Bitcoin, Blockchain, & The NFT Revolution: The Background
The popularity of
Bitcoin since its birth in 2009 has many believing that blockchain is Bitcoin’s
progeny. But the fact is that Bitcoin only helped popularize the already
existing blockchain technology. Blockchain, as we know it today, is based on
the work of Stuart Haber, W. Scott Stornetta, and Dave Bayer, which dates back
20 years, to 1991.
So, what is blockchain
technology? Blockchain is a database of recorded information that stores
digital data in blocks that are chained together in a way that makes it
difficult or impossible to change, hack, or cheat the system. Blockchain
transactions are verified by network nodes through cryptography as the
information is recorded in a public distributed ledger, called a blockchain.
While the majority of
the world may have only recently learned about NFTs through a skit on Saturday
Night Live toward the end of March of this year, the first NFT was actually
minted in 2014 by Kevin McCoy and named “Quantum.” Four months ago,
in June, Sotheby’s auctioned that first-ever minted NFT for $1.4 million.
How is blockchain
connected with NFTs (non-fungible tokens)? And what is an NFT? NFTs are digital
files of any type of asset class which are minted as unique digital-native
tokens that are then recorded on the blockchain, making it simple to
authenticate and verify ownership. That is why NFTs can be traded on an NFT
marketplace in a similar way to stocks.
The rise of bitcoin
and blockchain has helped revolutionize a number of decentralized sectors as it
eliminates the inefficiencies of centralized systems, and one such sector is
NFTs. This rise has also birthed a number of successful entrepreneurs. One such
serial entrepreneur who has risen to the heights of the crypto and
decentralized finance (DeFi) space is Jenny Q. Ta.
Wall Street Smarts Pave the Way for DeFi Success
Jenny is widely known
for her tenure on Wall Street where she forged her early successes, which
include two exits that led to her becoming a multi-millionaire by her
mid-twenties. While she was not an early investor in bitcoin, but rather waited
until late 2015 to get involved, the in-depth knowledge of the SEC rules and
regulations she had gained while running her investment banking firms on Wall
Street gave her a strong lead among some of the top experts within the
cryptocurrency industry.
In late August, Jenny
had her third exit, which makes three out of three in her career. But unlike
her first two, where she formed a new company post acquisition, this time she
has decided to join forces with the two current co-founders of GalaxE to become
their third co-founding partner and COO.
The Vision: Venturing Into NFTs & the Metaverse
Mark Zuckerberg of
Facebook made an announcement that the company is planning a strategic move to
rebrand Facebook with a new name that is connected to the Metaverse. So, what is the Metaverse, why is one of the
largest tech companies in the world diving into it, and how does this differ
from Jenny’s vision for GalaxE’s NFT-Social Metaverse?
Jenny explains:
“The metaverse is simply a digital reality that combines the aspects of
social media and online gaming through augmented reality (AR) and virtual
reality (VR). It is there where cryptocurrencies are utilized to allow users to
interact with one another virtually.” She suggests we think of her — or
ourselves — as the Jake Sully played by Sam Worthington in Avatar, James
Cameron’s movie debut in 2009 that has since become the world’s top-grossing
film of all time. In Avatar, Jake Sully, a paralyzed former Marine, becomes
mobile again through one such Avatar. Says Jenny, “Fast forward to today’s
Metaverse, where anyone can become that Jake Sully in a world we can custom
build out of our own imaginations to create our own reality.”
GalaxE’s NFT-Social
Metaverse will be that world which Jenny will help build, along with the
company’s original two founders, Lenny Schutz, CEO and Arnold Jean Dre Bosch,
who goes by AJ and is the CTO of the company. The trio’s vision is quite a
fascinating one to say the least, as they will collectively become the James
Cameron of Avatar. Unlike some of the current leading NFT marketplaces like
OpenSea, Axie, and Cryptopunks, to name a few, in the world of GalaxE, the
Metaverse that the company will soon create will make it one of the first
decentralized NFT aggregators to have its own social media and its own native
utility cryptocurrency (called HODL), and it will soon also be on its own
blockchain.
GalaxE’s Early Success & Differentiation
GalaxE has already
demonstrated instant success with over six-figure NFT sales within its first 30
days of launch and has since continued growing at a rapid pace with at least a
110% growth in weekly sales. As the first revolutionary NFT aggregator to run
on multiple blockchains, GalaxE gave buyers and sellers the freedom to choose,
unlike most NFTs offered by others, which utilize a preselected Ethereum
cryptocurrency on the Ethereum blockchain. GalaxE is also the first to offer
buyers the option to use different currencies to purchase their NFTs, and not
just the singular option of Ethereum.
What makes GalaxE
differ from the rest is that it has steered clear of being built on a set of
smart contracts on Ethereum, which is designed to power decentralized digital
asset exchange. In GalaxE’s vision, NFTs are not simply art as it is known to
the world at the present time. NFTs represent ownership of everything that can
be digitized to represent ownership of these digital goods, from images,
videos, texts, music, songs, and gaming items, to real estate, fashion and
wearables, events, ticketing, and even health care, advertising and fantasy
sports, concerts, and theme parks. All are the digital “twin” of a
real-life asset. Whatever one can do in the real world can be duplicated in the
Metaverse. The possibilities are endless!
Jenny & GalaxE: Bridging Reality & The Metaverse via NFTs
According to Jenny,
NFTs will be the bridge connecting the Metaverse with reality where Coachella
could be 100, 1000, or 100,000 times larger than real life, where songs from
artists can bypass record labels as the main funding sources of royalties for
the artists. As she puts it, “Through NFTs and the Metaverse, artists can
earn royalties directly from their fan base. Imagine being in Moldova, one of
the poorest countries in the world, and still watching Adele in concert live in
New York City through the Metaverse.”
One of author Morgan
Scott Peck’s greatest quotes exhorts us, “Let your dreams be bigger than
your fears and your actions louder than your words.” Throughout her
career, Jenny Ta has embodied these ideals. And her fearless, forward-looking
vision for the future recognizes and embraces the reality that “GalaxE is
no longer far, far away, but it is here … now … through the Metaverse!”
Find out more about
GalaxE by HODL by visiting the https://galaxe.io/ website.
This news is republished from another source. You can check the original article here.
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