How NFTs Help Shape the Future
14 Enero 2022 - 12:22AM
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NFT stands for Non-Fungible Token – Non-Fungible meaning unique,
and token meaning record of ownership stored on a blockchain. Put
together, an NFT is a record of ownership of a unique item that’s
stored on a blockchain. While NFTs had their start in generative
art, their use cases have expanded to include other digital items
like metaverse land, blockchain game characters, and music.
Further, a process called tokenization allows the ownership of
physical items to be encoded into blockchains, expanding NFT use
cases even further to include things like merchandise, real estate,
and physical art. Data stored on blockchains is immutable and
transparent – immutable meaning tamper-resistant, and transparent
meaning visible and verifiable by all. Because NFTs exist on the
blockchain, they cannot be deleted, and their existence is publicly
verifiable. This makes NFTs ideal for ownership rights management
and securely storing important records. Their applications are
limited only by the human imagination. The logic behind NFTs –
their creation, how they are transferred between people, and their
utility – is managed by smart contracts, bits of software that
enforce digital agreements and run on decentralized networks like
Ethereum. Combined with immutability and transparency, smart
contracts make NFTs trustless, making it possible for people to
transact directly without risk of fraud. Thanks to trustlessness,
networks of anonymous individuals can use and transfer NFTs without
centralized authorities or middlemen. This makes NFTs fair for all
people, and makes self-management of ownership possible, bolstering
the freedoms of those without equal access to opportunities and
resources. For example, women in certain regions of the Middle East
and Africa are not allowed to hold their own birth certificates and
passports, making citizenship verification and travel difficult.
NFTs stored on a secure and decentralized blockchain could be used
as digital passports, empowering these women to control their own
citizenship and travel rights. NFTs can be used for other important
documents as well, such as IDs and proof of residency. Without
documentation, individuals do not have access to financial
services. NFTs fill this need by giving people control over their
own documentation. Combined with DeFi platforms, networks through
which individuals provide financial services to each other, NFTs
could allow anyone with a smart device and internet to control
their own finances. One DeFi platform that’s trying to make
financial services more accessible is Konstellation Network, an
ecosystem of several products that aim to offer all the benefits of
traditional fintech and more. Konstellation Network is a blockchain
protocol that’s creating a global infrastructure for the future of
decentralized capital markets. Here’s a look at their products:
DarcMatter is an investment platform that gives investors access to
tokenized (NFT) versions of alternative investments, which can
include items like art, antiques, commodities, and derivatives.
VegaX is a digital asset management firm that gives investors
access to crypto index strategies, allowing them to diversify by
investing in groups of several cryptocurrencies at once. Taebit is
a DeFi platform focused on bringing cryptocurrencies to the Korean
market through ease of access and usability, including a DEX for
liquidity within the Korean market as well Photon Gateways are
cross-chain bridges created to make the transfer of assets between
several blockchains seamless to open more investment opportunities.
A recent NFT-based addition to the Konstellation ecosystem is Squid
Squad OG, a game in which NFT holders compete in high-risk,
high-reward Rock Paper Scissors. To be eligible to play, players
must purchase lottery tickets — the proceeds of which go to a
communal prize pool. Squid Squad OGs then face off, the losers
being eliminated. Every time 32 players are eliminated, the games
will be put to a vote on whether to continue the games or to
discontinue. The form to join the Squid Squad OG whitelist is here.
Conclusion Since beginning with generative art, NFT technology has
come a long way. Today, NFTs have the potential to bolster freedoms
worldwide and make financial services accessible to all. Through
NFTs and DeFi protocols, the Konstellation Network enables users to
create and stake stablecoins for easy payments and passive income;
invest in both traditional and alternative markets, and transfer
assets between blockchains.
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