Introduced in October 2008, Blockchain technology is neither new or has stopped evolving.
The Blockchain was initially created for the mining and movement of digital currency, including well know coins and tokens such as Bitcoin and Ethereum. Today, there are in excess of 10,000 cryptocurrencies in existence with an overall market capitalization of approximately 3 trillion USD.
Due to it’s decentralized nature of the Blockchain and it’s little or no governance, the Blockchain and the technology it carries has been illegalized and banned from use in several countries.
Financial institutions and governments, in recent years, have starting to realize the potential of cryptocurrencies and the benefits they bring as an investment option. We even have the Commonwealth Bank of Australia, one of the big 4 banks in Australia, forging ahead to offer cryptocurrency as a form of investment to it’s clients in 2022 (announcement HERE).
Digital Wallets have also been around for a very long time, allowing you to store your coins or tokens away from cryptocurrency exchanges such as Crypto.com, Binance, Coinspot, Robinhood, Coinbase and Kraken. Popular Digital Wallets include Coinbase Wallet, MetaMask and Ledger Nano X.
As noted above, the Blockchain has continued to evolve over time, with some believing that it’ll be the next World Wide Web.
With this evolution, Blockchain domains (classified as NFT’s) have been offered by websites such as Unstoppable Domains for several years now. This website (http://www.thephantom.fan) has held a webpage on the Blockchain for well over a year (the link is located at the footer of the Homepage, or click HERE to visit now). Such Blockchain websites are still in their infancy and are limited in their functionality.
Also growing on the Blockchain are NFT’s or ‘non-fungible token‘. NFT’s take the form of media files, which include domain names, images, audio and video clips. NFT are very fashionable at the moment, with large financial gains seen by both artists and collectors alike.
NFT’s are very easy to create. Websites such as OpenSea allow you to not only buy and sell NFT collectables (such as art and trading cards), but it also allows you to create your own NFT’s to either hold or to sell to fellow collectors. A digital file off your computers hard-drive is simply uploaded, with the file converted automatically by the website into a NFT, creating a unique set of coding, allowing for the transfer of the file between users as required.
NFT’s, like cryptocurrency, can be moved around and stored in Digital Wallets, via their unique QR Code or a 26-35 character long address (consisting of alpha and numerical). These methods result in a secure mean of transferring such assets on the Blockchain.
Take-up of transferring assets on the Blockchain has been slow in the past few years, mainly due to the high Gas Fees (a fee to compensate for the computing energy required to process and validate transactions on the Blockchain) charged by networks such as Ethereum. We are now starting to see these Gas Fee’s eliminated all together by some other networks, including Polygon (via it’s Matic network), due to the smarter and faster transfer technologies developed by their technicians.
This website (http://www.thephantom.fan) holds several Phantom related NFT’s from scans created from the administrators personal collection. Created for enjoyment and not to be sold, they can be seen by following the link located at the footer of the Homepage, or click HERE to visit now.
NFT’s can be sold/purchased via a set price, an auction or via a direct offer with the seller. Both cryptocurrency and legal tender (such as USD) can be used to make a purchase. NFT’s can also be locked down, only to be viewed by the owner, or remain visible on sites such as OpenSea.
Thousands upon thousands of articles have been written about Blockchain technology and it’s various functionalities, both for its positive and negative aspects. The above is a very brief summary of this technology, hopefully demystifying it slightly for you, and highlighting that it’s not to be feared or ruled out. Blockchain technology is also accessible to all and not limited to a select group in our society.
With on-line chatter that Phantom artists are looking at embracing this technology, and offering collectors the opportunity to own unique Phantom art in the form of NFT’s, lets hope we see art presented to us which is both unique and desirable to collect, making it a worthy opportunity for both artist and collector.
Disclaimer: The various brands and companies noted above are used for information purposes only, they are not endorsed or recommended by this website. Please ensure you do your own research and seek professional advise before delving into the world of cryptocurrency and Blockchain technology.