First off let me clear up a common misconception that's been seemingly pushed pretty hard... NFT's are NOT only art and pictures. And yes, they will effect you in some very good ways!
Remember when Steve Jobs came on stage with the 1st iPod and introduced iTunes? Within a few years the CD racks at Best Buy, Walmart, and other retailers were all but gone? Apple created a multi-million dollar industry out of nothing and changed the way people bought and consumed music. Now every phone has this and more in it not that many years later. A massive paradigm shift in tech and culture. Many sub industries came along as a result while others were disrupted. Podcasts were born and now thrive for example. Anyone can start one and if your content is good you can out do a huge budgeted professional syndicated radio show in the NBC building in NYC by just recording from your home studio.
The point is change happens fast and in unexpected ways when new tech comes in that disrupts industries and NFT tech is as disruptive is a group of ADHD toddlers with power tools slamming Red Bull is to a China Shop. The key is seeing it and imagining where it will go. I will attempt to just scratch the surface of what will come if you'll bare with my ramblings....
First off NFT means "NON-FUNGIBLE TOKEN" which is a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership. Basically it's like a super TRANSFERABLE proof of ownership & certificate of authenticity that can do a marinade of other things.
Let me give you some use cases:
Art. - This was the first and currently most common use of NFTs. Very simple to implement and allows artists to sell their work directly to consumers. This will massively expand into other fields like stock image and clipart sites. Kinda neat but no big deal. Please read on for the REAL game changers....
Games. - a $200 Billion dollar industry that is about to see a massive shift away from gatekeepers like Steam where you don't actually "own" anything. With NFT games you can actually buy, sell, trade, loan, and even rent out the games you purchase AND you don't need to go through a gatekeeper like STEAM to do so. Developers can also publish their games and sell them directly without the need for studios and retailers. It also opens up in game items and currency to be transferable as well meaning you can sell things you earn in games (Basically get paid to play)
Music. - Songs and albums as NFT's again allow you to sell, trade, loan, and rent out your purchases. artists can also self publish as well as do limited releases. This cuts out record labels. It also keeps consumers from being tied to one ecosystem like iTunes.
Apps. - Again you would fully own an app (sell, trade-in, give away or loan it if you like) and not be tied to any ecosystem like Apple or Google. You could buy apps directly from creators and they wouldn't have to give Apple or Google 1/2 the sale price.
Movies. - Full ownership. Sell, trade, loan. Not tied to any marketplace / service and no geo-locks.
Books. - Full ownership. Sell, trade, loan. Not tied to any marketplace / service. You could even set up a digital library to share the books you're not reading!
Tickets. - Highly fraud resistant tickets to any type of event form concerts, sports events, to movies. Bands could sell tickets directly to fans. GOODBY TICKETMASTER FEES! RIP you bastards!
Stocks. - This fixes most problems on wallstreet. Naked shorting, synthetic shares, Payment for order flow, dark pool trading, and eliminates the need for brokers. Trades would cost pennies. Companies would no longer be cellular boxed by Amazon into bankruptcy so they can take their market share. Full transparency! Virtually no need for the useless SEC.
Securities. - (Same as above)
Authentication. - All transactions are on the blockchain and can be looked back at and verified. You can also have a one of a kind NFT as a key for digital assets and verification.
Counterfeiting protection. - Popular items that are frequently counterfeited can come with a unique NFT of that item that cannot be copied or counterfeited and even a virtual copy you can use online in a game or metaverse. Nike, Coach, and many other big names are already signed up for this
Asset titles. (Physical & virtual) - Kiss title insurance goodbye.
Banking. - The full ability to be your own back using fast and secure layer2 networks with Fiat on and off ramps. Staking your crypto and assets to earn better interest than any savings account while not getting killed by inflation. Instant transactions from your phone, watch, drone, car that cost virtually nothing for you AND the retailer.
Loans - Taking cloud sourced loans out against real / digital assets in a worldwide market of competing rates and terms.
Mortgages. - Posting your digital mortgage and getting better offers / rates from all over the world on top of a smart contract that protects you without the need for lawyers or banks.
The list goes on with use cases we can only dream of & GameStop / GMErica has launched the platform to do it built on LoopRing's ultra fast and cheap Layer2 technology. Every one of these transactions is virtually instant and costs a few pennies. Far less than any credit card fee.
