The potential of NFTs transcends today’s technology. ClarionOS, EdenOS, ETH (specifically it's incorporation of proof-of-stake), and the Bitcoin Lightning Network all illustrate the need for blockchain integration. Once crypto is supported by more conducive infrastructure, it will likely permeate all aspects of the digital economy.
BLOCKCHAIN AND BIG BUSINESS
Large organizations believe that they can alter blockchain technology for their purposes. Simply removing, or regulating the cryptocurrency aspect seems to provide them some comfort. Many would argue that blockchain cannot exist without cryptocurrencies.
Some big businesses create an absurd amount of waste. The efficiency offered by computers are directly responsible for much of the great advances of the past couple of decades. This is why even slightly moving toward decentralization, from an open public network to a closed network of known trading partners, has its advantages.
As profound as the computer revolution was, the capacity for multiple parties to write to an immutable ledger is even more transformative. Those that write directly to blockchains are, or are on par with, developers. Even just a few years ago, downloading a record of the Bitcoin ledger took over a week (on a PC). Most blockchains are community oriented. This plays into the hands of large organizations. The old days of Bitcoin mining on a weak laptop are long past.
CRYPTO EXCITES THE MASSES
Where blockchain opens the eyes of the corporate world to things like unparalleled efficiency, networking, leveraging, and planning, crypto liberates the global economy for small business. Cryptocurrencies allow for trade on and across blockchains. They empower people with tools comparable to those which only banks, international organizations, and the most wealthy have been privy.
Still, not everyone can afford the high fees of Bitcoin and Ethererum. At least not on a practical level. EOS and other nimble blockchains do offer practical solutions, but there’s another technological advancement that's taking blockchain to the next level.
NFTS ARE FOR INDIVIDUALS
NFTs are a revolutionary way to assign ownership. They are personal. People relate to NFTs because they are as easy to create as uploading a photo and checking a few boxes. NFTs come in different shapes and sizes, beyond their content. They are independently programmable. This gives them multifaceted applications. For example, patents are being considered as NFTs. The whole art industry may have already been forever changed. Artists finally have security and favorable economics within the digital world.
A COMPLIMENT TO CRYPTO
Imagine opening a safe deposit box in 1980 (before everyone had a computer). What’s inside? Maybe some cash, jewelry, titles, bonds, photos, etc. What if crypto is like the cash you found and NFTs represent everthing else in a more secure, dynamic way.
Variability is an aspect of NFTs that’s currently overshadowed by content and big name artists. Easily manipulating and programming assets are fundamental to NFTs. Not only can users easily create them today on a blockchain like WAX, they have power to direct their action. Default actions built into Atomic Hub, for example, are limited. This will change, and rather quickly. Functionaly is already evolving as developers aggressively pursuing new concepts specific for NFTs.
Before the NFT craze, there was the DeFi craze. A sort of dividend yield system has been around for years in crypto. It traces back to DAOs. NFT mechanics already have a powerful, built-in yeild application. There's an action akin to royalties which is easy to set and transparent to the community. At least this is true on Atomic Hub.
What else will come of NFTs? In a word, GAMING.
Gaming is a smarter industry than most give credit. Is not the respect garnered by game theory owed to the online player community?
The social component of gaming gave rise to a new industry, Massively Multiplayer Online Games. There’s also the potential to apply intellectual concepts. Boredom is not generally associated with gaming. Thus, the implications of entertaining, yet responsible, learning paired with socialization are profound.
Some games even contain a book(s) within their programming. Game currency has been said to be a primary inspiration behind crypto. NFTs are a way to take ownership of all types of digital assets. Imagine what could transpire witin a social community if NFTs could be adjusted in-game, unique to each user’s playing experience and skill level.
This post is published for Cryptowriter in association with Voice.