NFT gold rush – by ITSharkz NFT Development Company

For sure you have heard somewhere the word NFT. Be it on the TV or there is someone you know who is talking a lot about NFTS. It all may sound a little bit confusing but NFT undoubtedly has become a part of our world, the last year being a solid proof of that. NFT by definition is a non-fungible token and to put it bluntly it is a digital item you own. It can be anything digital like music, drawings etc however much interest goes to selling digital art. In 2021 we could see the growing interest for this cryptocurrency and even world-known artists used this opportunity to make more money, Grimes being one of them. She sold $6 million worth of digital art as NFTs. Also, the founder of Twitter put up an autographed tweet as a NFT for sale. It all proves NFT is quite a deal nowadays and it is worth having a closer look at it. The year 2021 has definitely been an important year for this cryptocurrency and you may wonder what 2022 will bring as you might be thinking about getting into this business? If so, keep on reading because ITSharkz as the NFT development company has answers for you.

Fungible tokens’ position in the NFT marketplace

The first prediction is that NFT will become even bigger with its market cap and total users increasing each year. OpenSea, which is the biggest NFT exchange platform, exploded exponentially in 2021. The number of NFTs sold is going up, the number of traders is going up and so the space is growing extremely quickly. On Ethereum there are more that 1 million users now and it is totally realistic to say there will be even more by the end of this year. It is hard to talk hypothetically about numbers,  but one thing is sure: NFT is not going anywhere this year and we need to accept its rising importance. Moreover, when it comes to the global market value of NFT space in 2018 it was 1.3 million dollars and 2021 blew it up and reached about 20 billions. In the light of this, we can safely assume that 2022 will also experience substantial growth. 

NFT – a way to get rich

Another point worth mentioning is that many millionaires, even billionaires, will be made from buying, selling, investing and flipping NFTs. On the other hand, there will also be a considerable number of people who will lose their money because they do not understand what they are doing and they might even get scammed. Unfortunately, with every novel technology that is entering the market, there is a high risk of illegal actions. This is why it is extremely important for new joiners to remain cautious. 

Revolution in the music industry – develop NFT company

Here at our NFT development company we discovered that NFT will begin to revolutionize the music industry, namely the artist will be able to gain back a lot of control over their own music and content. We might see the appearance of new platforms that will allow the artists to monetise their own art. Also, the fan base can potentially get rewarded. The money will go directly to the musician, supporting him  instead of going to the label. 

Friendship with brands – help from NFT development companies

What is more in the store for NFT in 2022? It seems that more brands are getting into the scene. Last year the volume of sales reached around 9 billion and well-known brands took direct interest in NFT, one example being Adidas. The brand started the partnership with some NFT companies, such as Punks comic or Coinbase. It is evident that it is just the beginning and soon other brands will follow and will need help from NFT development companies.

DAOs are strengthening their position in the market

Another point worth mentioning is that DAOs are maintaining their position. Interestingly enough, Wyoming as the first US state passed a law that legally recognizes DAO. In the light of this they got the same rights as a limited liability company. This is quite a milestone for the blockchain and crypto, and it is a matter of time when other states or countries will fall into the footsteps of Wyoming.

Gaming industry changes its direction

Also, with NFT growing in its force, gamers will not get bored and will have a chance to earn more money with a play-to-earn game. This is a win-win situation both for the players and the developers: gamers earn money by trading their virtual collections and the other will make money by creating games in question. There is undoubtedly a big potential for earning money in this particular field, and many development houses will have a chance to turn their businesses into this interesting avenue; this is also what we did at ITSharkz and established us as a leading  NFT development company in Poland.

Utility-driven NFTs hold the future

Lastly, it is not far-fetched that more NFT utilities will be created. This can be an add up for NFT, as NFTs are very scarce in the market value. Utility-driven NFTs, on the other hand, offer something more than just sole ownership. So what are the benefits such an utility can provide? Let’s take an example of the Bored Ape Yacht Club. If you buy its NFT, you unlock interesting features that are only available for its members, such as a lifetime membership into the Ape community or even entrance to the parties: the above-mentioned BAYC created its first annual Ape Fest that took place in New York City on October 31st. They started it with a bang and had around 700 participants. Also, it proves the line between the virtual world and real life is becoming more and more blurred, and having access to such parties can become a prestigious thing. Evidently, the collections will need to think creatively to attract more buyers and in 2022 we will experience a lot of interesting things going on. 

