“I feel that once we speak about blockchain, we instantly totally gravitate our ideas to Bitcoin, however Bitcoin is just one software of blockchain,” Itamar Melamed, Head of Innovation Growth at Infront Lab, advised CTech. “Blockchain is the backend of the whole ecosystem of cryptocurrencies, however blockchain has a number of distinctive capabilities that the sports activities market might harness and make the most of. Before everything it may possibly virtually utterly eradicate what’s known as double-spending. This can be a very huge drawback in sports activities in terms of forgeries.”
Many new blockchains with much lower fees are gaining popularity and are expected to dramatically reduce the cost of minting and buying an NFT.
New platforms are simplifying the NFT trading process. For instance, transactions on NBA TopShot are not conducted in cryptocurrencies but regular dollars, making it easier for everyone to get involved.
Regardless of where we go, the future is very exciting and the decentralization movement will have a significant impact on how we interact and work together in the future!
Is this just a fad?
If you’re asking why anyone would pay over $1,000 for a virtual Christmas sweater with the Bitcoin logo all over it, perhaps you’re not in the right place. But it is entirely possible that the whole NFT obsession may prove a fad – or not. Many of the first NFTs were in the style of CryptoPunks, pipe-smoking digital beings that date back to 2017, and CryptoKitties, cute virtual felines that started the same year.