Hacash Diamond, next historic NFT after CryptoPunks,MoonCat and EtherRock?

Why are NFTs so expensive?

An NFT may be an avatar, a painting, or a game item. The prices of these NFTs are incomprehensible and unimaginable for the vast majority of people. Even though the craze for NFT is considered a hype, a new bubble, and a scam, this trend also leads us to question: Why can’t 99% of NFTs be sold at sky-high prices like CrytpoPunk or EtherRock?

The primitive principle of NFT

In 1993, Hal Fenny, most likely Bitcoin creator Satoshi Nakamoto, proposed the first prototype of NFT “Crypto Trading Cards.” It is a card represented by a hash string generated by an algorithm.

The primitive principle of PoW — NFT

Let go back to 1998, when Nick Szabo, the father of smart contracts, invented Bit Gold. To put it simply, Bit Gold is an “expensive crypto gold generated by consuming electricity.”

The first ever PoW-NFT: Hacash Diamond

More than 20 years later, an idea combining Finney’s crypto trading card and Szabo’s Bit Gold was proposed in a 2018 white paper called “Hacash: A Large-scale Payment Real-time Settlement Cryptocurrency System”. And on May 16, 2019, the first NFT with text: “NHMYYM” was generated on the block height of 35135 on the Hacash chain. It is composed of 6 random letters, and is called a “diamond” in the white paper. Later, as the community members called it, its name gradually evolved into the current “Hacash Diamond” (abbreviated as HACD).

Ultimate form of NFT

After reviewing the development history of NFT and understanding the characteristics of HACD, we seem to be able to draw a summary of the potential ultimate form of NFT:

  • Originality
  • Limited supply
  • Community-driven
  • Certain aesthetic value
  • Value depends on computing power consumed
  • Room for bottom-up, decentralized re-creation
  • Fair issuance that constatly allows new players to participate

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