Nonfungible tokens are about more than Bored Apes. They fulfill a host of functions better than existing systems.
Some critics deem nonfungible tokens (NFTs) to be totally worthless. They don’t see the point. Why should they? The industry hasn’t covered itself in glory with countless rug pulls and celebrity endorsements with prompt pump-and-dumps.
But, this is missing the point. Already most of the digital and physical objects we use in real life are unique, they are not fungible: this means they cannot be copied, substituted or subdivided.
Detractors might still say, well, what’s the point? NFTs are immutable and verifiable assets on the blockchain — these sound like industry buzzwords with little meaning. However, they go a long way in exposing the untold use cases.
Contrarians exist in every phase of technological innovation; You can go back to the literal Luddites of 19th century England who destroyed machinery threatening their jobs, or more presciently, you can point to those who thought the internet was going to be a short-lived craze.
We are ever-closer to digitizing swathes of our lives, and not in a metaverse-owns-you-now type of way, but instead through the tokenization of assets with transfer made easier than ever.
Related: Get ready for the feds to start indicting NFT traders
It’s true in a world of crypto mass adoption, like with the internet, users will likely hold little knowledge of the technology underpinning the system. NFTs may well be used abundantly in this scenario: Users simply won’t care about past negative connotations when they can access a brilliant new way of owning, renting and selling.
Near-negligible transaction fees is the goal, as is an easily navigable user interface. Right now, there isn’t the groundbreaking solution needed to break down barriers and remove existing stigmas.
NFTs can irrevocably alter the way we exchange value. Here lies an opportunity to digitize assets in an open economy and in the process, hasten a step toward legitimacy for blockchain solutions in the mainstream market.
Leveraging the power of NFTs
First mover’s advantage in the burgeoning tech world is not to be underestimated.
But, leading players in the NFT space have garnered the wrong type of mainstream attention and there is a perception problem. Cynical corners of the media tend to cast a skeptical eye over blockchain-related projects and paint the space as riddled with rug pulls and abandoned road maps. This is a view that sorely lacks nuance and understanding; do they realize how many people lost money in the dot-com bubble?
Related: Throw your Bored Apes i
GIPHY App Key not set. Please check settings