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The Door Token is intended to incentivize homeowners who agree to share information about their property. Homeowners can mint property data represented as an ERC 1155 NFT on the Ethereum blockchain and receive crypto rewards every time their data is viewed via the Door Protocol. In addition, service professionals, such as electricians, real estate brokers, and other experts, may easily use the Door Marketplace to discover homes that require their services.

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NFTs With a Utility Focus: the Future of Blockchain Art?

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According to NFTY Labs’ COO, Tytan Inc., NFT firms should focus on genuine use cases to stand out in a crowded industry.

According to Tytan Inc, the COO of NFTY labs, a platform focused on producing products for the NFT market, the transition from static digital collectibles to tokens with genuine utility will lead to a new generation of NFTs.

In a recent interview with Cointelegraph, he stated that even if the market is crowded, there is still an opportunity in the NFT ecosphere for entrepreneurs to raise funding.

“Most VCs are getting on to the concept that a lot of the true value in an NFT is in how you can utilize it, not so much in how it looks,” he said.

Tytan Inc. is particularly interested in NFTs as a method of authentication for accessing huge databases, believing that they will address the privacy and security difficulties that standard password and user name-based access systems have.

“Instead, you use a hardware wallet with the nontransferable NFT. And now you have your authentication method.”

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Has The NFT Bubble Already Burst?

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The NFT market was heating up faster than Steph Curry in an open gym, but it appears to have already burst.

Thanks to the research by the crew at Protos, they found that The NFT market has imploded over the past month, with sales in every single category almost entirely drying up.

NFTs peaked on May 3, when $102 million worth were sold in a single day. The crypto-collectibles market made up $100 million of those sales.

But according to data analyzed by Protos, just $19.4 million in NFT sales were processed in the past week.

Overall, $170 million in NFTs were transacted in the seven days surrounding the market’s top — a near-90% collapse.

CryptoPunks have been selling for as much as $7.5 million each, with many going for over $1 million.

NBA Top Shots selling for multiple hundreds of thousands of dollars.  And many collectible NFT’s going for just as much.

Has the NFT bubble already burst?

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GaryVee explains why NFTs are not a scam…

People claim non-fungible tokens (NFTs) are a scam since the thing you are owning is non-physical and therefore “not real”. While this may be a valid argument from someone first learning about NFTs, after doing your research you should realize that NFTs are arguably more legitimate, easier to authenticate, and overall secure than normal assets. Just because you can’t physically hold an NFT that does not mean it doesn’t exist and there will be plenty of NFTs that come with real-world benefits via the smart contract that you can actually experience, hold, etc…

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