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.

Handout

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
Really Remote Working Part 1
Created during the lockdown period whilst being confined to the same place every day, this piece is part of a series of imaginary places that I dreamed of being able to work from.
CryptoKitties
What's up! I'm Kitty #452373. In high school, I was voted most likely to work at NASA. When my owner isn't watching, I steal their brooches and use them for litter paper. I'm not sorry. Can you make my stinky dreams come true?
Death Dip
#XCOPY #GIF #death #dip #lurking
#67002
By OthersideDeployer
Alex in Wonderland
A figure, Alex, stands mostly naked in the midst of a physical and psychological maelstrom. He is clad only in nostalgic 80’s era socks, on a tenuous island between active waters and a variety of shark denizens. Sharks on the right side of the image are all beached, including a shark with a quartz crystal snout, an orange shark wrapped in a life buoy, and a shark further in the distance wearing an 80’s style shirt with the number “88”. On the left side is the largest shark, wearing bright glossy red lipstick and brandishing prominent teeth with braces. She is cordoned off from the figure by a roped float divider, and within her thought bubble is a warning symbol. Behind the figure, hovering in the air, are Grey aliens emerging from the distance, out of a series of elliptical UFO shaped interdimensional membranes. The Greys take on the visual form of spermazoa ostensibly impregnating the interdimensional thresholds. As is typical, these Greys inhabit a zone just behind the unconscious topology of Alex’s dissociative mind. Though Alex’s bottom half is representative, his top half mutates into a psychological cornucopia. In a manner akin to “Auto-Erotic Sphinx”, a predecessor work, the figure has self suctioned—an act of sensual infatuation, enjoyment, and exploration. Upward exists the figure’s primary conscious eye, adorned with a revolutionary beret emblazoned with a Bitcoin badge. The figure’s summit features the nose of a fighter jet facing off against video game Bullet Bills, one of whom is marked by a communist North Korean star. A cropped section of a UFO observes the contest. Alex’s mind branches both left and right. To the left is more singular embodied consciousness, manifesting two eyes and a Ganesh trunk grasping crayons. The right branch dissociates upward diagonally, emerging into an array of eyes, faces, teeth, tail, a unicorn horn, and much more—all of which participate in expressing his unconscious being; a democracy of psychic factions representing thought impressions and associations. All illumination and darkness– fernal, infernal, high consciousness and corporeal underbelly–reside in this realm. In the distance are relatively languid, light clouds, and against the firmament hovers a colossal distant eye peering over the scene and far beyond. This painting possesses underlying genetic traits with previous works such as “Auto-Erotic Sphinx with Toys”, “Dionysus”, and “Fuku-Shiva”. The work serves also as a nod to an earlier period of art inspiration during late teens and early twenties— born out of the nakedness, vulnerability, curiosity, and wonder inherent to coming of age and all subsequent psychedelic revelation.