Beyond the Moon: NFT Potential
Blockchain is about assigning ownership to digital assets. It's not exclusively about money. As Andreas Antonopoulos explained: “money is merely one application.”
Many people came to easily understand NFTs because of prior knowledge about blockchain. When discussing NFTs with noobs, it’s important to remember our own experiences and how chasing them can feel like an adventure. In fact, adventure seems to be a common theme within the NFT space. Below is a shortlist of EOSIO-based projects:
FROM THE TOP: ADVANCING DIGITAL NETWORKS
Before the crypto craze, there was the Bitcoin ledger. Yes, it's cryptographically secured with bitcoin's moving around. New to the world was a completely ground-up-built network by a tech-savvy community. Contributors readily understood the value of an independent, distributed open-source ledger. Network governance became fused with money and accounting.
Imagine never again worrying about bookkeeping. But blockchain was destined for more than this. Concepts of what crypto could become compared (in spirit) to the dreams of early Internet developers. Such discourse can be found during the first years of blockchain. This differs from computer programming because networking is ingrained in both required processes- the internet and blockchain.
Bitcoin is not a finite instrument in the traditional monetary sense. It's writable. Nor is it a rigid system. And yet, it's the most secure digital ledger that exists.
RIDING MOMENTUM: SMART CONTRACTS EXPAND BLOCKCHAIN APPLICATIONS
Ethereum is more than a ledger and cryptocurrency. It wasn't the first crypto after Bitcoin, but it was the one that made initial coin offerings (ICOs) popular. Regardless of how you feel about Ethereum, it initially fueled what has become termed Altcoin Season. Bitcoin would not be what it is today without this powerful advancement of blockchain.
For those new to crypto, an Altcoin Season generally follows bullish interest Bitcoin. Investors believe there’s untapped potential within blockchain. They’ve identified promising projects that offer alternatives (hence Alt), improvements, and/or adjunct Bitcoin. (Note that Altcoin Season can be defined as merely a number of projects outperforming Bitcoin.)
LIFTING OFF: NFTS PROVIDE SEPARATION
NFTs differ from cryptocurrencies. They are sometimes hard to understand because of persistent and aggressive innovation. Heck, crypto (and even blockchain) maintain considerable driven innovation.
Blockchains found some stability in classification by their proofs (e.g. proof-of-work, proof-of-stake, delegated proof-of-stake, proof-of-authority, etc.). Cryptocurrencies (coins) are foundational to exchanging value within blockchains.
Tokens should not be mistaken for cryptocurrencies as they run on top of the base coin of a blockchain. Ethereum's base coin is Ether. Its action as a sort of gas to power the system is an ideal example of how a base coin can support tokens. EOS, while operationally different, is as well.
Non-fungible tokens (NFTs) as their name suggests, represent something unique.
There is a unique value in each individual token!
TO THE MOON AND BEYOND
If you recall the introductory paragraph, blockchain is about assigning ownership to digital assets. Cryptocurrencies are designed to be liquid assets. Spending them is their value. This is the objective of any currency.
An NFT on the other hand is something that's desirable to own in itself. There's no anticipation of spending at a later date as there is with cryptocurrencies. Investors may hold NFTs thought to appreciate in value, but these assets will gravitate to a permanent owner.
It should be clear by now that NFT’s offer a sort of liberation for blockchain.
Potential is transferred from the market's group mind to individual creators.
Consider reading a brief post by the CEO of Voice where the wonderful and creative potential of NFTs are shared in a vision. You decide how much was inspired by the artist (@kaktaka123).
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