Are NFTs really useless?

Are NFTs really useless?

I have spoken to many artists and collectors who initially complained that collectibles with no artistic value were easily sold.Art takes a back seat once you examine the secondary possibilities that NFTs and their smart contracts bring to you.

In this new NFT universe, it’s easy to get lost. A big problem for collectors is that due to the sheer number of NFTs and NFT marketplaces, you can’t find high quality.

I’ve spoken to many artists and collectors who initially complained that collectibles with no artistic value were easy to sell.When they study NFTs and their smart contracts, the artistic discussion takes a back seat. Once the door to the new world of NFTs is opened, it is easy to get lost if you are not careful. A big problem for collectors is that due to the sheer number of NFTs and NFT marketplaces, you cannot find quality options.

Are NFTs really useless?

The world of NFTs can be disorienting

When you understand the world of NFTs, you start to realize that utility is everything. Whenever someone buys an NFT, their ownership is permanently registered on the blockchain, and there is a record of who the owner is.

The role of NFTs is for authentication, they provide identity and access rights in Web3.

At first, newcomers may struggle to understand terms such as airdrops, rewards, staking, attendance, rewards, NFT keys, bounties, grants, etc. This is completely understandable. Another important aspect is that it is believed that NFTs can only be JPEGs. But it can be 3D designs, books, movies, music, videos, and it’s not just about art, an NFT can represent contracts, insurance, tickets to concerts, etc.

Simply put, an NFT is a digital asset that represents a real-world object. They are bought and sold online, often using cryptocurrencies, and often encrypted with the underlying software like many cryptocurrencies.

Are NFTs really useless?

 In this post, we won’t delve into the technology behind it, but it’s better to understand the fundamentals of blockchain to give more value to NFTs.

NFT Utilities

The usefulness of NFTs may vary. Thanks to Web3, you can connect your wallet to many websites. You have to understand that thanks to these tools, NFTs act as “keys”.

Are NFTs really useless?

The utility of a token depends on its smart contract. NFTs cannot be viewed as a simple speculative image. The technology is here to stay, and it will be to your advantage if you understand the utility of NFTs.

Today, these are the utilities most commonly used for NFTs:

DAO Membership

In the past articles, the old yuppie told everyone in the public account a lot of “What is DAO?” and “Why DAO will change everything?”

The term membership becomes extremely important when we understand that the future may all be governed by DAOs.

Holding an NFT gives you access to whatever the organization decides. It also allows you to vote on the government of the DAO. Currently, many DAOs use tools such as Snapshot, (voting) Collab-land (exclusive access in discord), and Gnosis Safe (fiscal).

A project like DeveloperDAO, an innovative developer community, requires an NFT to access it.

Are NFTs really useless?

Are NFTs really useless?

 

Metaverse Key

You may have heard the term Metaverse recently, and yes, in ten years, everything around us will change.

Everything in the Metaverse world can become an NFT. Buildings, clothes, weapons, vehicles, land, etc. need work, and there will be people who just want their avatars to be the latest fashion. The possibility that NFTs give you is that you can exchange these assets in the virtual world.

Arguably, Decentraland is the one who pointed the way for us. In this Metaverse, you can even implement tools that give you access to private places. Think about how many more possibilities this opens up for us.

Are NFTs really useless?

Wearable Device Detector on Decentraland

real world key

NFTs will not only serve as keys within the Metaverse, but will also be linked to the real world through various forms of technology such as QR codes.

In the future, concert tickets and air tickets may be NFTs, and hotels will no longer need door cards, etc. You can also provide restricted access to your club members. There is already a place for these functions in Tokyo.

One of the greatest masters of this ecosystem is Gary Vee, a pioneer in bringing real-world utility to NFTs. Through his project Vee Friends, you can see that an NFT allows you to attend lectures and conferences in real life.

Are NFTs really useless?

Attract investment

There is still debate over who owns the rights to NFTs. In many cases, the license belongs to the creator, but as we’ve seen in this article, if you have a boring ape, you own the copyright.

