October 12, 2021

Bytom soon to launch an NFT platforms.

NFT (non-fungible tokens) is a virtual digital unit in a blockchain network. It is essentially a digital certificate that confirms the right to own an asset.


A growing number of experts believe that the decentralized finance ecosystem is approaching an inflection point with the growing popularity of NFT.
The Bytom team recently announced the launch of its own NFT platform! Many of you have probably noticed the success of NFTs and their growing presence in the cryptocurrency discussion even to this day. Today I would like to share with you my thoughts on what I expect from the NFT platform that Bytom is developing... But first I would like to draw your attention to a few interesting points from Bytom's project history. This is important, because I have been following the development of the project for a long time and had the opportunity to follow each stage of their progress up to this day. In this case, I want to draw your attention to how Bytom is ahead in its strategy when it comes to legislative risks that kill completely or strongly hamper the development of other blockchain projects.

Already in 2018, Lang Yu (Now CEO Bytom), in an interview, said:

"One of Bitcoin's biggest problems is the huge energy consumption that is associated with the current POW algorithm. Bytom solves this problem with an AI-based algorithm."

Lang Yu / At that time, he held the position CTO.


In 2021, Bytom switched completely to PoS consensus, abandoning PoW and Sidchain. I believe this strategically sound move allowed Bytom to survive. In order for Bytom to get ahead of the mining ban in China, a lot of work had to be done to prepare for the transition to PoS. I admire the way the project management sensed and preempted the market. Bytom's new blockchain is now fully up to date and ahead of many of its competitors.
Now Bytom has announced the launch of its NFT platform and it's not far away... You know what excites me? I'll tell you! Did you know that NFT is not a cryptocurrency? NFT can be easily sold for fiat, which is successfully done on famous exchanges. And now I ask you... Have you heard that China is going to ban cryptocurrency trading? Let's assume you answered yes. Then I will ask you one more question: Do you remember Bytom's motto with which it entered the market in 2017? I'm going to assume you might say NO. Don't worry, I remember Bytom's motto very well.
TRNSFER ASSETS FROM ATOMIC WORLD TO BYTE WORLD


Personally, I see this slogan as a reflection of NFT functionality. My impression is that Bytom was waiting for the NFT era and that we will soon see a surge of interest in the Bytom project. The team has prepared a very serious DeFi MOV platform with great functionality. But the most important thing is the timeliness of this event! You see, NFT tokens are not just funny and expensive pictures, magic weapons or kitty cats from a game. The NFT concept has enormous potential in its development and expansion into other areas of life. Art and games will serve to promote the popularity of this kind of digital asset. I am sure that NFT will be used on a very large scale in the near future. All companies will be releasing NFTs for promotions, collectibles, and many more. A huge number of things from the physical (atomic) world will be turned into NFT: real estate, documents, tickets, songs, movies, stamps, books, etc. I don't want to bore you with listing all the areas in which NFT will find application, but I do want to draw your attention to the fact that Bytom is launching an NFT platform on its blockchain in a very timely manner. Once again Bytom's management has shown foresight and good intuition. I really hope the team has big plans in this direction because given its success to date I believe there is every reason to do so.
More and more authors are using NFT tokens because it's more convenient to protect copyrights and make money, and more convenient for users to collect and store content.

I predict that every brand will distribute NFT tokens instead of a discount plastic card (OMG what an anachronism for the 21st century). The same will apply to pre-orders, they will be registered through the purchase of an NFT token and there are a myriad of other avenues through which NFTs will enter everyone's daily life.
I like the NFT platforms for artists, they've already reached quite a professional standard and people have mastered their ecosystem. But you know what three things I think should appear and complement their ecosystem?


1) We need venues that will sell NFT tokens that have nothing to do with art. Yes, I think it's about time they showed up. Soon people will need an area where they can sell their NFT-tokens, that allows to get a discount in a store chain or a certain brand of goods, a ticket to a concert, a book, a music album, a membership in a club and many other things!


2) For the ecology of NFT, a registry is urgently needed in which you can make requests for tokenization of all types of assets. People should be able to find out which assets have been tokenized. I assume that the registry will have to verify the identity / companies / brands that will be minting the NFT. The registry will keep records of all objects in the physical world to which the NFT token is attached. This will add legal guarantees to buyers.


3) Building an NFT on a blockchain that is greener than Ethereum. Most NFT tokens are associated with the Ethereum cryptocurrency. Ethereum servers are estimated to consume more energy per year than Iceland. This fact is of increasing public concern and cannot be ignored. For this reason alone, many artists refuse to use NFT.
The Bytom team already has many products that have been used in business, banking, and even in a government office in China. I love how the team anticipates risks and mitigates them ahead of time. Predictably, I am sure that Bytom will do something unique and promising.

P.S.
I have high hopes for the Bytom team's NFT platform and wish them well.

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