Due to the uncertainty of off-chain storage, there have been missing cases for NFT from time to time.
The security behind the huge number is, however, very fragile. It has a 24-hour trading volume of $3.25 billion and is still rising with a strong momentum. But this flaw is masked by the enthusiasm for NFT and receives little attention.Īccording to data from coingecko, as of press time, the current market cap of the NFT market has totaled $22.97 billion, accounting for 1.2% of the global cryptocurrency market cap. Without the protection of blockchain technology, this component of the data is not completely safe and reliable, which implies that the current NFT has not yet achieved the same level of trustworthiness as Bitcoin does. Due to congested communications, limited scalability, high gas expenses, and other reasons, the metadata and media data of NFT are not entirely stored on the blockchain, but off the chain instead. However, because of existing technical limitations, NFT has not been able to achieve the above-mentioned idea perfectly. By leveraging the qualities of blockchain to be tamper-proof, open and transparent, and traceable, NFT maps the real world into the digital world, and builds up the long-awaited Utopia – the Metaverse. The characteristics of NFT can perfectly adapt to this circumstance and realize the tokenization of different objects in the digital world. The emergence of non-fungible tokens (NFT), on the other hand, allows us to envision the prospect of mapping the entire real world.Īpart from the currency, most objects in the real world are one-of-a-kind with distinct characteristics and values.
#CRYPTOCAT MEDIA GETS INSANELY BACKING BUILD SERIES#
Blockchain technology enables the mapping of currency in the digital world, and has resulted in the creation of a series of fungible cryptocurrencies, which has sparked a surge of cryptocurrency investment in recent years.
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