The NFT industry is beyond premium JPEGS

LeoFinance
1 month ago
(edited)
4 Min Read
786 Words

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I don't know if it's a comical flaw or design in the nature of the universe but for some reason, less informed humans tend to be the loudest. This is very evident in the recent wave of criticism that "NFTs" have come under, due to the pace of development and growth in the industry.

A large percentage of the criticism focuses on the fact that weird and pixelated images are being sold for millions of dollars. There's some point to criticise some of those transactions but at the same time, people have the freedom to do whatever they like with their money, even if it means paying thousands of dollars for "mekas" that were reproduced with the classic "ctrl+c-ctrl+v".

The problem with the criticism is that it often comes from people who are either intentionally disingenuous or just have tunnel vision. Every day I run into random people with no clue claiming that the entire NFT industry is a money-laundering space because of the aforementioned pixels and weird jpegs.

I admit I'm also perplexed

For what it's worth, I'm not going to stand here and claim that I don't think there's something weird about some of these NFT sales.

The amount of money being spun in those sales and releases is scary huge for a bunch of pictures. However, as I always say, "if you don't understand it, get out of the way".

People have decided to spend a shit ton of money on "art" and that's okay. It's okay because it's their money and they can do whatever they like with it.

NFT goes beyond Jpegs

Well, in case you've not been paying attention though, NFT goes beyond pictures.

It's not just about art and pixelated profile pictures, there's more to NFT than the insane money-spinning freak show that's being marketed on Twitter.

NFT is going to be everything

What many people fail to realize is that NFT technology is more about ownership than the actual entity that's being owned.

What I'm trying to say is that when you have an NFT, you have absolute rights to that entity and absolutely no one can take it away from you without your keys.

So, while a lot of people have focused on owning jpegs, it's important to note that there's more to it.

For example, musicians have been testing out the concept and releasing immutable copies of their songs on a blockchain. So owning these NFTs is akin to owning rights to the song and the NFTs often come with certain perks that you'd normally not get in the traditional music marketplace.

Outside the Media

Music, videos, and pictures are the obvious use cases for NFTs but as I've mentioned on numerous occasions, I believe that gaming and real estate will be the main players in the industry.

When you think about it, it actually makes a lot of sense to tokenised contracts and prevents forgery in real estate.

Also, when it comes to ownership of property, you can rest assured that you got what you wanted because an immutable token that represents your property says so.

If we throw in smart contracts and some algorithm that mirrors mortgage and rent, we could revolutionize the real estate market. The only thing that remains is to strong-arm the law into accepting this superior form of transaction, and it's all settled.

Still, on the topic of real estate, NFTs have also found a place in virtual real estate. Looking at the numbers, virtual properties prices are competing with those physical properties.

Thanks to NFTs, people can buy virtual properties in platforms like Splinterlands and then use them to earn even more money.

Also, Splinterlands and many games out there employ NFTs in their gaming experience. This enables users to own their assets, unlike normal games where your assets are just duds that don't necessarily have value.

So in this way, you can sell your Splinterlands cards in the open market and at any price you deem fit.

In summary

The point of this post is that NFT technology isn't solely about those expensive jpegs people sell.

The technology can find application in a variety of industries and in the long run, it will revolutionize the entire concept of patents and ownership.

It is still relatively young, so it'll take some time to gain mainstream appeal. For now, only the money-spinning jpegs are getting traction but in the near future, there's so much more to come.


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