NFTs
Unless you’ve been living under a rock it’s been nigh on impossible to avoid the NFT hype that is ricocheting through the crypto space right now.
Most recently we’ve seen musician and visual artist Grimes sell 10 pieces of NFT artwork for a total of $6 million and cryptopunks selling for $2 million a pop. So what’s all the fuss about?
NFTs / Non-fungible tokens allow for the tokenisation of digital assets (i.e. artwork, music, video) which provides authenticity and verifiable ownership, all visible on the Blockchain.
So what if… You could tokenise video game assets? Imagine playing your favourite looter-shooter and picking up a rare drop, and being able to sell it on an NFT marketplace. Imagine being stuck on your favourite dungeon crawler, selling some of your old gear as NFTs and then using the proceeds to buy a new armour set. No middle-man, player to player transactions, with the value being defined by the collective marketplace.
The same applies to in-game cosmetic items that don’t directly affect gameplay. Fortnite made $1 billion in 2 years just from selling skins alone. The NFT market is coming to grab a slice of that pie.
Right now there are platforms in development that aim to bridge the gap between conventional video games and NFTs. Ultra.io is currently developing a steam-like platform with full NFT integration and have already partnered with the likes of AMD and Ubisoft.
Then we have NFT games like Axie Infinity that allow you to battle and Breed virtual creatures on the Blockchain, allowing for a “play to earn” ecosystem, where all players have the opportunity to see a return on their in-game investments relative to the time they put in.
Or ownership of digital and real life art. Creating. Gaining ownership, or partly ownership. This creates liquidity in a very ill-liquid market.
While the space is moving fast, one thing holding it back is the inefficiency and expensive gas costs of Ethereum. When the fees began to outweigh the potential profit to be made from breeding Axies, I stopped, despite loving the game and being invested in the token.
Hence the need for Hathor Network. Hathor is now researching NFT’s.
Some key points of the Hathor architecture and why it fits so great for NFT:
• Writen from scratch in Python. No fork, fully writen from scratch.
• Merged mining. While mining hathor you can merge mine , without losing any hash power or profit, from other chains. This compliments the other chains, while incetivizing miners to also secure and mine the Hathor Chain.
• No transaction fee’s. No payments for sending or receiving tokens.
• Ease of token creation. You can create tokens with a few clicks. You don’t need any coding experience. These tokens are created layer one.
You need X amount of HTR to create X amount of your desired token ticker name.
• Built-in atomic swap. You can exchange all Hathor chain tokens with each other.
• Nano Contracts. An easier and safer way to create contracts. Which are also functioning as oracles to implement real world data.
• Blockchain and DAG Intertwined. They are using blockchain technology for optimal security as bitcoin has proven. The blockchain is mainly used to stabilize the dags and maintain the true state. Side-DAGs ,which are still under development, will lead to unlimited TPS.
Thanks to @Beats_and_Bits
https://twitter.com/HathorNetwork
https://twitter.com/EyeofCyber
