datagod's Feed

02-25-2021 at 06:50 AM
Rate this Entry

Crypto Currencies and Digital Trading Cards

@Jace Hall @Snowflake @Ninglendo

Crypto Currencies have been around for over a decade, but most people are unfamiliar with them. Bitcoin is the most popular digital currency (1 trillion in market cap) followed by Ether (Etherium block chain)

Super short summary (with my own limited understanding):

Blockchain - An encrypted distributed file system that records transactions

Crypto Coin - A digital currency that is stored in digital wallets, facilitated by strong encryption on the blockchain

Mining - Depending on the blockchain technology and crypto coin being used, mining is a term used to describe actions of millions of computers around the world that verify cryptographic signatures on transactions. This is performed by running massive amounts of calculations (called hashes) against a block of data. If a computer finds the correct hash for the transaction, this is verified by a number of other computers on the network. Each computer involved in finding the valid number is rewarded with a portion of the crypto currency.

In other words, you use your computer (especially the graphics card) to help make the network stronger. As a reward, you earn digital money.

NFT - Non Fungible Tokens are a more recent development in the crypto world. Imagine trading cards that only exist in the digital world but are protected with the same level of encryption and transactions as the crypto currencies themselves.

From wikipedia:

Non-fungible tokens are used to create verifiable digital scarcity, as well as digital ownership, and the possibility of asset interoperability across multiple platforms.[3] NFTs are used in several specific applications that require unique digital items like crypto art, crypto-collectibles and crypto-gaming.

Art was an early use case for blockchain. NFTs prove authenticity and ownership of digital art.[4] The launch of CryptoPunks In June 2017 paved the way for "rare" art on the Ethereum Blockchain.[5] built from the CryptoPunks model and launched the first marketplace for rare digital art in Oct 2017.[6]

Later, popular blockchain games like CryptoKitties made use of non-fungible tokens on the Ethereum blockchain.[7] NFTs are used to represent in-game assets, and are controlled by the user, instead of the game developer.[8] This lets the assets be traded on third-party marketplaces without permission from the game developer.

William Shatner digital trading cards. You can buy and sell these cards. Each time they are re-sold, a pre-determined royalty is paid to the original owner.

Maybe Twin Galaxies could raise funds by creating NFT's of player certificates, trading cards, video game art. So many possibilities. TG Coins are an interesting idea, but I think in the long run NFT's would end up raising more money.

Just an idea anyway.

ThanksJJT_Defender thanked this post
LikesJJT_Defender liked this post
  1. Ninglendo's Avatar

    I say TG should do whatever they feel is right/good for the community. That being said I'm just not dumb enough to buy into it.

  2. datagod's Avatar

    Giving money to support something we love is what we are ultimately talking about. Using crypto currencies and digital assets is just another way of doing that, one that may spark interest outside the community.

    I still point back to the TG hoodies that were availabile in H1Z1 as an example. They were not "real" but people wanted them badly and were shelling out TONS of $$$ for them.

Join us