Say it again: NFTs are more than digital art

by AryanArtnews
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Symbiosis

NFTs (or non-fungible tokens) have been in the mouth of everyone for the past few months. Brands from Givenchy to the NBA are participating in the game. Their adoption by the mainstream was so quick and profound that last year’s Collins Dictionary even made the term into this year’s term in 2021.

But just because we’re talking about NFTs doesn’t mean that everyone is converting to a cause. The fact that in the last 30 days (at the time of writing) 9 of the top 10 NFT sales companies were boring monkeys or cryptopunks (the two kings of NFTs) is that the wider NFT market is still commonplace. It is proof that it does not capture the imagination of. If you’ve heard about NFTs in the press, the article may be described in Bored Ape or Cryptopunk. Last year, a bundle of 101 Bored Ape NFTs sold for $ 24 million, and Cryptopunk was resold at Sotheby’s for nearly $ 12 million. Despite the myriad new NFT projects being launched every day, legacy tokens with established resale value are still kings.

How many media outlets have written NFTs as speculative assets for the rich, and the famous digital trend-following Talisman (think Jimmy Fallon, Post Malone, Eminem) are of their bad reputation. Explains some. But second, they make little sense to many observers. The rating I think is completely wrong, but worthy of a counter-argument.

It’s not hard to understand why non-cryptocurrency natives are struggling to worry about the notion that digital assets are “irreplaceable.” For many who have right-clicked “Save As …” in an image or video, this new digital ownership paradigm, the main medium “mint” as an NFT, seems strange.

Thus, non-cryptographic press coverage has often been despised. This does not have to be. The technology behind NFTs is innovative and has great potential across a wide range of use cases. Whether it will allow gamers to own and resell in-game assets they play. This early concept goes a step further in order to prove ownership (or partial ownership) of physical assets such as property, or to share music royalties more equitably.

The idea that chords can prove the uniqueness, credibility, and history of a home, character’s skin, or song in a decentralized, open, and secure way is profound. Innovators who are smarter and more intuitive than me will take advantage of this potential for a long time. However, many companies are going even further, tokenizing redeemable real-world profits. Move tokens from digital assets to a type of club membership that provides ongoing value to token holders.

Tokens don’t always have to have a tech application to provide value. ThetaDrop collaborates on NFT with global brands such as Samsung, Katy Perry, Dionne Warwick, The Price Is Right and World Poker Tour. In almost all of our partnerships, important through lines have become known as real-world rewards, or token “utilities” in the crypto community.

This does not mean that tokens without this kind of use case are as useless as critics claim. The value of art for art, or the community these tokens create around them, cannot be underestimated. Nor can you amortize the NFT, which is a PFP project that is a combination of both. Like the currencies we use every day, NFTs are worth it because enough people agree. If a community of collectors and enthusiasts wants to put off an NFT project because of the group’s common values ​​and the fascinating aesthetics of the token itself, it’s a worthwhile effort.

There are challenges in popularizing and accepting NFTs. One is climate change, but one encouraging development is the scope and number of projects that promise to be carbon-neutral as well as carbon-negative. Proof of stake protocols like Theta use less than 1% of the energy required for the same transaction in the Proof of Work protocol. This will almost alleviate the environmental problems associated with NFTs. Creators and collectors have received messages, which is good.

People often ridicule the news. Sometimes this is due to a lack of understanding. If so, I think the crypto community deserves only part of the responsibility. Often we are too isolated. I’m too reluctant to explain to people outside the community what we’re doing. Sometimes there is a reason for self-interest, and sometimes the task seems too difficult. Many mainstream journalists can probably do well in this regard as well by communicating more clearly about the potential of technology.

NFTs have become so common that the term itself can become unusable. Instead, let’s take a brief look at ownership. The technology behind it is implied.

Guest post by Mitch Liu of Theta Labs

Mitch Liu is a co-founder and CEO of Theta Labs. Theta Labs pioneered Theta Network, the fastest and most environmentally friendly blockchain built for media and entertainment. ThetaDrop, the world’s first real-time NFT marketplace. THETA.tv, the leading decentralized livestreaming platform.

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Posts: Guest Posts, NFTs

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