NFT individual works and collections appear to be largely taking over the cryptocurrency blockchains economy. New blockchains and new NFT platforms are being launched at a rapid rate and there is no slowing down in passion by NFT enthusiasts. NFTs and the metaverse are ongoing topics for discussion within the crypto community space and among novices who have not yet participated. However, there is growing interest and recently an NFT collection was launched by former first lady Ivana Trump (Aljazeera 2021). According to Conti $ Schmidt (2022), $174 million has been spent on NFTs since 2017 and this amount is increasing daily. Many blockchains support NFTS (Non-Fungible-Tokens) including Ethereum, Solana, Avalanche, Cardano, Polygon, Fantom, and BSC. More recently COSMOS and CRONOS chains have joined the NFT revolution.
NFT projects have many different purposes and utilities. Some NFTs are linked to real-world assets. Breckenridge (2021) explains that in the last 30 years value is slowly being transferred from physical prime to digital prime. He explains that "The Real-World Asset NFT (rNFT), or physical NFT, is a method of using legal and software engineering to tokenize physical property such that it can be traded, collateralized, governed, and owned using the same global medium of value transfer that powers the multi-trillion-dollar crypto economy." An example is the token Pax Gold (PAXG) which represents an ounce of real gold. The gold is stored securely in vaults and owners of the tokens can request that the real world asset be sent to them in exchange for the token.
Baily (2022) explains that NFT projects have numerous utilities: (1) Gaming/Metaverse, (2) gaming items, (3) fashion/luxury goods, (4) fine art/fractionalization, (5) Unique/new ideas, (6) PFP (A Profile Picture), for example, the most famous NFT art collection, Cryptopunks. The cheapest Cryptopunk is current approximately $200 000. According to Koller (2021) owning a PFP NFT is the equivalent of flexing your muscles online or owning a Lamborghini. (7) Identity, (8) Tickets/Token gates, (9) DeFi - Decentralized finance (10) Investment (11) NFT Gallery/Curation, (12) Art, (13) Virtual land / Metaverse.
The Cryptocurrency Degenerates NFT Art Project is a project that will be launching shortly is a combination of PFP, NFT art, and support to develop self-reliance among needy individuals who are unable to raise funds through traditional means.
The Cryptocurrency Degenerates project is a collection of 10 000 NFT characters. Globally many people are experiencing harsh financial difficulties for extended periods of time. The reasons are numerous but in many instances, it is simply because they have not had the opportunity to acquire skills or get an adequate education. The Cryptocurrency Degenerates (CDGS) Project intends to help such people by changing one life at a time.
However, the project intends to enable CDGS owners to participate in multiple DeFi projects across many blockchains in the metaverse, adding additional utility
Cryptocurrency Degenerates are individuals who like making money from crypto
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