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BASEMENT DWELLERS: THE LATEST NAME IN THE WORLD OF NFT’S

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BASEMENT DWELLERS: THE LATEST NAME IN THE WORLD OF NFT’S
https://basementdwellersnft.com/

Cryptocurrencies have soared in recent years, but these digital assets are more than just speculation. Blockchain, a digital ledger technology that enables cryptos, is already being used in the real world. NFTs (non-fungible tokens) are one example. Furthermore, NFTs are blockchain-based tokens that reflect digital asset ownership. The latest trend in NFTs concerns digital art and creativity, like Twitter CEO Jack Dorsey sold the first-ever published tweet for $2.9 million using an NFT.

With the world jumping on the cryptocurrency bandwagon and finally seeing Bitcoin as a viable investment option, anything associated with blockchain or crypto is making headlines. NFTs are no different. They have taken the world of crypto by storm, and everyone wants a piece of it. Basement Dwellers are one of them. They are the latest name in the NFT circuit, offering meme-inspired digital art.

Before we look into Basement Dwellers and their concept, let us look into NFTs and how they work.

What is an NFT?

Essentially, an NFT is a collectable digital asset that has value as a cryptocurrency and as a piece of art or culture. NFTs are being viewed as a value-holding investment in the same way as art.

Let’s start with a definition of the term. NFT stands for a non-fungible token, which is a sort of cryptocurrency similar to Bitcoin and Ethereum. However, unlike a standard coin on the Bitcoin blockchain, an NFT is one-of-a-kind and cannot be swapped for other NFTs (hence, non-fungible).

So, how is an NFT different from a traditional cryptocurrency? The NFT file includes additional information that elevates it above ordinary currency and allows it to be used for anything. NFTs exist in several forms, but they can be anything unique that can be recorded digitally and regarded as valuable, such as a piece of digital art or a music file. They are essentially similar to any other tangible collector’s item, except you receive a JPG file instead of an oil painting on canvas to hang on your wall.

How does an NFT work?

NFTs are independent tokens that are part of the Ethereum blockchain. The critical element is the extra information, which allows them to be represented as art, video or music in the form of JPGs, MP3s, videos, GIFs, and other formats. They may be purchased and sold like different sorts of art because they have value – and, like real art, with demand determining their worth.

That isn’t to suggest that only one digital version of an NFT art is accessible for purchase on the market. Copies of an NFT are still valid elements of the blockchain, just like art copies of an original are made, used, bought, and sold – but they will not have the same value as the original.

Don’t imagine that by right-clicking and saving an image of an NFT, you’ve hacked the system. Because your downloaded file does not include the information that makes it part of the Ethereum blockchain, you will not become a millionaire. Does that make sense?

Basement Dwellers

Things will make more sense now after reading about NFTs and the exact way they work. Now we can talk about Basement Dwellers. With the bulls circling the current crypto market, NFTs are upward trending and highly appealing to buyers.

Basement Dwellers are just here to do that; take the world of NFTs by surprise with their quirky digital art. Meme culture and gamer stereotypes are the main inspiration behind Basement Dwellers. This is something you’ll be able to connect to if you’ve ever sat for hours talking about your favourite games while exchanging memes with your friends. The best thing about Basement Dwellers is that they have included references in their collection, which will appeal to everyone. Basement Dwellers have you covered from old school to the latest games, which have captured the market’s interest and are popular with the newer generation.

Basement Dwellers: The Team

Basement Dwellers has an experienced team of designers, developers, marketers, and crypto enthusiasts with backgrounds as Twitch streamers, competitive gamers, software sales, and other NFT projects. Furthermore, the team has worked on credible projects like TheProjectURS (Dev) & CryptoDads (Artist). Additionally, the team is made up of members from across different continents; the US, South Korea and Australia.

Nomanz and Skizzo, the co-founders, are gaming enthusiasts and Twitch streamers. Nomanz’s professional background is in software sales and internet marketing (having sold more than $800,000/year in software products). Leya, the designer, helped design the viral Cryptodads NFT project (with ‘floor’ prices currently sitting at 1.37 ETH and more than 8,200 ETH in trading volume). Lastly, Mempool, the strategist behind the project’s launch, was the dev team leader at Project URS, which hit a record-breaking public sale raffle with $33 million deposited from eager buyers. All of this highlights the experience the Basement Dwellers’ team has under their belt, further adding to the appeal factor of their project.

