Howdy friends — it's been quite the month. We’ve seen some very favorable price action from the crypto market in August. I’m very much back into the bull mindset.
Bitcoin is still not out of the woodwork to continue its rise just yet, but it’s definitely on its way.
That's the great thing about this market, it requires patience, and it changes your views about time and money.
I wanted to just quickly highlight a tweet that caught my attention regarding NFTs. It’s not as confusing as it looks. Let me explain.
If you don't know what NFTs are, you need to stop living under a rock.
Speaking of rocks…
This NFT of a rock just sold for almost 2mill:
Yup, it was either the JPEG of a rock or a mansion. Wise decision?
I’ll leave that up to you. But anyway, NFTs are more than just a JPEG. Simply put, an NFT is verifiable as 1-of-1 in the world and registered on a blockchain — allowing anyone in the world to buy or sell it via a public blockchain.
It’s like buying an original Monet, but you can’t hang it on your wall…
I guess you can use it as your phone wallpaper… until you get bored…
But this past week, Visa got into the action and bought one!
Ladies and gentlemen, CryptoPunk 7610:
Visa literally purchased Ethereum (let that sink in) and a wallet with the public key: 0xb7f7f6c52f2e2fdb1963eab30438024864c313f6 went to OpenSea and bought CryptoPunk 7610 for $150,000 USD.
Anyway, so the tweet which caught my attention…
I was browsing crypto Twitter and came across that tweet and it's such an interesting idea regarding NFTs that will likely happen in the near future.
Soon, you could be seeing NFTs as profile pictures and have that social media site indicate that it's an NFT. Being that these are verifiable (cost and all) this could be a real status symbol.
On Twitter specifically, and crypto Twitter to be exact, users use pseudonymous profile pics. I think it comes from Bitcoin and how Satoshi Nakamoto’s (creator of Bitcoin) is an anonymous character.
But NFTs will likely be much more than just pictures. Now, famous DJs are NFTing their music and selling parts of a song, or part of the lyrics.
It is very likely that NFTs will jump ship to many areas of modern society. For example, here’s a quote from an article by Philipp Sandner on the Liechtenstein Blockchain Act:
In January 2020, new blockchain laws will come into force in Liechtenstein. Based on these laws, companies and entrepreneurs can tokenize any right and therefore also any asset in a straightforward way.
Tokenize and NFT are similar, and we will likely see regulation in place sooner rather than later in different countries around the world on this.
This will allow anybody to buy, sell, bid for, exchange, solely own a piece of digital property or a representation of a physical asset on the blockchain. The transfer of ownership will be seamless, verifiable, and decentralized.
So there you have it, something to ponder.
Hasta manana amigos