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Let’s talk NFTs… why? Because we at reNFT, are big believers in NFTs as technology and believe that they’re not going anywhere in the upcoming years. Did you know that NFT was selected as the word of 2022?
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Like any new technology, the NFT space is rife with myths and misconceptions. It’s understandable — people are confused, they hear a lot of opinions and they don’t even know where to start forming their own. That's where we step in. So buckle up and prepare yourself for some NFT myth-busting!
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To tackle this, let's first get familiar with two pivotal terms: proof-of-work (POW) and proof-of-stake (POS), the cornerstone mechanisms safeguarding the network and sustaining the blockchain.
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➡️ POW, reliant on the computational prowess of mining gadgets, is a powerhouse in securing the blockchain and authenticating transactions. It's a bit of an energy guzzler but stands as a fortress against cyber-attacks. Bitcoin, the cryptocurrency superstar, operates on POW, while its sibling Ethereum has embraced the greener POS.
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➡️ POS, conversely, entrusts the "mining" responsibilities to validators, who don't require energy-intensive devices, thereby conserving a significant amount of energy. In 2022, Ethereum's shift to POS slashed its energy consumption by a whopping 99.95%, marking a promising stride toward environmental sustainability.
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Let's face it, the NFT space isn't immune to scams. Like any industry, Web3 has its share of bad apples. However, generalization is the real problem here. Just as we wouldn't label US dollars as scammer's currency despite its misuse, it's unjust to generalize NFTs as scams.
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The collections you can find on our market are top notch, so as our partners. You know us, we are fully doxxed. You can easily find our founders on social networks, our investors, news about us, tons of content, and other stuff.
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Giants like Adidas, Nike, Lufthansa, Starbucks, Prada, H&M, and game companies like Ubisoft, Zynga, Capcom, and Konami, to name a few, are jumping into the NFT world. Also, some of the most famous artists from the traditional art world already released some of their work as NFTs — Damien Hirst, Tyler Hobbs, and others. Would they risk their reputation if NFTs were a scam? We think not. While scams exist, they are but a small fragment of this vibrant and evolving world of digital tokens.
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Again, the main problem is with generalization. We believe in the saying "NFTs aren't just about art, but art is a big part of the NFT scene." In essence NFTs are tech. A verifiable proof that you are the owner of the token. Having the picture linked to a token is probably the easiest way for verification, so that was the first thing to do that stayed the most common one. But we are just on a verge of something much bigger.
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There are several cases of NFTs being actually used as:
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At reNFT, we're spearheading the adoption of Web3 and NFTs. Our market is a haven for NFT enthusiasts, offers a plethora of collectibles from our partners like Pixels, Permissionless, Castle Crush, Galaxy Fight Club, Fabwelt, to name a few.
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With fully doxxed founders, team, investors, and the whole company — there is a lot of DYOR you can do with just a few Google searches. At reNFT we're not merely unlocking new opportunities; our steadfast commitment is to infuse tangible value into digital assets. Our infrastructure is revolutionizing the space, and offers enhanced utility to NFT enthusiasts and making exclusive benefits within reach for those eager to explore.
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So let’s embrace it. We believe that we are at the very beginning of the adoption of this technology. Think of it as the first decade of mass car production, it changed the world, for both better and worse, but it was a radical change. Mass adoption of NFTs will be the change of this decade. 🚀
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