data-v-25b4fe84=\"\"><br \/>\n    Q4 2021 volumes have gone up or down and how much?<br \/>\n  <\/a><\/aside>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> And, it\u2019s the same on the way up too. If you\u2019re looking to grow your investment by multiples of ten, then you\u2019re going to have to drop some cash into the risky small and micro caps, and make sure to get it out again in time. But, you\u2019ll likely still be checking on BTC first as your primary market indicator.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\">In the last year or so, something new has broken to the foreground of the crypto world, in the shape of <a target=\"_blank\" href=\"https:\/\/www.financemagnates.com\/cryptocurrency\/opensea-hack-dozens-of-nfts-stole-via-a-phishing-attack\/\" class=\"article-link\" data-v-1535acc6=\"\" rel=\"noopener\">NFTs<\/a>. It\u2019s striking that NFTs have, without any particularly deliberate effort, found their way into the mainstream, non-crypto consciousness. Paris Hilton and Jimmy Fallon discussed their non-fungible acquisitions on primetime American TV. Justin Bieber picked up a couple of Bored Apes too. Christie&#8217;s and Sotheby&#8217;s auctioned off weird digital crafts for tens of millions of dollars.<\/p>\n<aside class=\"related-articles\" data-v-50d11d57=\"\" data-v-1535acc6=\"\">\n<p>Related content<\/p>\n<\/aside>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> The dog days of 2020 were dubbed DeFi Summer, but not many people not already enthusiastic about crypto were aware of that, and still now DeFi remains, for those not used to using crypto, and even for some who are, fringe and esoteric, although it\u2019s to be hoped that it attracts more users.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> NFTs, though, are a departure. Sure, <a target=\"_blank\" href=\"https:\/\/www.financemagnates.com\/cryptocurrency\/russia-ukraine-conflict-where-are-bitcoin-and-crude-oil-heading\/\" class=\"article-link\" data-v-1535acc6=\"\" rel=\"noopener\">Bitcoin<\/a> (and <a target=\"_blank\" href=\"https:\/\/www.financemagnates.com\/cryptocurrency\/news\/bitcoin-ethereum-and-xrp-see-large-weekly-inflows\/\" class=\"article-link\" data-v-1535acc6=\"\" rel=\"noopener\">Ethereum<\/a> to an extent) has always had a certain hacker-ish allure. Nerdcore, for certain, but associated also with cypherpunks and Silk Road. <span data-ref=\"term-wrapper\" class=\"term__wrapper\" data-v-3da1e7d7=\"\" data-v-1535acc6=\"\"><span class=\"term__term-title-container\" data-v-3da1e7d7=\"\"><span class=\"term__term-title\" data-v-3da1e7d7=\"\">\u00a0Altcoins\u00a0<\/span><\/span> <span class=\"term__pop-up-wrapper display-block\" style=\"display:none;\" data-v-3da1e7d7=\"\"><span class=\"display-block\" data-v-3da1e7d7=\"\"><i class=\"close-icon term__close-icon\" data-v-3da1e7d7=\"\"\/> <span class=\"text-body bold display-block\" data-v-3da1e7d7=\"\"><br \/>\n            Altcoins<br \/>\n          <\/span> <span class=\"dots__wrapper term__description\" data-v-c02f1b78=\"\" data-v-3da1e7d7=\"\"><span class=\"dots__visible\" style=\"max-height:63px;\" data-v-c02f1b78=\"\"><br \/>\n    Altcoin is a term that describes any cryptocurrency that isn\u2019t Bitcoin. Since Bitcoin\u2019s inception there have been countless cryptos launched. Many of these have met varying levels of success, though several have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There presently exist over 5,000 altcoins and this number seemingly grows constantly. The paramount altcoins as of May 2020 are Ethereum and Ripple.In terms of structure, altcoins can be different from the Bitcoin network in any number of ways. This is often the primary reason for the existence of altcoins themselves.Why Do So Many Altcoins Exist?While Bitcoin is both innovative and massively influential, it does possess some problems that developers are trying to fix with their own products. Over time there have been developed altcoins that makes faster transactions, while also altcoins that are less volatile, or altcoins that are more private, etc.Altcoins also can have different economic models and their methods of distribution can be different. Moreover, their programming languages can be different, and they can support the development of different kinds of applications. While many altcoins have been built with amazing technology and have amazing potential to change the world, many of them have been created as methods of grabbing quick cash, or even as jokes.However, some of the joke altcoins have still managed to gather a significant number of users and followers. The most prominent example of this trend is DogeCoin, a cryptocurrency inspired by the Doge meme. Additionally, other joke altcoins have also experienced large market cap, such as JesusCoin.