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Why NFTs Are So Misunderstood (And Why That’s An Issue)

when people think NFTss, they usually think expensive JPEG images that oddly sell for millions of dollars, which is a problem. This is because we believe the internet is just a place to share memes,Probably nothing.” now NFT Collectible Prices Crash, True Innovation This stigma may be lifted as better uses of NFTs are explored.

NFTs, or “non-fungible tokens, A type of cryptocurrency where each token is unique from the rest and contains an embedded URL linking to its unique content and metadata. NFTs are comparable to title deeds where the URL points to what the token grants ownership (reportedly always check the fine print) and are very much in what NFTs can do and represent. Provides great flexibility. Unfortunately, during the cryptocurrency bull market of 2020-2021, investors and retail speculators will be pouring millions into NFT profile photo collections that have no use case, often making the next million dollars. We paid between $100 and $1000 to mint each token in hopes of winning $NFTs. Collections and various imitations emerge as blatant copy-and-paste cash grabs, understandably leading to the misunderstanding of NFTs today.

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Related: How Ethereum’s September Upgrade Could Fix NFT’s Energy Problems

The overexposure of elite JPEG collections like the Bored Ape Yacht Club and CryptoPunks has brought the least exciting use cases of NFTs into mainstream awareness and caused utter confusion among non-cryptocurrency folk.but anyone who visits high seas In addition to collectibles, you’ll notice that there are more sections such as: NFT domain name for crypto walletmusic, art and photography, sports, trading card games (NFTs are a good choice), virtual world parcels and avatar gear, and even “utilityNFTs are particularly well suited for blockchain-based games and metaverse items, enabling the existence of virtual properties with real-world value.For example, the virtual metaverse world Decentraland When sandbox Both have NFT-based economies and are short of thousands of dollars in NFT land parcels. Players can create and sell their own NFT avatar gear on the in-game marketplace. blockchain games andgame phi“The sector also uses NFTs extensively. Avegotch pet or successful Axie Infinity battle pet. These four examples are far more interesting than JPEG collectibles, but they get little attention outside of cryptocurrencies.

NFT use cases are vast and innovative

One of the commonly underestimated and powerful features is the ability to check crypto wallets for specific NFTs as part of conditional logic. This feature is widely used on private Discord servers and uses a bot to auto-approve his Discord users and kick them based on his NFTs they own. His NFT-based DAO governance community utilizes this feature to assign roles and voting rights. The website can check the visitor’s crypto wallet for her NFTs and provide hidden areas/content that can be discovered. NFTs can also be used for Sell ​​online professional services as tokensuses free market economics to price its services.

Since the NFT source code is open source, developers can try out new and exciting features of the NFT. For example, creating a non-transferable NFT sacrifices utility value such as: Airdrop NFT lawsuits into scammers’ walletsusing the NFT metadata Verify authenticity and fight counterfeit goods, or provide a member ID. NFTs can also be used to represent real-world items and property deeds, using blockchains instead of private databases to record transactions and ownership data. These examples just scratch the surface of what NFTs can do, and are more interesting than JPEGs that are all collectible.

NFTs are misunderstood thanks to the hype surrounding JPEG collectibles that obfuscate the best use cases of NFTs under a speculative trash heap. However, listing all uses of NFTs,Expensive JPEGis as hopeless as enumerating the benefits of the internet to someone who assumes the internet is only for sharing memes.Instead, people need to stop thinking NFTs Start thinking of them as collectibles and technologies that collectibles exist alongside hundreds of exciting use cases.

Next: Is OpenSea Safe? Why You Should (and Don’t) Use NFT Websites

sauce: high seas, Decentraland, sandbox, Avegotch, Axie Infinity

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