From my last article, NFTs: The crypto world’s answer to the Special Purpose Vehicle, NFTs have now gone deeper into virtualizing asset ownership for the people. Gamestop, the stock of the people, aka Gamestonk to the r/WSB crew, is creating an NFT from the Ethereum blockchain[1]. Speculation has it that it will serve to tokenize in-game items and old games. Moreso, it could be expanded to tokenize the license you have to own the game in that not only you have infinite downloads but you can also trade the license to another person for a fee. Now what does this have to do with my prior article? I pointed out before that NFTs are a crypto Special Purpose Vehicle where assets can be “tokenized” and traded between parties no different than trading shares of stock in the stock market. What Gamestop (and other companies) plan to do with NFTs is the next logical step in the securitizing assets using NFTs
How it can work
How NFTs tie into virtualizing assets is that the asset itself can be transformed into a trading vehicle that is easy to utilize for business and personal purposes with minimal physical hassle. Physical proof of ownership is redundant with NFTs. The NFT is the proof that you own the asset. Noone can take that proof away from you because the NFT has its signature in the blockchain. Moreso, if software is a concern, the NFT can be tied to QR codes or other mechanisms where running it can be as simple as accessing it through an app or software program tied to the NFT itself.
Democratization of asset ownership and freedom
NFTs offer a seamless way for P2P deals. A middleman can be used to facilitate the trade but the NFT is tied to the blockchain, which itself is supposed to be a trustless system. One can buy and sell NFTs at any given time based upon the user’s discretion. The Gamestop model offers the people the opportunity to make money via NFTs that are tied to in-demand gaming items but will also make sure that creators are given their due with respect to fees that they will obtain for their work in trade. It is a win-win-win-win for developers, traders, customers and Gamestop.
Thoughts
Gamestop’s entry into NFTs just comes to show the great potential of NFTs for personal interests and how those personal interests can be turned around into a business opportunity for all involved. The NFT is just another way to show that capitalism is good for the people, especially capitalism that rewards all parties.
