Debunking Myths about NFTs 🤯 with Spendee 💚
Let’s talk NFTs… why? 👀 Because we, the team of Spendee, are big believers in NFTs as technology and believe that they’re not going anywhere in the upcoming years. 🙏🏼
Did you know, that NFT has been selected as the word of 2022?
As with any new technology, there are a lot of myths and inaccuracies on the market. 🧐 It’s understandable — people are confused, they hear a lot of opinions and they don’t even know where to start forming their own. 🤯 So we decided to make it easier: we’re about to debunk the most common myths associated with NFTs. 🚀
Are NFTs destroying the planet? 🌎
For this topic, we need to start by defining 2 keywords: proof-of-work (POW) and proof-of-stake (POS). Those are major consensus mechanisms that are used for securing the network and maintaining the blockchain.
➡️ POW uses the computing power of mining devices (graphic cards or ASICs) to maintain the blockchain and verify the transactions. At the same time, miners ensure the network’s immunity against hackers. 💪 They compete against each other in order to chain together a group of transactions, so-called “blocks” (“blockchain”). This type of consensus requires a lot of energy but is also believed to be the most secure one.
The most famous cryptocurrency — Bitcoin, uses POW. The second-largest cryptocurrency Ethereum is currently in the process of abandoning it for the environmentally friendlier POS (see below).
➡️ POS, on the other hand, gives the “mining” power to validators who do not need mining devices, therefore they do not consume vast amounts of energy to run them. 😍 Validators stake their tokens and the amount of tokens improves their chance of randomly winning the next “block”. The security is then maintained by the validators, risking losing their tokens, if they do not support the network.
🌱 The transition of Ethereum for the POS mechanism is planned for June 2022. In just a couple of months, the electricity consumption will be lowered by approximately 99.95%.
📚 Source: Blockchain Protocols and Their Energy Footprint
The imminent migration to POS and the fact, that Ethereum is the biggest network for NFTs (with the biggest marketplaces and best NFT collections) is the reason why we chose the Ethereum network to release our NFTs on. ✅ We believe that POS migration will happen smoothly and it will make Ethereum the leader for the upcoming future. 🚀 In just a couple of months from now, we might have the best environmental solution.
Are NFTs a scam? 🦹🏼♂️
We have to admit, that some of them definitely are, that’s a fact. 😪 But, as always, generalization is the real problem here. 👊 No one would say that US dollars are for scammers and yet it is commonly used for scams, bribes, illegal purchases of drugs or weapons. 🤷🏼♂️ Spendee NFT collection is an official collection run directly by us. You know us, we are fully doxxed. You can easily find our founders on social networks, our investors, news about us, tons of reviews, and other stuff.😉
Other large companies like Adidas, Prada, H&M are jumping into the NFT world. Also, some of the most famous artists from the traditional art world already released some of their work as NFTs — Damien Hirst, Tyler Hobbs, and others. Do they not care about their reputation or do they just not believe in the whole “scam” approach? 😏 Would you call these companies and these artists scammers? We would not. 💁🏼♂️
As any new technology tempts scammers to jump in for a quick cash-grab, so do NFTs. 😰 But let us assure you, that scams are still a minority in this new exciting world of digital tokens. And with following common-sense instincts, you can avoid them. Most projects are honest: they’re just using a technology that isn’t yet understood by the population. 👩🏼💻
Are NFTs just expensive pictures? 🖼
Again, the main problem is with generalization. 🤷🏼♂️ We believe in the saying “NFTs are not art, but art is a part of the NFT world”. NFTs are just verifiable proof that you are the owner of the token. 🔐 Having the picture linked to a token is probably the easiest way for verification, so that was the first thing to do that stayed the most common one. But we are just on a verge of something much bigger. 💥
There are already cases of NFTs being actually used as:
- Membership cards 💳 They can grant you access to online events or forums, or even into offline events. Have you heard, that Gary Vee opened a restaurant where you can’t make a reservation without his NFT?
- Tickets 🎟 NFTs can be easily resold and there is always a way how to authenticate that they’re real. This will enable the artist to get royalties from secondary sales, too!
- Collectibles 🧸 ‘Member paper hockey cards? Why not make them as NFTs — tradeable, non-falsifiable, and provable with a limited quantity with a certain rarity? And you can digitally trade with collectors all around the world 24/7!
- Loyalty cards 💰 Imagine saving points on your loyalty card and then easily resell on a marketplace to some else to claim them.
- Deeds 📦 You can buy a deed for a physical art piece, have it stored by the author/gallery and claim it sometime in the future.
- Gaming assets 🤺 Earn a “special sword” in a historical game and sell it to make money while playing. Again, this is completely safe for the buyer as the token can be easily verified.
- Software licenses 📲 Buy a license token, use it as a license key to your app, and enjoy your access. You can sell it when not needed anymore! Do you remember paper boxes with license number stickers? This is the same approach but digitalized. Can you imagine people nowadays waiting for a box traveling on trucks and cargo ships around the world, when things can just be downloaded and digitally verified? This actually is a game-changer for the environment.
What is Spendee NFT about? 🐷
Spendee NFT serves as a license token and membership card in one. ✅ Apart from that, yes, it also represents a cool random PFP picture that showcases the different personalities of our users. 💚 Each and every one of the 10,000 generated tokens, is unique and so you can search for the right one, especially for you.
With fully doxxed founders, team, investors, and the whole company — there is a lot of DYOR you can do with just a few Google searches. 👩🏼💻
Spendee NFT license token will unlock you the unlimited version of the current Spendee app and all upcoming apps from the Spendee team. 💚 It guarantees you priority VIP support and access to a closed VIP Community. You can take part in unique contests, raffles, quizzes for amazing prices (like merch), and many exclusive online/offline events that we have planned for you. 🤗 And, of course, some other surprises 🤫
Technology is Transforming 🚀
So let’s embrace it. We believe that we are at the very beginning of the adoption of this new technology. 💡 Think of it as the first decade of mass car production, it changed the world, for both better and worse, but it was a radical change. Mass adoption of NFTs will be the change of this decade. 🎉
