It would be incorrect to attribute the success of cryptocurrency solely to bitcoins.
While BTC is still the most powerful cryptocurrency and it continues to dominate this sector since its inception with full force, it is still just ONE cryptocurrency.
In fact, people are now looking for newer, more different, and unique options for investment purposes.
This brings the topic to NFT.
Until a while ago, cryptocurrencies and investing in that ecosystem ruled the world, however, these days, there is a new fad in town.
If you want to understand what are NFTs, they can be explained in simple terms.
To elaborate, these are non-fungible tokens, which means that they are unique and cannot be replaced by anything else.
Each NFT is unique and different, a completely original asset.
More About NFT
An NFT is also a form of a digital asset, like cryptocurrency, however, they cannot be duplicated.
Exclusive forms of work such as art, songs, pictures, etc are parts of NFTs and are sold online using the same software and networks as cryptocurrencies.
They expand the market a lot more to include artists, photographers, poets, etc which opens up opportunities to almost anyone and everyone in the world – not only buyers but also sellers.
Buying NFTs has the same process as cryptos.
The digital wallets are capable of storing both, crypto coins as well as these non-fungible tokens. Some creators only prefer to sell their NFTs in exchange for cryptocurrencies.
For example, for a certain set value of, say, BTC to INR, a particular artist will sell you his painting. In other words, you would have to pay him in BTCs instead of fiat cash.
If your mind is still set on sticking to cryptocurrencies and not venturing out into the other ecosystems within the decentralized market, and you want to go beyond bitcoins, here are your options.
- Ethereum – The listing of Altcoins usually begins with Ethereum. You can buy and sell Ether tokens using the Ethereum network that not only provides its users with this crypto but also allows them to use the network to set up smart contracts and dApps. The talks and development of Ethereum 2.0 that dives into a more environment-friendly view and is considered to be a modified version of the original network have sparked up the interest of newer users.
- Dogecoin – Popularly known as the ‘memecoin’ this coin is a lot more than simply a meme. It has established its name in the crypto markets as one of the most successful coins – one of the major reasons for this could also be the backing by Mr. Elon Musk. His tweets and constant support helped the value of DOGE skyrocket. The supply for Dogecoin is not limited and while some think of it as a disadvantage, many people believe that it could be a major boon to this coin.
- Ripple – Formed by the company RippleNet, this network was designed for bigger and large-scale financial institutions to be able to engage in larger payments, even cross-border payments, with ease and a lower fee. They are backed by banks and businesses who have started using this network for their annual payouts as it cuts costs majorly. It also has a partnership with the huge brand name – American Express.
- Litecoin – Believed to be the competitor of bitcoin since they work in the same way, this coin has a few different features – the speed of operations is 4x the speed of bitcoin, the limit of this coin is 84 million (BTC is 21 million), also, it has a known founder! The price of Litecoin saw a five-fold increase which has boosted the faith of many people.
Gone are the days when cryptocurrencies were only associated with bitcoins.
The area is huge and consists of a lot more, even undiscovered areas. Join the field and be a part of the unfolding as and when it occurs.