Who believes that NFT is the future of the internet?
A lot of people are starting to believe that NFTs are the future of the internet, but how can we know if this is true? Are there any market trends to back up this claim? Is this idea just too good to be true? Or will the world truly never be the same again once NFT technology makes its way into our everyday lives? Before you start believing that NFT technology will change your life and our society as we know it, you should check out these articles about blockchain and NFT and their future impact on society.
What are non-fungible tokens (NFT)?
Fungible tokens are goods or assets that are interchangeable for other identical goods or assets. For example, one Bitcoin can be exchanged for another Bitcoin. Non-fungible tokens, on the other hand, are goods or assets with a specific identity. For example, your driver’s license and your passport have particular serial numbers and cannot be exchanged. These two examples demonstrate how fungible and non-fungible tokens differ in terms of individual identity.
Why are NFTs growing in popularity?
The question I will be answering today, is why are non-fungible tokens growing in popularity. To understand why they are a valuable thing and to really grasp their power, you have to understand how blockchain technology works. Right now you might be saying what exactly is blockchain technology? The easiest way to describe it, would be a large database or ledger for tracking transactions. This ledger or database isn’t maintained by one central party, but instead it’s distributed among all of its users on a network.
Are NFTs legal?
Blockchain tokens have historically been issued by projects, who have decided whether or not they are deemed securities. US Securities and Exchange Commission chairman Jay Clayton has stated that … all ICOs I’ve seen are securities … so it’s likely that most US-based companies who issue their own token would be in violation of SEC regulations, which would likely put them at odds with FinCEN as well.
Is there potential for fraud with NFT trading platforms?
Since crypto-kitties, there has been a growing interest in non-fungible tokens (NFTs). As I’ve noted previously, NFTs provide many benefits in gaming and entertainment. But what if it were possible to create an entire economy based on non-fungible tokens? And what if anyone could invent their own token, name and all? The question then becomes whether or not we should be able to trust these platforms with our hard earned money.
How can we protect against scams in this sector?
It’s worth noting that not all blockchain projects are scams. Fraudulent schemes are illegal, and you can report them to your local government agency (if you’re in the U.S., visit ic3.gov), but you don’t have to avoid every new project or company in order to protect yourself against being a victim of a scam. Still, it’s important to be aware of fraudulent activity occurring in cryptocurrency circles so you can remain vigilant and cautious about any potential red flags.
Should we be worried about government intervention into blockchain and cryptocurrencies in general?
Yes, we should all be worried about government intervention into blockchain and cryptocurrencies. To truly achieve mainstream adoption, blockchains and cryptoassets will need to become accessible to everyone on earth, so it’s a major threat to see governments creating bans and trying to hinder people’s access. The easiest way they could do so would be through outlawing exchanges or making ICO funding illegal. Other than these obvious choices though, there are many other less-obvious means they could use to intervene in our decentralized world.
How do the big players in blockchain feel about tokens like Cryptokitties?
Recently there has been a lot of noise around CryptoKitties, what I like to call Non-Fungible Tokens. Essentially it’s an NFT (Non-Fungible Token) used for trading and collecting virtual cats. The popularity of these collectibles has risen quickly as they now account for over 10% of all Ethereum transactions, despite not having many real world applications yet. How do most big players in blockchain feel about tokens like Cryptokitties? Should we expect more games to be made on top of Ethereum with their own ERC721 standard based tokens or should we expect them to stay niche market collectibles only used by a very small niche audience?
Do you own any CryptoKitties (or equivalent)?
If you’re not familiar with CryptoKitties, it’s a game where players can collect and trade digital kitties. Each cat has a unique cattributes (such as its eye color and fur pattern), which determine its value in both fiat and cryptocurrency. It’s recently been reported that some cats have sold for more than $100,000. This popularity shows an increase in acceptance of non-fungible tokens (NFTs).
What would be your dream NFT game/application/site etc.?
The next big thing in gaming is using non-fungible tokens. With these types of tokens (NFTs), games will be much more enjoyable, engaging and compelling than they ever have been before. The reason I believe so strongly in them is because they are rare and valuable. Just like cryptocurrencies, each token has a unique fingerprint to it which gives them value and makes them rare!