NFTs After EdenOnEOS: Ready to Go Viral
EdenOnEOS represents a turning point, not just for the EOS mainnet, but blockchain as a whole. Once upon a time, Bitcoin was mined in homes throughout the world on even the weakest computers. Today’s necessity for dedicated mining hardware causes the blockchain community to lose focus of the spirit behind a movement that use to empower individuals.
NFTs provide empowerment in unyielding fashion. Like owning your own crypto keys, NFTs provide individuals with profound opportunities. Ingenious applications are already finding use cases for memberships and access. Who knows what the future holds, especially with the advent of EdenOnEOS and decentralized democracy.
NFTs need to be useful to have any real impact. The modern NFT is:
Uplifts communities and engagement
Low cost to own and create
A bit amusing to say ‘modern’ NFT, but if you’ve completed a transaction on both Ethereum and WAX, then you know what I mean. Incorporating fee-less, on-chain transactions is like night and day.
An Independent Field in Crypto
What Ethereum maximalists fail to comprehend is how different cryptocurrencies are from NFTs. While a 10 minute transaction that transfers the ownership of thousands of dollars worth of crypto might suffice for a particular instance, it doesn’t for NFTs. Well, at least not for most.
The Science Behind Going Viral
Some NFTs, like a fine piece of art, may do well on the old Ethereum. Transactions meant for widespread dissemination, like music singles, need speed to go viral.
Transactions speeds are correlated to sharing. NFTs on WAX and other EOSIO chains support this. It’s a dynamic that will grow more apparent over time as NFT applications evolve.
What does the future of NFTs have to do with EdenOnEOS?
Consider the community forming around EdenOnEOS. How effective would it be if signing membership NFTs for an election were as erratic to predict (time-stamp wise) and as costly as Ethereum?
If you believe in the right to own digital assets then you must be concerned with the capacity to act on such value. Ownership is about more than transferring rights. Permission, access, and creative dissemination all flow from whomever maintains possession.
Possession and Asset Ownership
In many regards, conventional, real-world ownership agreements fail in online environments. Being in possession of a title differs from being listed as its owner. Possession affords one the capacity to act.
When ownership extends to the digital space, the signing rights (permissions) must also be considered. The promise to return an asset has become an acceptable operational constraint of Internet business. It’s how administrators deal with the inconvenience of multiple, inopportune digital signatures. This also remains a pitfall of the modern economic system.
Digital permissions can be misconstrued. They of course can also be abused and even outright stolen. Possession is all that matters in digital environments where tracking is all but impossible.
NFTs Unapologetically Empower Owners
Establishing an ecosystem where digital assets are secured on blockchain alleviates these concerns. Much more than this, a blockchain-permissioned economy transforms what’s believed to be possible. Thus, power finds rest in the individuals that actually own an asset.
As more people realize the immense potential of blockchain and NFTs, real world opportunities will begin to manifest. NFT adoption must progress along side cascading innovation. It’s a truth at the heart of visionaries who believe blockchain will lead a transformation far beyond what the Internet did for the world.
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NFT's on EOS. We need more!
Great to see all the cases for NFTs outlined. I am so looking forward to the truly combined use NFTs. Can't wait for Superbowl tickets with top-tier artist work on them! Thanks for the article! And looking forward to EOS to flourish.