<br \/>\n  <\/span> <span class=\"dots__actual-content\" data-v-c02f1b78=\"\"><br \/>\n    Altcoin is a term that describes any cryptocurrency that isn\u2019t Bitcoin. Since Bitcoin\u2019s inception there have been countless cryptos launched. Many of these have met varying levels of success, though several have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There presently exist over 5,000 altcoins and this number seemingly grows constantly. The paramount altcoins as of May 2020 are Ethereum and Ripple.In terms of structure, altcoins can be different from the Bitcoin network in any number of ways. This is often the primary reason for the existence of altcoins themselves.Why Do So Many Altcoins Exist?While Bitcoin is both innovative and massively influential, it does possess some problems that developers are trying to fix with their own products. Over time there have been developed altcoins that makes faster transactions, while also altcoins that are less volatile, or altcoins that are more private, etc.Altcoins also can have different economic models and their methods of distribution can be different. Moreover, their programming languages can be different, and they can support the development of different kinds of applications. While many altcoins have been built with amazing technology and have amazing potential to change the world, many of them have been created as methods of grabbing quick cash, or even as jokes.However, some of the joke altcoins have still managed to gather a significant number of users and followers. The most prominent example of this trend is DogeCoin, a cryptocurrency inspired by the Doge meme. Additionally, other joke altcoins have also experienced large market cap, such as JesusCoin.<br \/>\n  <\/span> <!----><\/span> <span class=\"text-caption blue term__link\" data-v-3da1e7d7=\"\">Read this Term<\/span><\/span><\/span><\/span> have always been scammier, more liable to pump and dump, but worth a punt, and yes, occasionally even building out worthwhile products.<\/p>\n<aside class=\"from-our-directory\" data-v-46902626=\"\" data-v-1535acc6=\"\"> <!----><\/aside>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> Then, as mentioned, there\u2019s DeFi, which came across as financially exotic and potentially lucrative, as long as no rugs got pulled, or everyone got suddenly spooked.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> But still, all of these were numerical interests, involving lines on charts and technical analysis, candlesticks and moving averages and Fibonacci.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> And then along came NFTs.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> Tokens on the <span data-ref=\"term-wrapper\" class=\"term__wrapper\" data-v-3da1e7d7=\"\" data-v-1535acc6=\"\"><span class=\"term__term-title-container\" data-v-3da1e7d7=\"\"><span class=\"term__term-title\" data-v-3da1e7d7=\"\">\u00a0blockchain\u00a0<\/span><\/span> <span class=\"term__pop-up-wrapper display-block\" style=\"display:none;\" data-v-3da1e7d7=\"\"><span class=\"display-block\" data-v-3da1e7d7=\"\"><i class=\"close-icon term__close-icon\" data-v-3da1e7d7=\"\"\/> <span class=\"text-body bold display-block\" data-v-3da1e7d7=\"\"><br \/>\n            Blockchain<br \/>\n          <\/span> <span class=\"dots__wrapper term__description\" data-v-c02f1b78=\"\" data-v-3da1e7d7=\"\"><span class=\"dots__visible\" style=\"max-height:63px;\" data-v-c02f1b78=\"\"><br \/>\n    Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer.  The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world\u2019s first cryptocurrency.In particular, bundles of transaction data, called \u201cblocks\u201d, are added to the ledger in a chronological fashion, forming a \u201cchain.\u201d These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called \u201cnodes.\u201d These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain\u2019s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.<br \/>\n  <\/span> <span class=\"dots__actual-content\" data-v-c02f1b78=\"\"><br \/>\n    Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer.  The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world\u2019s first cryptocurrency.In particular, bundles of transaction data, called \u201cblocks\u201d, are added to the ledger in a chronological fashion, forming a \u201cchain.