NFTs Are Much More than What You Think They Are
Global data has shown that up to 70% of worldwide adults have little to no understanding of what NFTs really are, or what purpose they serve. This means that the only thing the majority of people know about NFTs is what they see on mainstream media every now and then, and we all know what that means: Pictures of funny looking apes selling for millions of dollars, pixelated twitter profile pictures, and random drawings that everybody’s trying to sell.
Although the relatively recent surge of non-fungible tokens makes such dearth of understanding somewhat unsurprising, we are in an urgent need to spread awareness of the true nature and potential of this technology. Otherwise, it’s going to take a lot longer for normal people to benefit from the wonders that NFTs can make happen for them. That’s why we will be sharing a series of articles to elucidate a number of important points, so as to eliminate any misconceptions that may prove to become inhibitory to making the most of this technology.
What are NFTs, and what makes them so special?
NFTs are digital assets just like crypto-currencies, the only difference is, they’re non-fungible. This means that an NFT cannot be replaced or interchanged, it is not substitutable for anything. The uniqueness of their features immunizes them against fraud or forgery.
Built on the blockchain technology, NFTs inherit the traits of immutability, authenticity, and transparency, topped off with uniqueness and rarity that cannot be found in other digital assets.
Okay, but aren’t they a bit too expensive?
Well, that is also one of the biggest misconceptions about NFTs. Not every NFT out there is inherently worth millions of dollars, the projects that managed to sell for such prices are actually a minority, quite a flashy one. NFTs are useful in ways that transcend mere monetary worth, their real value is in many cases conveyed by their utility rather than simply the highest bid.
The underlying utility
It doesn’t take much to deduce that NFTs, with all their characteristics, are bound to upgrade the way people live. Ownership, fraud protection, engagement, credibility, and many more notions are being revolutionized by this technology.
Although not at a particularly fast rate, this utility is starting to get more explored in various fields. From Oscar winning movies auctioning as NFTs, to famous NBA stars tokenizing their contracts so their fans can invest in them, the translation of NFTs’ potential into real use-cases is occurring more frequently. Many other fields can make a presence in web3 through the adoption of NFTs, music artists, video games, automobile companies, and even the fashion pioneers are all bound to a way to upgrade their activities and relationship with fans by using NFTs.
At METACARD, we have detected this potential since the very beginning. We are leveraging this technology to take people’s gift experiences to the next level. The benefits of having innovative and more developed ways of offering gifts are not to be underestimated, it could lead to the upgrade of various facets of life. Individuals and brands alike can implement instant solutions to many challenges that stand in the way of their progress, just by using gifts the right way.
In upcoming articles, we will showcase more concretely how METACARD uses gifts and NFTs to make this progress happen for everyone. And most importantly, how better gifts make a better life.
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