[1]- NFT’s and Why We Need to Embrace them
A lot of these points are opinionated. Always DYOR.
If you don’t know anything about NFT’s or solidity smart contracts, the chances are, you have been living under a rock. The NFT market as a whole sold over 3 billion dollars worth of NFT’s (Art) in the first quarter of 2021. This doesn’t include sales from other NFT based technologies- like the GET Protocol.
What are NFTs?
NFTs (Non-Fungible Tokens) are unique and non-interchangeable units of data stored on a blockchain ledger (i.e. Binance Smart Chain, Ethereum, Cardano, etc…). Each NFT is backed by a token address which is used to verify authenticity and ownership. Each transaction is also backed by a transaction hash which can serve as an additional way to verify authenticity. This creates huge potential for extensive security improvements of previous technologies (once something is deployed onto the blockchain, it cannot be edited, changed, or removed in any way).
Sadly, NFTs are sometimes seen as a “get rich quick” scheme and even get criticized for selling at the cost of millions- all for “a piece of digital art in which they can screenshot”. In fact, these are both false. Although some NFT projects do produce fast profits, there is a substantial number of companies looking for long term- sustainable growth. And although you are able to save an NFT as a .png or .jpeg, there is no resale value of your image, nor do you own the rights to it. A broad number of NFT projects (i.e. Veefriends and Board Ape Yacht Club) reward holders with incentives/ invites to exclusive events.
Why we need to embrace NFTs
NFTs are not only shaping the future of security and design, but they are likewise improving ways that we pay for food, clothes, movies, etc…
Tickets
Tickets are a perfect example of the utilization of NFT technology. Companies like GET Protocol are improving the ticketing industry as we know it. They are completely eradicating the possibility of purchasing a double printed or fraudulent tickets. This is something that the current ticketing companies have been fighting with for decades.
Sports Cards
The multi-billion [dollar] sports card industry has been exploding and NFTs have only been fueling the surge. Not only do NFTs not depreciate, but they are also able to be verified within seconds using its unique token address. This created huge long term investment opportunities for investors and needless to say, many of them have taken it. The NBA launched their own NFT project called “TopShot” which has already turned heads and since inception- TopShot has brought in nearly a billion dollars in sales.
Metaverse
In the past year, the metaverse has gained colossal exposure. This is by large due to NFTs and thousands of new projects popping up every month. Gaming/ Digital Art companies have turned to NFTs as a way to not only boost sales, but improve their technology. Game development companies have started using NFT technology for creation of in game characters/items. Other NFT projects like ZED Run have developed an advanced ecosystem in which investors are able to buy horses and race each other on a simulated/ digital track. NFT technology hasn’t just brought popularity into the picture, it has also brought resale value. Users who own in game characters or digital NFT art are able to resell their items to whoever is willing to buy them. Users are able to do whatever they desire with their new NFTs (only to the extent of what the smart contract allows them) due to the fact that they bear full ownership over it.
~ Max Heltzel | maxheltzel6@gmail.com | maxheltzel.medium.com
This article is under constant editing, come back anytime for future updates.
