Before we start I would like to say that THIS IS NOT FINANCIAL ADVICE AND IS FOR ENTERTAINMENT PURPOSES ONLY.
So NFT's what is an NFT an NFT is a Non-Fungible Token which means that only one is ever able to be minted. This is all stored on the blockchain. So why is this the future of pictures or famous artworks?
Since NFTs are only able to be minted once that means some famous artworks. Can be added and traded on the blockchain. This has already created a new industry of small artists trying to make a living off of NFTs. This space is getting more and more competitive every day. As the market for NFTs grows. Now there are Ethereum, Solana, and, Cardano NFTs. Which is not all the chains that support NFTs but those are the most popular and most used.
So now what does it take for NFTs to take the photo market? A lot actually. So let me go through what needs to happen. First NFTs need to be minted without a gas fee. Imagine taking a photo of something and having to pay even 1$ in gas fees. They also need to be much quicker usually minting takes about a minute or two to happen fully. This needs to be much faster. These problems could be solved by a faster chain or a faster upgrade. I personally think that all of these problems can be solved with some clever coding and a new chain is not needed.
So that's what I have for you guys. Thanks for reading and Have a great day.
KuCoin
