Some critics consider non-fungible tokens (NFTs) completely worthless. They don’t see the target. Why are they? The industry hasn’t shrouded itself in the glory of countless scams and celebrity endorsements with pumps and quick dumps.
But this is wrong. Indeed, most digital and physical things we use in real life are unique, and irreplaceable: that is, they cannot be copied, replaced, or divided.
Critics might still say, well, what’s the point? NFTs are immutable and verifiable assets on the blockchain – they sound like buzzwords with little to no meaning. However, it is of great value in defining its myriad use cases.
Controversy exists in all stages of technological innovation. You can go back to the Luddites in 19th century England who destroyed the machines that threatened their jobs, or, more presciently, you can point to those who thought the internet would be crazy for a short time.
We’re getting closer to digitizing our lives, not in the “own it now” metaverse, but instead by turning assets into code that’s easier than ever before.
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It is true that in the world of mass adoption of cryptography, as in the case of the Internet, users are likely to know very little about the technology behind the system. In this scenario, NFTs may be used heavily: users simply won’t care about past negative connotations once they have access to a great new way to own, rent, and sell.
The goal is very minimal transaction fees as well as an easy-to-use user interface. Currently, there is no need for an innovative solution to break down barriers and eliminate existing stigmas.
NFTs can irreversibly change the way values are exchanged. Herein lies the opportunity to digitize assets in an open economy and in the process accelerate the step towards the legitimacy of blockchain solutions in the regular market.
Harnessing the Power of NFTs
The first mover advantage in the burgeoning tech world cannot be underestimated.
But the major players in the NFT space received the wrong attention, and a perception problem arose. Pessimistic members of the media tend to be skeptical of blockchain projects and portray the space as riddled with blankets and abandoned roadmaps. This is a view sorely lacking in nuance and understanding; Do they realize how many people lost their money in the dotcom bubble?
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What is often overlooked – and will happen as technology advances – is how NFTs can change markets: in games, as well as in all conceivable intellectual property rights as we know them. The mainstream success of NFT solutions will depend on their usefulness to commercial and retail users, and thus are unlikely to be strongly linked to the volatile cryptocurrency markets.
There are too many use cases for NFTs to be incredibly useful. Bored Apes started with avatars, but its vendor, Yuga Labs, is already building a foothold for the massive community that it has earned through its notoriety by planning its metaverse and gaming platform.
This dramatic transformation by Yuga Labs indicates that NFTs have a purpose far greater than just art and collectibles, and hints at a viable path to mainstream adoption.
NFTs simply perform much better than current systems, which will be evident in industrial and consumer markets when effective and efficient solutions are in place.
What makes NFT acceptable?
The pillars of today’s successful NFT project are based on three main aspects: a strong community, exclusivity, and utility.
You need people who talk about NFT positively and share information with each other. There is a clear sense of privacy in the most popular projects, and this should extend to the implementation of NFT in any form of media. If there were a million other people in the game with the same look as you, you wouldn’t see that it was worth the savings.
The tool provides real value to the purchase and acquisition of NFTs. If a consumer buys a new car, they know exactly what to expect, more or less. Of course, when it comes to NFT, most of the time you want it to look good, but to generate great interest it has to have an element that serves a higher purpose.
Indeed, the often overlooked view is how useful NFTs can contribute to popularizing success. The digital assets represented by NFTs have untapped potential to revolutionize both products and services.