NFT Allowing Cryptocurrency Mining: Is It Possible?

The concept of NFT is changing. It used to be treated as funny pictures that caused hype on the Internet, but now it is much bigger than just pictures. NFT is the tool for verification and digital proof of ownership that opens access to the digital economy. We used to live in a world where third parties played a key role, be it in services, documents, electronic copies, etc. Now all these processes move online, where there are no middlemen. It is a huge leap in the digital economy and the beginning of the financial revolution.

With NTF evolving, we are gradually transitioning to the Web 3.0 Internet, which brings breakthrough technologies and how people interact on the network, drastically different from everything we used to in Web 2.0. And NFTs take a central role in the process of the transition to Web 3.0.

NFT in numbers

Compared to March 2021, when NFTs were not very popular, in 2022 their volume reached $8 billion. Here are some figures about the NFT industry:

• In early 2021, the trading volume of NFT was 26 times higher than the total in 2020.
• Transactions with NFTs grew by 21.5 times; the number of active buyers increased from 11,000 to 190,000
• One of the most popular NFT pools, CryptoPunks, has passed $1 billion in trading volume.
• Just one artwork out of 10,000 CryptoPunk images sold for $11.75 million.

According to Marketdecipher, by 2031 NFTs will account for 40 percent of the collectibles market, at $440 billion in a year.

Why is it worth buying NFT?

NFTs always create hype and prices grow. Moreover, artists whose artworks are not available for sale or are too expensive can tokenize their work, encrypting them in NFTs, and modern artist-influencers have millions of followers on social networks. Not to forget, when big global brands buy NFTs, it’s trendy.

Greedy Machines: Reuniting NFTs and Mining is Possible

GMT Token is a project that makes it easier for anyone to engage in bitcoin mining. Recently, it launched its own NFT project, The Greedy Machines. The developers came up with a fundamentally new approach to creating an NFT collection and started an art project with a set of images of mining machines. It’s not just pictures; every image is backed by computing power. The initial supply will consist of 1,000 unique collectibles stored on the Ethereum blockchain.

GMT users can exchange GMT for NFT, an image backed by real computing power, meaning NFT owners will receive mining rewards daily.

Building NFT mining farm

The Greedy Machines is a concept art game where participants build their own virtual mining farm. Each NFT is backed by a certain amount of computing power and mines Bitcoin daily. Users should add the purchased NFTs to their accounts to start building their own farms and receive mining rewards. Farms include mining cells, mining shelves, immersion baths, containers, data centers, etc. Each participant can grow and develop their farm from a novice miner with one unit and grow to the head of a mining empire.

Greedy Machines also includes an attractive referral program. NFT holders invite their friends to the platform, and as a result, both participants and invited members receive promotional codes for an additional reward in Bitcoin. In addition, equipment maintenance is also rewarded – the more the participant carries out equipment maintenance, the more bonuses you get.

The working principle

Each miner has a certain amount of processing power, and provides rewards in BTC directly to the user’s wallet. When a user buys NFT, one receives a part of the computing power measured in TH/s in the following proportions: S – 4 TH/s; M – 8 TH/s; L – 12 TH/s; and XL – 16 TH/s.

As the power of their mining rig increases in-game, players receive “attributes” in their personal accounts that indicate how far they have progressed. For example, if a user buys 4 TH/s, he will get a cell with a miner; if you buy 12 TH/s you get an immersion bath etc.

Sustainable environment

One of the GMT Token project’s first priorities is to provide sustainable energy. The project offers “green” miners to its users. The profits will go to organizations involved in spreading sustainable energy around the world. One of the principles of NFT ownership is: the longer a user has tokens, the more bonuses one receives.

Final thoughts

The Greedy Machines aims to unite a community of miners, facilitate BTC mining and develop “green” energy. It is a project for those who like beautiful visual forms and artwork. NFTs backed by computing power and providing rewards are available on the GMT market.

Note: Investing in cryptocurrency and cryptoassets is subject to financial risk and readers should do their own due diligence. Entrepreneur Media does not support such investments.