I tried to explain what NFT is in comic strips.
I explained what NFT is and how NFT works.
NFT is a Non-Fungible Token. It is a digital asset that is indivisible. Unlike cryptocurrency, which is a fungible token with indivisible amounts, NFTs are unique on their own. The idea was to create something that is digital unique without possible forgery, which makes them one of a kind. That means each NFT is unique on its own, and nothing will be alike. It creates a possible way of proof of digital ownership through NFT. It then went viral, and some valuation of NFTs skyrocketed.
Value of NFT
As all valuations in cryptocurrency are speculative, NFT’s valuation is extremely speculative. Due to its unique characteristic, NFT is limited in its supply, making its valuation more speculative. Also, people use NFT to value speculative assets such as artworks. As artwork's valuation is highly subjective, NFT arts are even more subjective than ever.
NFT is a piece of technology that works beyond its valuation. There are more than ten use cases that NFT can implement and make it one of the futures possible through blockchain technology.
The idea of NFT originated from baseball cards. They are collectible objects that people possess one day to be as high as possible. They can be traded. Some of the cards are rare and hard to collect. Gaming is exactly operated toward such operations. Some gaming objects are harder to obtain, which makes them more valuable. The NFT of gaming makes gaming objects possible to get into the digital assets and trade between gamers. It boosts the game valuation and provides a viable income for users to play within the platform.
When DeFi meets with NFTs, they can make a great team together to gain financial benefits through collateral for a loan. When NFTs are more valuable, they can become collateral for financial firms to leverage their assets with a stream of cash to invest more in different aspects of their investment portfolios.
If you hate to be exploited from the high price of tickets you want to attend, NFT can ease that price if possible for bad guys to buy low and sell high to push the price purposely. In addition, it makes tickets more accessible. Also, owning an NFT ticket can be an ownership approval that you obtain such a ticket can preserve as long as possible in the future.
NFT can help promote events and become a pass to verify your ownership. In addition, it can become a shareholder of such events into the future that you can share with fans and give you exclusive membership for the future events.
One day, you may probably own virtual land and hold a party that invites all your virtual friends to join in your virtual house. As a result, virtual real estate is booming. Like real estate in physical form, virtual real estate can be collectible for people who live in the virtual world someday.
NFT can be an identification form in the digital world. Because NFT cannot be duplicated, it is secure on its own and unique. Ethereum Name Services or ENS is one such idea for practical usage. It is a website that links to your digital identity so that people can verify your digital footprints through such sites.
Digital arts can be easily duplicated on the website. NFT can change that since it proves its uniqueness. Artists can generate their own art with their own identity to fight for copyrights.
Similar to the science field, your paper may likely be plagiarized from others. NFT can help prevent such plagiarism and protect your paper’s integrity.
Think about a possible future where all your records are NFTs, one can use such NFTs to prevent your data and privacy leakage to corporations who try to steal your information and sell it to others.
What if your vote is an NFT that allows only you to access the voting booth and vote through your name? It is possible that the NFT can help the voting process be more transparent and prevent voting fraud.
There is more and more usage of NFTs, and there are possible ways that NFTs can help improve our current system.
Photo by Andrey Metelev on Unsplash
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You can refer my previous article lists here
Digital Commodities- the Unlimited Resources of Commodities Has Born
Universal Income in Crypto Way
DeFi 1.0 is Officially Dead - Welcome to DeFi 2.0
NFT Has a New Purpose
How Many Ads Are Too Much - Floki Inu Ads Got Backfire
Metaverse - Second Life Era
Bitcoin ATM Adoption and Its Potential Security Vulnerabilities
When Corporations Are Running By Everyone
The Fundamental Value Is Irrelevant
Coinbase At Huge Reputation Crisis
CBDCs' Flaw Design
Regulations Start Hitting Crypto Exchanges
From Bitcoin Standard To Zero-Knowledge Proofs - Decentralization 2.0
Shiba Hits 1 Million Users (Army) Milestone: What is Next?
How To Avoid Crypto Scammers
Shiba Game - When Meme Meets Metaverse
Twitter CEO Steps Down - A Full-Time Bitcoiner
Change of Macroeconomy Landscape
CBDC Is Losing The Game
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El Salvador's Bitcoin
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Brief History of Ethereum and How Ethereum 2.0 May Over Promise
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Smart Money Is Out, Institutional Money Is In
Wait, Web3 or Web 3.0 or web3
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2022 Prediction #1: L1 Scalability
2022 Prediction #2: L2 Bridges
2022 Prediction #3: Zero-Knowledge Proofs or ZKPs
2022 Prediction #4: Regulated Defi On-Chain KYC
2022 Prediction #5: Institutional Crypto Adoption
2022 Prediction #6: Defi Insurance
2022 Prediction #7: NFTs-Based Communities - DAO 1.5
2022 Prediction #8: Metaverse and NFTs
2022 Prediction #9: Web2 Companies’ FOMO
2022 Prediction #10: Time for DAO 2.0
Craig vs People
Polygon Enters ZKPs - Plonky2
Crypto.com Backfire - When Centralized Crypto Service Panic
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DAO The Way Part 1
DAO The Way Part 2
Who Is The Winner of The Crypto Adoption
DAO The Way Part 3
What You May Expect NFTs After 6 Months and Beyond
DAO The Way Part 4
Licensed NFT vs. IP Law
Wormhole Hack - It May Not Be a Bad Thing
Preventing Rug Pulls
DAO The Way Part 5
Lessons Learned From Wonderland DAO
DAO The Way Part 6
Learn How To Defi Part 1
DAO The Way Part 7
DAO The Way Part 8
Learn How To Defi Part 2
Learn How To Defi Part 3
DAO The Way Part 9
Learn How To Defi Part 4
DAO The Way Part 10
DAO The Way Part 11
Learn How To Defi Part 5
Crypto Comics - PoW
Crypto Comics - Who is Satoshi
Crypto Comics - What is Token
Crypto Comics - What is DeFi
Crypto Comics - What is Wallet
Crypto Comics - What is HODL
Crypto Comics - What is Coinbase
Crypto Comics - What is PoS
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Disclosure: The article was written by a delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters. You should not believe any words this author wrote or you may experience similar symptoms or even possibly become a nut job.