Collections like BAYC show how a simple JPEG can become an empire while naming its holder the true master of that empire. On this site, you can see how some of its members are adding value to collectibles while creating their own commercial businesses. This opens up a new world of possibilities for brands.

For example, Nike can sell 100 copies of its logo, and holders can create their own clothing line with Nike’s approval. In this case, having the NFT gives you the right to work with Nike.

Projects like NFT Merch or Uniqly facilitate the whole process and you can get items from your NFT in just a few clicks.

Are NFTs really useless?

crowdfunding

Raising capital has become easier and more transparent than ever thanks to blockchain.

Do you want to develop a video game but don’t have enough start-up capital? Create characters, weapons and scenarios and sell them through crowdfunding. If the game becomes more popular, NFTs such as game items and supporting resources can accumulate substantial resale value. For example, on the WAX ​​blockchain, the author of an NFT receives a small commission from all transactions that take place between individuals and on the secondary market.

With these advantages, developers have a small share of the secondary market and are incentivized to continue working on the game. With this model, it is possible to make a free-to-play game with new NFTs for sale every few months, which adds variety to the game.

Are NFTs really useless?

 If you post a trusted project and keep telling people about what you’re doing, you can raise money while building a loyal community.

Also, consider learning about Mirror, a platform that allows you to create posts explaining your project to potential investors. A good example is LinksDAO, which raised over 10 million euros in 48 hours by launching a membership-based NFT.

art exhibition

While all of the above practical tools may not necessarily be related to art, some creators have designs with high artistic value.

In a few years, VR glasses will give you the feeling of being immersed in the Metaverse. Artists will present their digital art as if it were in real life. You can talk to the artist via his avatar, while a DJ plays music at the pool party.

The real value of this is that you can go to the exhibition anywhere on the planet, from the comfort of your home.

Are NFTs really useless?

 Additionally, NFTs can be exhibited in real life. Companies like Blackdove have created virtual galleries to do just that. You can connect your Metamask wallet to showcase your NFTs. 

Are NFTs really useless?

identity

Finally, one use of NFTs is to identify holders. Many of the digit recognition problems we currently have can be solved thanks to web3.

Through smart contracts, you can register for licenses, certificates or qualifications. Imagine using this technology to power an online ID card, like a digital driver’s license. In the future, resumes will be an NFT, and it will be impossible to fake them.

A big problem with web2 is centralization. Users of the platform do not own their publications. This can be changed with blockchain and NFTs, which currently give you ownership of 3D designs, videos, songs, photos or tweets, and they are working on the idea of ​​validating NFTs as physical assets.

The next step is to apply it to people. Clearly, it is necessary to implement non-transfers between certain NFTs.

Are NFTs really useless?

The Lens protocol is an example of how web3 is designed to benefit creators. Lens Protocol is a Web3, smart contract-based social graph on the Polygon Proof-of-Stake blockchain, designed to empower creators to have links between themselves and the community, forming a fully composable, user-owned social graph . In this Twitter thread, they explain what their vision is.

Not only will it serve as a real-world identity, but the NFT will be your identity within the Metaverse. It’s too early to implement all these features, as the Metaverse is still in its infancy, but in 5-10 years, your avatar will be a non-transferable NFT with other NFTs related to it, like certificates, virtual clothes, etc. Gamium is an ongoing project.

in conclusion

The phrase “don’t judge people by their appearance” can be used in this era, and the same can be said about NFTs. It is important to try to understand what a smart contract is and how the blockchain works. Not just a design, but all the work behind it.

This field is changing rapidly. Almost every week, new tools are introduced to help creators and collectors continue to bring value and utility to their NFTs.

In a few years, the Metaverse will be very much around us. Some people spend more time there than in real life. We will use it to work, communicate, exercise and play. NFT technology is a key part of the Metaverse world.

Whether you’re an artist, collector, gamer, designer, developer, or a must-know internet user, practicality is paramount.

Whether you’re an artist, collector, gamer, designer, developer or just an internet user surfing the web, you must understand that practicality is paramount.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/are-nfts-really-useless/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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