The rise of non-fungible tokens (NFTs)
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
The rise of non-fungible tokens (NFTs)
Non-fungible tokens (NFTs) are a type of digital asset that represents ownership of a unique item, such as an image, a piece of music, or even a tweet. Unlike cryptocurrencies, which are fungible and interchangeable, NFTs are unique and cannot be replicated. This means that each NFT has its own distinct value and cannot be replaced by an identical one.
The rise of NFTs can be traced back to the popularity of blockchain technology, which provides a secure, decentralized ledger that can track ownership of digital assets. This makes NFTs a secure way to prove ownership and transfer ownership of digital items, and also makes it easier for artists and creators to monetize their work.
One of the early adopters of NFTs was the gaming industry, where players could buy, sell, and trade virtual assets within games. This paved the way for NFTs to be used in other areas, such as the art world. In 2018, the first NFT artwork, “Every days: The First 5000 Days” by the digital artist Beeple, was sold at a Christie’s auction for over $69 million. This set a new standard for how much an NFT could be worth and demonstrated the potential of NFTs as a new way to collect, sell, and trade art.
Since then, the popularity of NFTs has exploded, with the market growing from just a few million dollars in 2019 to billions of dollars in 2020. NFTs are now being used in a variety of industries, including music, sports, and even real estate. They have also become popular as a way to invest in digital assets, with many investors seeing NFTs as a new asset class with the potential for high returns.
However, despite their growing popularity, NFTs are not without their controversies. Some critics have raised concerns about their environmental impact, as the process of creating and trading NFTs requires a significant amount of energy and computing power. There are also concerns about the potential for NFTs to be used for illegal activities, such as money laundering and tax evasion.
In addition, there are also questions about the long-term value of NFTs and whether they are truly a sustainable form of investment. Some have argued that the NFT market is a bubble, and that its value may decrease as interest in NFTs begins to wane.
Despite these controversies, the rise of NFTs is a clear indication of the changing landscape of digital assets and the potential for new forms of ownership and exchange. As the technology continues to develop and mature, it is likely that NFTs will continue to play an increasingly important role in our digital lives.
In conclusion, NFTs represent a new way of thinking about digital ownership and the value of unique, digital items. As the technology continues to evolve, it will be interesting to see how NFTs will be used and the impact they will have on the art world and other industries.
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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The rise of non-fungible tokens (NFTs)
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