Why is there so much talk about cryptocurrency?
Aren't cryptocurrency and NFTs bad for the environment?
Aren’t NFTs just expensive jpegs that you could just copy/paste?
Why should I buy Solana?
A few years ago, if you mentioned “cryptocurrency” many people would have imagined an underworld banking system with shady trading. As technology development has progressed, more people have adopted the technology, new exciting projects have started, and the view of Web3 has changed.
There is an unprecedented redistribution of wealth occurring through the crypto space as we speak. However, as with traditional investing, there is a gender imbalance. One thing to remember is that Web3 is in the early stage of adoption. Everything is not yet figured out. The technology stage that Web3 is in now can be compared to the early phone adoption when everyone carried a large battery around in a bag. We are convinced that blockchain technology and the future of “web3” is here to stay, and we want you to be a part of it!
Yes and no. The short answer is that many new cryptocurrencies do not require energy consuming “mining” (the process of creating blocks on the blockchain for transactions).
However, two of the most ground-breaking innovations within blockchain have been Bitcoin and Ethereum. They are still based on the type of energy consuming mining called proof-of-work. The good news is that Ethereum has already begun their process to move away from the proof-of-work model to something called proof-of-stake which hugely reduces the environmental impact.
The reason NFTs have been called unsustainable is because many prominent NFTs are released on the Ethereum blockchain. Which is, as of now, still highly energy consuming. On the other hand, many new cryptocurrencies uses the proof-of-stake model.
Since Rave Review is about sustainable fashion, we will be releasing Cryptopanties on the Solana blockchain, which uses proof-of-stake. Solana has become increasingly popular in the NFT space, is well-established, and has near-zero fees. It's also climate neutral, just like we want the future of fashion to be.
In some sense, that’s true. However, you can also copy high-end brand clothes. The clothes could look the same, but only one is the authentic brand. Blockchain technology enables the ability to track and verify authenticity.
Apart from providing the possibility to own digital content, another revolutionary functionality of art NFTs is that creatives can capitalise on their early work. They can add to the code that they get paid a percentage of the sales price each time it gets resold.
NFTs have more applications than just art. They can be used for ticketing, reducing fees, and minimising fraud. Another future application can be to invest in musicians that you love. This supports their growth and for you to be a part of it.
Firstly, you need to be aware that buying cryptocurrency and NFTs carries a high risk due to market volatility and the early stage of the web3. You should never invest what you can’t afford to lose.
Solana (or "SOL") is one of the bigger cryptos aside from Bitcoin and Ethereum, and therefore likely to be more successful in the long run.
Solana can be used to buy NFTs like Cryptopanties. You can buy Solana through your Phantom wallet, or you can transfer it from an exchange, and then use this to buy an NFT, or hold it as an investment.
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