Perfect NFT development company for NFT business

It is hard to pinpoint the exact road NFT will take in its development, however 2021 helped to unlock its potential and it is unlikely it will diminish in importance, quite the contrary, we can expect more hype around it. This is why NFT should not be excluded, it has already become a vital part of our world, and also might offer a lot of new business opportunities, from creating your own collection to even developing NFT-driven games. The possibilities are endless. If you yourself want to dive into the NFT world, for example by designing your own collection, contact us at ITSharkz. We already acknowledged the rising importance of NFTs and want to pursue this avenue as we see a lot of potential there. We are definitely on a new venture, and you can join us. If so, contact us and we will advise you which steps you should take in the NFT realm.

Python is well known to be one of the most useful programming languages. You can do almost anything with it, from web applications, through image processing, to data science and machine learning. It’s like a Swiss army knife for programmers. However, some people still claim several superstitions.

Although Python is easy to learn because of its syntax and the fact that it is a dynamic programming language, some mention that it might be too slow. At IT Sharkz we had similar doubts, but our experience since then has proven that these concerns were unfounded. So we will try to tell you the truth as objectively as possible.

What does it mean that a language is slow?

Each programming language can be described in different ways. In terms of language efficiency, two categories come to mind: speed of production and performance. In which of these categories could we say that Python is slow? Let’s check!

Production / delivery speed

In many cases, the speed of production and delivery of a language is its most important parameter. It tells us when we can potentially expect delivery of a finished application and allows us to design an appropriate release schedule. Since Python can be used in almost all stages of a project (since we can use it to create the application, test it and prepare the project environment), a single skilled developer could handle the whole production process from start to finish.

Due to the higher development speed, the use of Python could indeed result in a smaller number of developers required for a project, which would have the added benefit of reducing project costs.

But taking care of a project is not only about creating brand new applications, it also means continuous maintenance and support. The code written in Python is very clear and easy to read thanks to its syntax and the PEP8 standard.

Graph showing the average number of hours needed to solve a problem (Prechelt and Garret

As you can see in the graph above, there is no doubt that Python performs very well compared to other languages in terms of production speed.

Performance

This parameter tells us how fast a programming language can handle a problem. At the moment, the languages that shine the most in this respect are C and C++. Indeed, it makes sense to use them in certain cases, such as creating video games, compilers, or whenever a large number of calculations and good memory control are required. But what about other cases?

Each of the above use cases requires a huge amount of computation. Nevertheless, Python continues to be the most popular language used in machine learning or image processing. Let me now explain why.

In the first paragraph I mentioned that Python is often accused of being slow, which is only partially true. I don’t want to accuse anyone, but the truth is that most of the time this argument is used by beginners.

If your project uses machine learning, more often than not, it will have to rely on some external libraries, like SciKit and TensorFlow, both of which are available for Python.

Since these libraries are written in C++, when used in Python scripts, we use C++ in the background. This makes the development process fast and makes our script as fast as those written in C++. The same goes for image preprocessing (OpenCV library). You can clearly see that in this case too, Python serves as a wrapper for C++.

Web development

Python is great for building web applications. And when you start your web development journey, it’s not exactly easy to choose your first web framework and when it comes to Python, the selection on offer is quite large: we have Django, Flask, TurboGears and many more.

Django is by far the most popular Python web framework, and it powers some of the biggest apps and websites you know, including Spotify, and YouTube (though it was originally built in PHP), and BitBucket.

If Python was as bad as some people claim, these projects probably wouldn’t have been as successful as they were. Also, assuming that the performance of a web application depends solely on the code and language chosen is a huge mistake. 

The performance of an application depends on a number of factors, and properly written and optimized code is only one of them. Overall performance is also limited by bottlenecks. What are bottlenecks? Well, the name is pretty self-explanatory. Fluid speed is limited by the bottlenecks it encounters. What differentiates a good developer from a bad developer is that the good ones know when to optimize the code. Nick Humrich, Python guru and former Amazon engineer, explains this sentiment very well:

If your optimizations aren’t touching the bottleneck, you’re wasting your time and not fixing the real issue. You won’t get any serious improvements until you optimize the bottleneck (…) Optimizing code before you measure and determine where the bottleneck is, is known as “premature optimization”. – Nick Humrich 

If you still think that optimization is the most important thing to increase application speed, maybe someone like Donald Knuth, the author of The Art of Computer Programming, will convince you:

We should forget about small efficiencies, say about 97% of the time: premature optimization is the root of all evil. Yet we should not pass up our opportunities in that critical 3%. – Donald Knuth 

Spending countless hours improving code just to make it a few nanoseconds faster makes no sense, especially from the customer’s point of view.

Conclusion

Is Python slow? While native Python code may seem to have a high execution time, especially when considering benchmarks, when it comes to commercial use, the speed it offers is more than satisfactory for most applications.

What makes Python so powerful? Mainly its high level development speed and variety of uses. Furthermore, it would be hard to find a programming language that makes application development easier and more enjoyable than Python.