\u201d These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called \u201cnodes.\u201d These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain\u2019s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.<br \/>\n  <\/span> <!----><\/span> <span class=\"text-caption blue term__link\" data-v-3da1e7d7=\"\">Read this Term<\/span><\/span><\/span><\/span>, still. Tradable and offering the chance for quick-flip gains, or life-changing jackpots if you kept hold of the right ones. But, at the same time, what was this, some kind of visual, creative art? Happening here, in the degen crypto world?<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> One of ones, generative psychedelia, pixelated monstrosities, meme-addled peculiarity, sci-fi nostalgia, <em data-v-1535acc6=\"\">tasteful photography<\/em>, and legion upon legion of cartoon animals smoking and wearing hats.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> It was crypto, but crypto on shrooms, late at night and deep down the rabbit hole. Cozy, oblivious, and, sometimes, in the right place at the right time, hilariously profitable.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> And so, returning to the opening point, how do NFTs fit into broader market movements and the overall crypto sentiment?<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\">  There is a view among some observers that NFTs are a bubble (but then, isn\u2019t everything?) and that they should be the most precarious place in which to park your cash.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> \u201cWar is coming, buy gold and some of those monkey JPEGs,\u201d said no-one.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> And yet, up to now, when the rest of crypto has jolted, frazzled, into panic and fear, the NFT space has responded by making, buying and selling NFTs. Or in other words, the NFT space has barely responded at all, preferring instead to vibe through the ups and downs, pacific and enlightened, treating both highs and lows as temporary guests.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> This is not to say that prices can\u2019t crash, or that many projects won\u2019t go to zero, or that, in some unpredictable way, all this might change, but what\u2019s become apparent is that NFTs, and the NFT quarter of the crypto map, are distinct and different from everything up to now.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> This, if you\u2019re interested in the overall health of Bitcoin and crypto, seems like a beneficial development. Having said that, it\u2019s likely that many bitcoiners (the maxi kind, who are hostile towards other blockchains) don\u2019t care about NFTs and might not welcome the association, but, when it comes down to it, the association is there.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> What looks possible now is that NFTs will break away further from the rest of the crypto environment. Not only do NFTs have their own culture and characteristics, but they also infiltrate more immediately into previously non-crypto areas of life. The art world, most obviously, but also music, gaming and collectibles.<\/p>\n<p class=\"article-body__parent-element\" data-v-1535acc6=\"\"> Strangely, NFTs come across as both the area of crypto that has best captured mainstream attention, but also as something curiously <em data-v-1535acc6=\"\">outsider<\/em>. They\u2019re outsider art, on an outsider medium, utilizing outsider mechanisms, and they\u2019re outsider crypto too. And yet, they\u2019ve gone a long way towards bringing crypto to the inside of popular culture.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A basic premise when it comes to price movements in crypto has consistently been that when bitcoin makes a significant move, everything else follows. And, frequently when it comes to altcoins the movement can be amplified. Q4 2021 volumes have gone up or down and how much? So, if a macro, geo-political event (a war [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":259,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/258","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/comments?post=258"}],"version-history":[{"count":0,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/258\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media\/259"}],"wp:attachment":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media?parent=258"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/categories?post=258"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/tags?post=258"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}