“With DeFi, we are building the finance system of tomorrow that is more efficient, faster, more rewarding, and levels the playing field for everyone.” –Olawale Daniel
We’ve done a couple pieces about : what they are, how to get them… but we feel compelled to be a little redundant on the subject. Moreso, we wish simply to shine light on the role this trend plays in the realm of DeFi and decentralization in general. They stretch further than pieces of digital art. NFTs change the way we see value and keep property secure and in the hands of its owner.
“I’ll Just Screen Shot It”
If you’re an advocate for NFT’s and blockchain, you’ve heard the smart-ass remarks. “I can just screen shot it.” “It’s just a JPEG.”
Uninformed and ignorant to say the least on these statements. Saying you “have” an NFT after you screenshot one is like saying you now own the Mona Lisa because you have taken a picture of it. It’s just not the case. Yeah, you can look at it all you want, send it to your friends and family and brag about having “ your own copy”. You can even go the length of printing a canvas copy and having a custom made replica frame to perfectly match the original… but no matter how far you take a copy, or advertise it as the original, it will never be the case.
The Value of The Blockchain
Blockchain security and verification standards are often overlooked by your everyday person, even though it’s why this tech is seen as the future, the solution and the saving grace of the financial world. Blockchains can’t be manipulated. Blockchains can’t be changed. They hold the key that protects against counterfeiting and piracy. It gives everyday people the power to control and trade THEIR assets without the need for an overseeing or mediating entity. Trustless technology.
NFTs are basically digital certificates. Anything can be made into an NFT. A piece of art, a song, an album, the deed to your house, the title of your vehicle… you name it. However, instead of being verified by a government run or even a private institution, the assets are verified on a global level in a decentralized manner. The world can see who truly owns an asset with blockchain’s transparency, but keeps transactions between individuals.
Changing The Game
That’s what makes NFTs so important in the world today. Verified. Trustless. Secure. Yours.
The world can see that you own a crypto punk or are in the bored ape yacht club, but only your five friends can see your $1M painting in your home. Which would acquire more value in the long-run? Something that the entire world can see has value is more of a weight than the opinion of a smaller community.
There’s a reason that investors, artists and collectors are coming in droves to support and get involved in the latest “fad”. To put it simply- certificates of authenticity are going green- paperless. The digital world is where most, if not- all of our interaction and data storage will take place in the coming future. It only makes sense that NFTs are “the next big thing”.
They are nothing fancy, weird, or even out of the lines of what is necessary and acceptable. They’re just the apparent evolution of technology and information sharing. Efficiency in the market while protecting the integrity of the system. NFTs are more than a fad- they’re the future. Why else would these NFT based cryptocurrency projects be exploding so exponentially right now?
Written by SMH from ofthefreemarket.com on November 25, 2021