Furthermore, with the massive surge in the market for NFTs and OpenSea processing more than $100 million per day in sales, the team will release 10,000 randomly generated NFTs (from 200+ unique traits) with the “mint” price for each being 0.069 ETH.

Final Verdict

According to the roadmap, Basement Dwellers have planned Airdrops, where reserved basement dweller NFTs will be airdropped to selected people, containing an extremely rare 1 of 1 NFT. Additionally, giveaways are planned, too, where the team will distribute custom PCs worth $3000 to five people holding a Basement Dweller in their wallet. Alongside this, consoles will be awarded as well to five members from within the community. Furthermore, Basement Dwellers also has charity in mind where the team will raise $40,000 to donate to various charities supporting children.

It’s difficult to predict if NFTs will become more common in the future or not. Indeed, there is a lot of interest in them right now, with considerable growth potential. However, the technology is still in its early stages. There are several obstacles to overcome, which the Basement Dwellers team is certainly capable of doing.

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Bitcoin

When will Bitcoin Rally Start? Technical Analysis:

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When will Bitcoin Rally Start? Technical Analysis:

Bitcoin dropped today after briefly kissing the $59900 and as the selling pressure rose it dropped swiftly and the slump continues. The question is when will the Bitcoin rally start?

When will Bitcoin Rally Start? Technical Analysis:

TradingView Bitcoin Chart

Bitcoin Rally: Technical Analysis

The Bitcoin price today is $54,346.67 USD with a 24-hour trading volume of $42,612,427,726 USD. Bitcoin is down 7.79% in the last 24 hours. The current CoinMarketCap ranking is #1, with market cap of $1,026,280,520,107 USD. It has a circulating supply of 18,883,962 BTC coins and a max. supply of 21,000,000 BTC coins.

Bitcoin has found its support at fib -0.65 and has an increased volatility today. Bitcoin is currently trading below EMA 20 on an hourly chart which indicates that the Bearish trend is volatile. The relative strength indicator shows that Bitcoin has entered an oversold situation. This means that now it should start getting the buyers in and the price should rise to the previous highs of yesterday.

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26 % of the Crypto investors are in NFTs

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26 % of the Crypto investors are in NFTs

The decentralized era of Blockchain assets – Cryptocurrencies and NFTs are revolutionizing the traditional centralized financial systems by rooting out almost all their problems straight away in a single solution. In this digital era, we face the problems of authenticity, origin, and verification of digital files which is not possible without being on blockchain.

Non-fungible tokens (NFTs) address such problems solely and transparently so that the idea could only belong to its origin through proof of ownership.

investors tired NFTs

26 % of the Crypto investors are in NFTs

In Japan there held a survey to check what percentage of people already in cryptocurrency holds NFTs. We will put here stress on the fact that the cryptocurrency traders and investors are the first in the line those who understand the NFTs and their potential profits. The report shows that one out of four people holds NFTs, 26% to be exact.

The survey was conducted by Major Japanese crypto exchange BitBank to estimate the mass adoption of NFTs by the people who completely understand the idea. Out of this 26% of people holding NFTs, 39% revealed that they never sold their NFTs and they are holding these digital assets and they are not aware of the actual value of their NFTs. 22% of these people holding the digital assets were aware of the actual price of what they own.

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Hackers using Google cloud accounts to Mine Cryptocurrency

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Hackers using Google cloud accounts to Mine Cryptocurrency

Google provides 2 giga bytes of free cloud storage to each Google account holder. Users can buy the premium access to more storage up to 100 giga bytes. Google provides two factor authentication to it user for added security. Hackers have found the vulnerabilities and used the Google Cloud accounts to install the third-party software for mining.

Hackers using Google cloud:

Hackers using Google cloud accounts to Mine Cryptocurrency

Due to poor customer security practices the hackers take up the control of their accounts to install the mining software under 30 seconds. This pirated software then uses the resources of computer including CPU, GPU and Storage to server for their mining on Chia Network. According to a report, the percentage of hacking for mining purposes in Google Cloud storage is 86% related to crypto mining and only 14% for other cases. According to cybersecurity the error is not at the end of Google side. The hacks are due to poor customer security practices.

Remember to always use Two factor authentication and not download any pirated software as anything that seems free comes at a greater cost.

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