NFTs Will Change Everything
How NFTs Will be Used to Shape our World
Gideon 6ix
Photo by Andrey Metelev on Unsplash
The introduction of NFTs to the general population has been as profitable as controversial. Many questions envelop the concept of NFTS, its uses, and its value. What is an NFT, and how does it work? Is there a future in NFTs? I believe the only future for NFTs is as a method of record.
Investopedia defines NFTs as “cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other” Since NFTs can be bought and sold, some people refer to them as digital assets. An article from CronJ argues that “The Non-fungible tokens are not digital items. Instead, it is the digital certificate of authenticity of that item.”
Photo by Jefferson Santos on Unsplash
Another critical issue with NFTs is that many people argue that it lacks utility. Without utility, an item, unless abstract- does not hold much value. Also, since anyone can copy or create an NFT relatively cheaply, what prevents fraud? These are serious issues that are difficult to reconcile.
The first NFT was made in 2014 by artist Kevin McCoy titled “Quantum.” It recently sold for $1.5 Million at a Sotheby Auction. Since 2104, digital artists like Beeple have generated a significant income creating NFTs. NFTs on the marketplace Opensea, for instance, can be bought at a price point ranging from free (plus gas fee) to 32+ ETH (Ethereum) or about USD 94,955.77.
Photo By Kevin McCoy on Sotheby’s
Unlike many digital artists, Beeple creates a physical piece of art that goes to the buyer along with the NFT. Attaching an NFT to a physical piece of art is a significant act. This NFT acts as a digital receipt that permanently authenticates the physical item. Since it is on a blockchain, it can never be altered or deleted. Everything that happens to it will forever remain a public record.
This public record of receipt seems to be the future of NFTs. The inability to manipulate data provides a streamlined method of accounting. NFT Receipts could include payroll, charity, retail, private or commercial sales, etc. I believe many accountants and the agents at the IRS would be thrilled to have access to these records. They are significantly more transparent than any other method of record-keeping currently being used.
I also believe that the Government and Stock Market would be more efficient and fair. Imagine a permanent record of all votes, bribes, donations, etc. All government records could be accessible by anyone with an internet connection. Corporations would no longer be able to obfuscate Official Reports or other documentation.
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All the best,
Gideon 6ix
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Sources:
https://blog.portion.io/the-history-of-nfts-how-they-got-started/
www.investopedia.com
https://www.cronj.com/blog/nft-ideas/
https://www.ledgerinsights.com/sothebys-sued-over-quantum-nft-auction/
