Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

The Brave New World of Crypto

CryptocurrencyJul 10, 2021 01:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
The Brave New World of Crypto

  • The creation of cryptocurrencies made a whole new world, filled with the brightest minds and those with dubious intentions.
  • Cryptocurrency scams have cost the industry billions of dollars and threaten to damage the reputation of the sector.
  • Despite the antics of scammers, artists are leveraging the immense potential of blockchain technology to advance their art.
  • As artists flock to the space, the informational burden becomes enormous and it is interesting to see how the community will react.

12 years ago, Satoshi planted the seeds of cryptocurrencies after mining the Bitcoin Genesis Block in 2009. The seed has grown into a giant oak tree, spawning thousands of other cryptocurrencies, and has resulted in over $1 trillion.

This new ecosystem consists of some of the brightest minds, working hand in hand to improve blockchain technology.

Another cohort is cryptocurrency scammers who are taking advantage of the fact that the industry is in its infancy to scam unsuspecting individuals. Another demographic are artists who are taking their first tentative steps in the industry and unearthing new rewards.

The Self Sustaining Ecosystem

Planet Crypto has made rapid developments since its launch thanks to the collaboration and efforts of the brilliant minds in the space.

These collaborations have birthed improvements from Bitcoin, the first cryptocurrency, to Ethereum and thousands of other cryptocurrencies.

In just 12 years, the industry has seen the development of smart contracts, decentralized applications, NFTs, and a whole vibrant ecosystem of DeFi.

In such a short time, the global market cap of cryptocurrencies surged to exceed $2 trillion as a host of institutional investors and retail traders poured investments into the market. Wall Street and large corporations made frantic efforts to incorporate crypto services as part of their offerings, given their rapid rise to global adoption.

Artists are a relatively new group that has begun embracing blockchain technology to improve their craft.

Despite the remarkable strides of the space, cybercriminals and scammers are taking the shine off cryptocurrencies.

Artists and Blockchain Technology

After the invention of the internet, art remained relatively unchanged through the years until the emergence of blockchain technology. Almost every aspect of life has the potential to be improved by this technology, and art seems to be among those that have gained the most.

Non-Fungible Tokens (NFTs) allowed artists to sell digital art without the need for intermediaries or third parties.

The decentralized nature of the blockchain meant that artists from anywhere could make money from their art seamlessly.

The blockchain allows for art authentication and provides tools for provenance for artworks. Through this, future sales can be tracked ensuring that artists get a commission for each sale.

Aside from earning and provenance, it has also ushered in a new form of digital art; it will be interesting to see how else art gains from blockchain technology.

On the Flipside

  • The NFT market for art is learning from its shortcomings, as artists get paid more and the community gets stronger.
  • As part of its drive to create a safer space, Opensea is upgrading the review process for NFT collections and introducing the use of automated technologies to remove NFTs that violate the terms.

The Dark Side: Hackers

For all the good that cryptocurrencies offer, the sector has been plagued by cybercriminals and hackers. From inception, these elements have cost the ecosystem losses running into billions of dollars; from the early Mt. Gox hack of 2014 to the recent Colonial Pipeline attack in May 2021.

As artists flood the crypto space, there’s a spike in the informational burden. The market capitalization of NFT protocols exceeds $16 billion and cryptocurrency scammers will be eyeing the sector as their target.

Already, there have been cases of impersonation of artists like Derek Laufman with their artworks being minted as NFTs and sold without their permission. Crypto improvements offer promise but bring with them a myriad of potential pitfalls. We should beware.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7] You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

The Brave New World of Crypto
 

Related Articles

Bitcoin Falls 10% In Selloff
Bitcoin Falls 10% In Selloff By Investing.com - Sep 20, 2021

Investing.com - Bitcoin was trading at $42,370.9 by 20:12 (00:12 GMT) on the Investing.com Index on Tuesday, down 10.30% on the day. It was the largest one-day percentage loss...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email