11/10/2022 NFT Allowing Mining Of Cryptocurrency: Is It Possible?

The concept of NFT is being modified. It used to be treated as funny images that caused hype on the Internet, but now it is much bigger than just pics. NFT is the tool for verification and digital proof of ownership that opens access to the digital economy. We used to live in a world where third parties played a key role, whether in services, documents, electronic copies, etc. Now all these processes are moving online, where there are no middlemen. That's a massive leap in the digital economy and the beginning of the financial revolution.

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With the NTF evolving, we gradually move to Web 3.0 Internet, which brings groundbreaking technologies and how people interact on the network, drastically different from all we used to in Web 2.0. And NFTs take a central role in the process of transition to Web 3.0.

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NFT in figures

Compared with March 2021, when NFTs were not very popular, in 2022, their volume reached $8 billion. Here are some figures on the NFT industry:

  • In early 2021, the trade volume of NFT was 26 times higher than the total in 2020.
  • Transactions with NFTs grew by 21.5 times; the number of active buyers increased from 11,000 to 190,000
  • One of the most popular NFT collections, CryptoPunks, has crossed $1 billion in trade volume.
  • Only one artwork out of 10,000 CryptoPunk images was sold for $11.75 million.

According to Marketdecipher, in 2031, NFTs will account for 40 per cent of the collectibles market, with $440 billion in a year.

Why is it worth buying NFT

NFTs always create hype and the prices are growing. Also, artists whose artworks are unavailable for sale or too expensive can tokenise their work, encrypting them in NFTs, and modern artists-influencers have millions of followers on social networks. Not to forget, when big world brands buy NFTs, it is trendy.

Greedy Machines: Uniting NFTs and mining is possible

GMT Tokenis a project that makes it easier for anyone to engage in bitcoin mining. Recently, it launched its own NFT project,The Greedy Machines. The developers came up with a fundamentally new approach to creating an NFT collection and started an art project with a set of images of mining machines. That are not just pictures; each image is backed by computing power. The initial supply will consist of 1,000 unique collectible miners stored on the Ethereum blockchain.

GMT users can exchange GMT for NFT, an image supported by real computing power, meaning NFT owners will get mining rewards daily.

Building NFT mining farm

The Greedy Machines is a concept art game where participants build their own virtual mining farm. Each NFT is backed by a certain amount of computing power and mines Bitcoin daily. Users should attach the purchased NFTs to their accounts to start building their own farms and receiving mining rewards. Farms include mining cells, mining shelves, immersion baths, containers, data centres, etc. Every participant can grow and develop one's farm starting from a novice miner with one device and growing to the head of a mining empire.

Greedy Machines also includes an attractive referral program. NFT holders invite their friends to the platform, and as a result, both participants and invited members receive promo codes for an extra reward in Bitcoin. In addition, equipment maintenance is also rewarded - the more the participant performs equipment maintenance, the more bonuses one receives.

The working principle

Each miner has a certain amount of processing power, bringing rewards in BTC directly to the user's wallet. When a user buys NFT, one receives a portion of computing power measured in TH/s in the following proportions: S – 4 TH/s; M – 8 TH/s; L – 12 TH/s; and XL – 16 TH/s.

As the power of their mining equipment increases in the game, players receive "attributes" in their personal accounts indicating how far they have progressed. For example, if a user buys 4 TH/s, he will get a cell with a miner; if one buys 12 TH/s, one will get an immersion bath, etc.

Environmental sustainability

One of GMT Token project's first priority is to provide sustainable energy. The project offers 'green' miners to its users. Profit will go to organisations involved in spreading sustainable energy worldwide. One of the principles of NFT ownership is: the longer a user holds tokens, the more bonuses one receives.

Final thoughts

The Greedy Machines aims to unite a community of miners, facilitate BTC mining, and develop 'green' energy. It is a project for those who enjoy beautiful visual forms and artworks. NFTs backed by computing power and bringing rewards are available on the GMT marketplace.

