NFTs became popular faster that previous blockchain concepts. ICO hit media desks with greater impact and recognition than Bitcoin ever did. DeFi, if one considers mainstream investing (e.g. mutual funds), exceeded the excitement of the ICO craze at its peak.
NFTs are clearly the attention grabber. They should be. NFTs advance concepts for DeFi; though they can be their own thing.
If you're reading this, then chances are you know the value of cryptocurrencies. It's about awakening a P2P global economy. Maybe NFTs seem to make less sense.
NFTs began with colored coins. These were coins that were uniquely marked. They could be identified from other crypto assets on a particular blockchain; and thus, used in elaborate ways.
As one might expect, NFTs are the manifestation of new markets from innovating blockchain technology. It took some time before those first unique coins saw practical use cases. NFT applications developed faster than the blockchain advancements that preceded it. They also are less threatening than crypto.
Less threatening doesn't mean less powerful. Crypto and NFTs go hand in hand. And while crypto makes more sense as a pure payment mechanism for liberating the middle class and unbanked, it simply is not enough. Imagine the Internet without video or timely chatting. No, blockchain development must continue to innovate.
NFTs can be very personal. This is the nature of art and music. It's personal for both creators and their audiences.
Now that we have your attention, let's find out how you want to use crypto and NFTs. After all, while you may not currently be paid for your opinion online, there's enormous amounts of money farmed from consumer opinion. Why waste time trying to sway uninterested minds when there are more receptive ones actively seeking out what you have for sale.
That bit of an advertisement was meant to illustrate the power that crypto can wield today. NextGen crypto will accomplish so much more. Remember I mentioned the P2P global economy. Well, crypto is about economics. NFTs inherently also provide networking opportunities.
If you enjoyed this article, leave a comment and let me know where I can focus my attention.
Well, the part where you said NFT might make less sense totally make sense to me. I have my doubts and reservation about it but there is no denying that it has been the flag bearer for crypto for some months now.
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I was using a (argumentative)abduction reasoning. The thing I wanted to dismiss was comparing the epic fail of the ICO craze to NFTs.
There's a lot of reasons, but most importantly is that NFTs empower individuals immensely, whereas the ICO craze tended to create an unhealthy corporate culture.
I believe NFTs are the natural extension of crypto. For a healthy corporate culture, DAOs can be combined with premium smart contracts. Public DAOs might use scaled down smart contracts to make interaction easier for small businesses.
NFTs should empower individuals more than companies regardless- even at the level that someone like McDonald's might use them.
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NFTs aren't very properly used currently. The high prices is a result of a blind hype, but NFTs itself is very clever technology.
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Please see my reply to @lebey1.
Agree in part to the high prices. One day, some NFT high prices will be justified based on the power they hold within the emerging smart contract economy. Today, I believe much of it to be shots in the dark.
Indeed on the clever thing :)
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