Has your favorite news channel or social media network buzzed with weird terms like “Beeple” and “non-fungible tokens (NFT)”? We promise: you’re not going crazy.
You may have been tempted to scroll on by, but something else might have caught your attention in the process. A piece of digital art by Mike Winkelmann (the aforementioned “Beeple”) sold for $69 Million at auction by Christie’s. Just a month prior, an old meme of a flying, pop tart-wearing cat trailed by rainbows called the Nyan Cat sold for $590,000.
How is that even possible? A digital image? A flying pop tart cat? And those were just a handful of the more noteworthy sales in a string of big-ticket NFTs in recent months.
It might feel like something out of the Twilight Zone. But it’s all thanks to blockchain technology — and just one more step in the evolution of the world of cryptocurrency.
These high-profile NFTs have sparked plenty of curiosity about cryptocurrency and blockchain among the previously uninitiated. But before we dive into the nitty-gritty of what an NFT is, let’s take a look at some simple, practical ways the average Jane or Joe can get in on the crypto action by breaking down some of the best cryptocurrencies for newcomers to buy in 2021.
Best Cryptocurrency to Buy in 2021:
While Ethereum holds the title of the second-largest cryptocurrency in the world, its contribution to the way the crypto world runs makes it arguably the most impactful.
The Ethereum blockchain boasts smart contract technology, which makes decentralized applications (DApps) possible. These DApps serve many practical purposes with real-world applications, from crypto exchanges and credit services to games and information management systems.
But besides the fact that Ethereum revolutionized the way the world uses blockchain, Ether (ETH), the native currency on the Ethereum blockchain, is also the second most traded cryptocurrency globally. It’s available on just about every exchange and compatible with almost all crypto wallets. Because of its widespread use, it’s one of our top beginner-friendly cryptocurrencies to invest in.
You can’t mention cryptocurrency without talking about Bitcoin. We’ve all heard the infamous FOMO-inducing example. If you had invested $100 in BTC a decade ago and never sold it, you’d be sitting on about $50 million.
Bitcoin is one of the oldest cryptocurrencies, and without a doubt, the most well-known. It also happens to be the largest cryptocurrency in the world, both in trading, value, and market cap.
Bitcoin’s growth and usage are not anticipated to slow down anytime soon, either. Because of its widespread adoption and its status as the founding coin of the cryptocurrency world, it will likely hold a spot on any list of top coins to invest in.
Launched in 2011 by former Google engineer Charlie Lee, Litecoin is largely considered one of Bitcoin’s leading competitors. It is a peer-to-peer cryptocurrency that was created to be the silver to Bitcoin’s gold.
In terms of the total value of coins in circulation, Bitcoin dwarfs Litecoin by a massive margin. But, one of the key differentiators between Litecoin and Bitcoin lives in its distribution. Bitcoin can only ever produce 21 million coins. Litecoin is set to cap at 84 million coins.
Another factor setting Litecoin apart from other crypto is the transaction confirmation speed offered. Litecoin was designed with transaction speed in mind. While Bitcoin’s transaction speed currently sits at around nine minutes, Litecoin is lightning fast at just two and a half minutes.
CARR is an ERC-20 token minted for us here at Carnomaly. It is an example of a type of crypto token developed with a specialized, real-world application in mind. Like other types of tokens built to be compatible with the popular Ethereum-backed ERC-20 standard, investors purchase tokens for a particular purpose — usually using that token as that application’s native currency.
We minted CARR to operate as the native coin for the Carnomaly fleet of auto tech solutions. From Carrchain and Carrdefi to Carnomaly.com. When you purchase CARR, you gain membership to a comprehensive vehicle records repository that makes it easy to track and improve your car’s value and participate in a unique automotive loyalty program.
CARR also gives members the ability to buy and sell vehicles with crypto, secure peer-to-peer financing through CARRDefi, our Defi lending program, or even put your idle coins to work for you and earn money by participating in lending pools.
CARR is an ideal way for beginners to take their first steps into crypto. If you own a car, use the internet, and are tired of the old, hassle-filled methods of buying, selling, and maintaining records on a vehicle, CARR should be high on your list of cryptocurrencies to explore in 2021.
Mana is another example of an ERC-20 token minted with a specific purpose in mind. However, this particular purpose isn’t exactly real-world in the strictest sense of the word.
MANA is the native token used to buy and sell goods and services in Decentraland — a fully decentralized virtual world. It is often used in conjunction with LAND, a non-fungible token (NFT) used to show ownership of virtual land within the Decentraland ecosystem.
Within this Ethereum blockchain-powered virtual reality platform, users create and monetize content and applications. There are plenty of opportunities to play games, network, attend virtual events, concerts, and just about anything else the users, who also own the platform, can dream up.
Crypto and blockchain are here to stay. It's time to dive in.
If you’ve been ignoring the world of cryptocurrency and blockchain technology, now is the time to pay attention. With Christie’s adding an unprecedented level of authority to the NFT market in its recent auctions and auto buyers poised to purchase their next set of wheels with crypto, it’s clear that the world is leaning into the promise of decentralized methods of conducting transactions of all kinds.
All it takes to join in on the fun is a sense of adventure and a modest investment into a beginner-friendly cryptocurrency with real-world applications.
No need to shell out six-figures on a pop tart-wearing cat meme, we promise.