NFTs are all the craze nowadays. You can't go outside or on the internet without coming across one or another. And everyone has an opinion on them, as it seems neutrality on the topic is almost taboo. Until now I've been kind of indifferent on NFTs. They were just.. there. A useful blockchain concept that governs ownership of something. Anything really. And then they hit the mainstream spotlight, and I didn't know what to think of that, other than that blockchain and therefore crypto are getting more exposure.
NFT stands for Non-Fungible Token. This pretty much means that no "token" is the same. Fungible tokens on the other hand are the same. 1 Hive token is equal to another Hive token. And 1 BTC is equal to another. An NFT on the other hand is inherently unique. Not all tokens in a set are the same. They mainly represent ownership of something. The most popular form now are images and/or art. Owning an NFT of an drawing, means you have ownership of that item. The rules surrounding that are not always that clear though. For example, I could own an NFT of the Mona Lisa, but if there is no outright law that says that I therefore own the real painting, then the real Mona Lisa is not mine.
But it could be, given the right law and or agreements in a society. Because NFTs are easily implemented to signify ownership of something, they can be very useful. The possibilities are endless. Would the housing market want to regulate ownership of actual real estate through NFTs, there would be no need for shady middlemen trying to sell you property without all the information. Lets say the deed to a property is attached to an NFT. You could track the complete history of what this property has cost in the past and whatever kind of info that would be kept there.
We've already seen another implementation of this concept: blockchain games. Most blockchain games rely on a system populated by NFTs as in-game items. We see that here on Hive as well with games like RisingStar, dCity and Splinterlands.
Things like concert tickets could also be sold through the blockchain in the form of NFTs. Those that like doing that would never have to save their decaying tickets in an old box somewhere, because now you would have that memory at the tip of your virtual fingers.
It may seem now to the majority of people that NFTs are just silly pictures, but once we have scratched that surface and explore the concept of ownership, they could be much more than that. More than just joking around and digital bragging rights.
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There's an artist/band that ahs already sold concert tickets through the use of NFT's. Have to search the name again though.
What an idea, deeds of properties being sold through NFT's, but doesn't seem farfetched as it's all through blockchain.
Yes, most use cases are already being implemented on small scale.
They are the pioneers of the future.
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Funny that just when you wrote about NFT's, I was listening/watching this YT video:
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Not surprising though, they're all over the media.
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True, even certain "established" networks have mentioned NFT's here and there, but I was a bit irritated when I heard opinions of people who definitely didn't know enough about he topic. Of course it was an "opinion", but still.
Days when I encounter that I have to remember "show grace, as they don't know what they're talking about". There will also be topics I know little to nothing about.
There are people in Suriname still yelling that bitcoin and everything crypto is a scam. The best thing to do is indeed to not pay attention to them.
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I believe NFTs will evolve and also be adopted in different industries. By then, people will stop seeing NFTs as only JPEGs
It's only a matter of time. Once the hype calms down, the value will be clear.
I definitely do think so too.
When it comes to NFT, there is such a thing as the NFT White Papers. This is quite important because it gives security to the nft project. I recommend this post on the subject if anyone is looking for information on the subject: https://gamerseo.com/blog/what-are-nft-white-papers-and-model-examples/