The boom in nonfungible tokens (NFTs) in 2021 was fueled by high-profile sales of digital art and collectibles, but was also marked by controversy around the environmental impact of the energy-intensive blockchain technology. NFTs have evolved from digital collectibles to being used in various applications, but scalability and interoperability are current challenges. Multichain networks, such as Cudos, offer a solution by facilitating cross-chain transactions and uniting communities in a neutral and decentralized environment. Cudos is a decentralized cloud computing platform that enables cross-chain transactions, addressing scalability issues. Built on the Cosmos SDK, Cudos has been able to create a bespoke blockchain that can securely and efficiently process vast amounts of data. The Cosmos SDK also boasts a vibrant community of developers and enthusiasts. AuraPool, built by the team behind Cudos, democratizes the process of mining Bitcoin by tokenizing hash rate, offering investors the chance to own a piece of the action without the need for physical mining setup or expensive electricity consumption. The future of NFTs’ success relies on the development of robust and scalable multichain networks like Cudos and AuraPool, enabling creators and buyers to access a wider market with untold potential.
The development of NFTs in a future with multiple blockchain networks
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