The main advantage of NFT against cryptocurrency is the NF part, which is not exchangeable. Where cryptocurrency is used as “money”, a medium of exchange, and a means of payment, where the content of the currency is only the “unique” currency in the whole process (and thus is verified without a trusted party, the full power of this system is based on the principle of decentralization, not The controlling party that defines A or B, but collectively organizes this entire system), in the NFT exactly the unique property is converted into the “properties” of the digital representation of the unique object.
The primary purpose of the NFT was to give a unique object (in any way) a unique digital counterpart, facilitating trade, making it easier to check if it was authentic, and a Certificate of Authenticity and Title rolled into one. A digital piece of commerce. And it can be done in the broad sense, like the game of characters (and their equipment), my unique signature of a famous person on a bottle of beer, it is nothing more than a tradable digital piece of “something” that simply cannot be cheating online, partly from the basic principles of cryptocurrency.
And while there is controversy over who was the first, and who was the creator, according to the wiki, it was McCoy and Dash who released the first NFT, describing the technology as “critical drawings”. And shamelessly, that was a decline of the whole principle. Any good idea of what you can do with it (in original thought) is negated by dozens and hundreds of systems with the sole purpose of creating a brand and buying and selling tokens, even to the level of a pony scheme.
Can you still use that for music? Today, off-topic, the basic principle is no longer out of the door, just acting your “right” to that piece of music to make money. Let’s say JayZ released a song that only 100 people are allowed to listen to, NFT would serve a great purpose for that, as a technology. But the whole point of building it this way is to get those 100 tokens to trade in such a way that 1 of those tokens is worth only thousands and thousands of euros, although it still depends on the principle behind cryptocurrencies, the goal is now gone and the underlying stake in NFT (and coins) encrypted secondary) is simply…make money.
It all seems a bit messy and incomplete, but you have to look at the whole story of NFT from 4 different sides, basics from multiple layers, multiple end goals, original intended intent versus current absolute use.
I always say as an example in a very simple form, think of VPN services. Although it primarily serves as a “secure connection between A and B”, 99% of consumers probably use it just to watch inaccessible content (geolock, etc), or do some “activity” on the Internet that is difficult to track/completely became unknown. The original purpose and the current application are strangely distant.
[Reactie gewijzigd door SinergyX op 19 april 2022 12:53]
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