Arts

https://www.entrepreneur.com/en-in/technology/nft-allowing-mining-of-cryptocurrency-is-it-possible/436890

Interesting NFTs
CryptoPunk #5822
By C352B5
#19468
By OthersideDeployer
Who Is The Creator 2
The idea for this piece was borne out of a tweet of mine that caused a bit of a stir. I’d posted a link to a blog article I’d written a number of months previous titled ‘Who is the Creator’ discussing various types of creative collaborations and why I hire people to work on my animations. It generated a lot of debate around creation and attribution with the community split on whether it’s right or wrong for an artist to hire other professionals to help them realize their art projects. I decided to push the boundaries even further and see how the cryptoart community responded. What if I quite literally had nothing to do with the physical or digital elements of the work other than coming up with the concept and coordinating it? I decided there was one artist in the space who could add huge value to this idea on levels that none other could and so I gathered my courage and contacted the great JosĂ© Delbo to ask him if he’d be interested in a very unique collaboration. I explained to him that to make this piece ‘work’ he couldn't have any say in what I produced and moreover, he wouldn’t even be allowed to see the animation until it was dropped on MakersPlace. To my surprise, Mr Delbo agreed to my proposal. The animation tells the story of the creative process, which includes my roles as writer, director, and producer working with a team and making edits and changes ‘in real time’. The dialogue between myself and my ‘hired guns’ plays out in front of the viewer. The music written for the piece adds to the nostalgia of the comic book superhero theme but other elements such as the snapping and kicking of the pencil and the signing of my signature at the bottom incorporates further layers and challenges the viewer to ask important questions, such as, is the ‘Art’ the final animation (the creation) or is the ‘Art’ the concept/credit for the creation itself?
#75168
By OthersideDeployer
Mars House
Mars House is the first NFT digital house in the world. Upon purchase of Mars House NFT, 3D files will be sent to the new owner by Krista Kim Studio Inc. for file upload to the owner’s Metaverse. Technical support for Mars House integration on Metaverse is provided. (Architectural Digest, March 14, 2021) “Kim ventured into NFTs while exploring meditative design during quarantine; her hope was to use the influx of digital life as an opportunity to promote wellbeing. Comprised entirely of light, the visual effects of her crypto-home are meant to omit a zen, healing atmosphere. The artist also partnered with musician Jeff Schroeder of The Smashing Pumpkins to create a calming musical accompaniment. So what makes the file a compelling purchase? Beyond the promise of buying into the lucrative NFT market, the home and all of the furniture in it can be built in real life by glass furniture-makers in Italy, as well as through MicroLED screen technology. Kim also has a strong visions the art being projected, as well. “Everyone should install an LED wall in their house for NFT art.” says the artist. “ This is the future, and Mars House demonstrates the beauty of that possibility.” The owner is in agreement to the following terms and conditions upon purchase of Mars House (hereby referred to as Mars House NFT): The collector agrees to own one copy of Mars House NFT on a single Metaverse platform. The collector is required to register Mars House NFT ownership with Krista Kim Studio Inc. Krista Kim Studio Inc. will provide technical support to upload and integrate Mars House NFT on a Metaverse platform. If/when Mars House is resold, the collector is required to delete all Mars House NFT 3D file(s) from his/her Metaverse, and provide verification of deletion to Krista Kim Studio Inc. before new 3D files are transferred to the new owner by the artist. The new owner is required to register Mars House NFT ownership with Krista Kim Studio Inc. Krista Kim Studio will send Mars House NFT 3D files directly to the new owner and provide support for Metaverse integration. This verified ownership transfer system will be appointed to Krista Kim Studio Inc. trusteeship, after 40 years of the date of the sale. Krista Kim Studio Inc. retains ownership of Mars House NFT copyright. All rights reserved. All reproductions of Mars House (NFT) in both digital and physical formats, are restricted. Mars House NFT physical furniture pieces, made of tempered printed glass in Italy, may be commissioned by the collector as NFT physical pieces.