Ramadan majlis at Sharjah RTI park discusses cryptocurrencies and NFTs

The second edition of the annual Ramadan Majlis series was launched at the Sharjah Research, Technology and Innovation (SRTI) under the theme “Tech Talk”, attended by a large group of interested professionals and entrepreneurs.

The programme was an extension of the efforts of SRTI Park to raise awareness of emerging technologies and new global concepts among young people and new investors and entrepreneurs.

His Excellency Hassan Al Mahmoudi, CEO of SRTI Park said, “Cryptocurrency technologies were highlighted today as they are promising technologies and have great opportunities for the financial sector. Through these Ramadan Majlis, we aspire to shed light on local entrepreneurs and how they use modern technologies to build business entities that support local economy.”

In the first session, attendees were introduced to the concept of non-fungible token (NFT) which is a unique and irreplaceable unit of data stored in a digital record (blockchain). NFTs can be used to represent easily reproducible objects such as photos, videos, audio, and other types of digital files as unique objects (similar to a Certificate of Authenticity), using blockchain technology to create a public and verified proof of ownership.

The first NFT project was launched in 2015 on the Ethereum blockchain, and interest has increased with the growing interest in cryptocurrencies. The total cash value of NFTs grew significantly in 2021, with sales of NFTs exceeding $2 billion during the first quarter of the year—more than 20 times the sales of the previous quarter.

As for the uses of these tokens, the unique identity and ownership of the NFT can be verified via the blockchain registry. Ownership of an NFT is often associated with a license to use the underlying digital asset, but generally does not grant copyright to the buyer, with some agreements granting a license only for personal, non-commercial use, while other licenses also allow for commercial use of the underlying digital asset.

Digital art was an early use case for NFTs, due to the ability of blockchain technology to ensure unique signature and ownership of NFTs.

The lecture also touched on the concept of encrypted digital currencies, which are defined as a form of payment that can be exchanged over the Internet with goods and services. The encrypted currency is a digital currency that can be used to purchase goods and services, and the difference between it and paper currency is that it uses electronic account records cryptography via the Internet with Strong encryption to secure online transactions.

The term crypto includes all encrypted virtual electronic currencies that are traded electronically. The crypto market is a fairly recent market compared to other trading markets, since it was first known in 2009 when the world’s most famous digital currency, Bitcoin, appeared.

Knowledge and awareness are the first weapons in successful investment. This was confirmed by specialists and experts, not only in investing in the crypto market, but when trading in any market. The more the information, the greater are the opportunities. The experts recommended the audience to always do research first, and get valuable information about cryptocurrencies and their graph curve.