NFTs Are Growing On Me... I'm Starting To Get It!

in LeoFinance10 months ago

One of my goals for 2022 was to learn more about NFT and DeFi. I really missed the boat on these two technologies. NFTs looked like the easier tech to learn about so I started there. I'm slowly starting to change my thoughts on NFT's. Yes, I still think the current JPG collecting craze is ridiculous! Go ahead and hodl that $400,000 Ape jpeg . I just can't see this ending well. To each their own though. However, I'm really seeing how future use case will probably play out.

I should disclose that I'm not an NFT early adopter and even if I was I'd still think it was ridiculous to hodl $400K ape images. I'd probably sell my $50K + NFTs for a new house, a rental property, or some property out in the country where I could hunker down when the SHTF and be self sufficient. I'm not bullish on the future of humanity or this particular use case for NFTs.

Over Priced JPEGs

I'll start with the over-priced jpegs. As I stated previously, the overpriced JPEG market will probably end disasterously. I could be wrong. People buy fine art daily. So I suppose, this may be no different. I'm still skeptical as hell that this sector of NFT's stays profitable though. IDK, if the great artists of our times sell limited edition NFTs, I could see that working out in the future. Kind of similar to lithographs too IMHO. Although a lithograph is really just a limited print copy in reality it's not much different from a limited mint NFT. I guess you could say a lithograph is an NFT for the meat space 🤣

JPEG Ownership I Can Get Behind

On that note, I think JPEG ownership for content creators is a good thing. Unauthorized use of images has been an issue online since the start of the internet. Content creators want to retain ownership of their work. Proof of ownership in this case is a great thing.

An interesting dilemna I'm seeing currently is if I own the content through my purchase, than I should be able to share my content with whomever and however I choose. I should be able to decorate my website with the image, use it in a blog post, trade copies on IRC or even send copies through email. It's mine to share right? (Seriously, I'm asking this question. If you have an answer please share in the comments)

I think this is an interesting question and currently a grey area. I'd like to see more licensed graphics for web designers and freelancers looking for commercial use graphics too. I think this is a huge future market for NFT artists. Graphic designers can now sell and license their work with a simple proof that could be commented in the HTML code

< !-- Image ownership https://wax.atomichub.io/explorer/asset/1099558620983 -->

This is a solution to a problem that has plagued the internet from day one.

NFT Trading Cards

Again, I'm not sure how to feel about the longevity of this use case. As humans, we love to collect things. People have been collecting, trading, and playing games with trading cards as far back as I can remember. My parents told me stories about games they used to play pitching trading cards. This isn't a new phenomena. What is new, is that you couldn't copy a trading card unless you had a high end printer and some serious skills to duplicate the design. Still I can see the allure in collecting them digitally. I recently purchased some Garbage Pail Kids on AtomicHub based solely on the nostalgia of playing with these cards in my younger years.

GPK_Doctoring_Zarkov.jpg

Digital Books and Magazines

Here's something we're not really seeing yet! I would love to see a blockchain like #WAXP or a platform like OpenSea create a library section where writers can publish books, writings and magazines as NFTs. This also fixes resell rights for content creators who can earn a commission each time their book or magazine is resold. If I understand this correctly the "collection fee" goes to the collection creator.

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I'm really surprised Amazon hasn't already started working on an NFT platform for their Kindle platform. I'm even more surprised publishers haven't demanded it! This makes every sale accountable and makes reselling profitable for the publisher. On top of that, you're actually buying something that you really own!

Side Note Thought For Hive

On a side note, I think NFT's could be a really cool solution for #Hive. I think one of the things that hold back a lot of "professional" bloggers is the life span of a post. Basically you have one week to earn with that post. After that one week, maybe you'll get a Hive tip from an appreciative reader from time to time, maybe not. How cool would it be if every post was minted as an NFT and at the end of the one week monetary period readers could buy a "pdf" copy of the post as an NFT? You could even limit the amount for scarcity and also include a commission for resell that goes to both the author and the platform... Something that just popped in my head as I was writing this. I could see a lot of professional bloggers and authors hopping on the platform if there work created residual income down the road. Just putting it out there! On top of that, it would be nice to not have to deal with Google AdSense and all the rules you have to follow!

NFT Gamepieces and Metaverse Property

With what appears to be an inevitable rise of the metaverse, NFTs are a perfect fit. If we're going to monetize the metaverse with purchasable items like clothing, land, and other accessories; NFTs just make sense. I see a huge growth market for NFTs in this space. This will probably also onboard a lot of new users to the blockchain space and introduce them to exchanges and other altcoins!

Music and Movie NFTs

Again, a perfect fit for this industry. It fixes so many problems. I believe the golden years of music and entertainment profits could return. Sure they're already making billions shilling Marvel and DC Comics movies. The music industry however, still really hasn't recovered from the creation of the MP3. I could really see the entertainment industry making big moves in the NFT space in the future.

I think some of the stuff YoshiDrops is doing with music is pretty cool.

https://www.yoshidrops.com/

The Tip of the Iceberg

I'm sure this doesn't cover everything. Most of what I've covered has been what I've learned playing around on the #WAXP blockchain and AtomicHub. I've been reading articles talking about using NFTs as titles to automobiles. Deed NFTs for property purchases. My point is, as stupid as overpriced JPEGs are, the use case and possibilities for NFTs will continue to be a growing segment of the crypto space. As time progresses I'm sure we'll find all kinds of ways to incorporate NFT into our daily lives both digital and in the meat space!

Have I left anything out? Feel free to share your thoughts in the comments about how you think NFT use will grow in the future.

All images except for screenshots were taken from my collection of NFTs found here

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I'm just getting started on a similar journey. I think NFTs have serious potential that hasn't been realized. I am researching a protocol now that allows you to add multiple characteristics to an nft including locking tokens, earning yield, time released events and multiple functions like a smart contract. Digital identity is another very interesting use case.

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The more I'm learning about it, the more I realize we're in the infancy stages and there are probably use case scenarios nobody has come up with yet. There's a lot of room for this sector of the space to grow.


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