No middle men, contracts, labels, studios, or lawyers needed. More money for the creators / artists, cheaper prices to consumers, more features, flexibility, security available.
Guys this is HUGE. Don't let the MSM sour you to the idea of NFT's. It's one of the biggest threats to their system out there. The timing of this is also pretty wild. The GameStop stock split / dividend is at the end of next week. It also looks like they may be launching something else next week on their digital marketplace. They and the LoopRing team have strongly hinted at taking down the global financial system and replacing it with something better. A new digital NFT stock market system that would wildly shift money and power away from Wall-Street to a fair system that would never need another bail-out due to greed and corruption again
I'm of the opinion this is a key component of the financial side of the plan. Taking away power, money, control, and resources from the establishment and gatekeepers must be done at some point right? This very much looks like the best way to do that. The GameStop short squeeze (That should be happening pretty soon after the split / dividend on 7/21) and the massive market crash that should happen right around the same time will set the stage for a new financial system to replace Wall-Street instead of ANOTHER bail out after the SEC has once again failed to protect investors and punish financial terrorists.
Ultimately an NFT marketplace (and hopefully stock system) means Power to the Players & Power to the Creators while taking the power away from the existing system all while eliminating much of the need for government oversight and regulation. The rules and regulations are programmed in and fully transparent. Eliminating the need for trust and responsibility to those in control once and for all.
Q said "Game Over" a few times. Sounds like "Game Stop" to me.
Fuck your nfts, fuck your crypto,fuck your fiat! As long as they are not backed by silver or gold(something of real value) they are not any better than fiat. WELL,better for the government to track you with.
Oh,but they can't just print more out of thin air like they can fiat. Bullshit! Where the fuck did it come from to start with? OUT OF THIN AIR!
What fuck8ng good is this digital shit if the lights and internet go out. How are you gonna spend it if you can't get it off your memory stick and onto an exchange to use it?
CASH IS KING!
We're talking about NFT's, not currency. Apparently you decided to mash your face on the keyboard instead of reading the post. A post for people just like yourself that don't understand wtf an NFT is and what they can do.
Apparently you didn't read the first line.
Oh I did. It makes zero sense in the context of the post which you clearly didn't read. You went off the ttile and your misconceptions alone. Congrats! You're an ally of the MSM!
Care to explain how exactly you want a musician to back up their songs with gold and sell them digitally? Or tickets to their concerts? Or how to back up a stock system with gold with built in fraud protection and being able to eliminate corrupt gov agencies like the SEC that cost taxpayers billions?
I'll wait while you work that out.
You're just a close minded fool that's shaking his fist at a tech you don't understand and missing the point. It's not about currency, it's about building trustless systems to cut gov regulation and oversite, lower costs, eliminate corruption and take power away from the establishment. Small minds see small things.
You literally have no idea what you’re talking about and it shows. Do you have any questions I can help provide clarity on?
I would highly suggest getting educated on the subject matter before it’s too late and you look like one of the people that thought the internet was a passing fad, you’ve still got some time, Fren.
Nice, happy Friday to you too. Thanks for sharing and spreading your vile bile!
Cash ain't king of crap, welcome to the digital age. Until we return to a dark age this is the way of the future. What good is cash when bread goes to $1000 a loaf? Well, if the lights go out you can try passing off a handful of $1s as $100s.
If the internet does go down, you can likely do peer to peer transfers. I doubt they're putting all this into a new system only to have it easily foiled.
Go drain the pee out of your Wheaties and try milk.
There is no other way. Cabal wanted to make metaverse and grab control of it anyway. This is the best way how to do it and actually let people have some control.
Having non-fungible token contracts using blockchain would help make many vague and nebulous processes/practices more transparent and harder to counterfeit. Consider an NFT minted to match a low mintage run of sovereign coins. Physically, someone could come really close to replicating a silver coin (whether with silver or something magnetic doesn’t matter). If each physical coin is then paired with a digital NFT, then counterfeiters are done. It’s essentially 2 factor authentication for everyday living items.
However, I also think that whatever currency the United States returns to needs to be backed by precious metals. We are still owed our 4th amendment rights to be secure in our person (privacy) so having a physical medium of exchange without blockchain would be necessary.
I still haven’t come to a final conclusion on how crypto/blockchain get implemented that still respects our privacy since blockchain is all about transparency. We might have to convene some smart people as a country and decide how it gets implemented.
How would you pair a physical object (like a coin) with a digital NFT in a way that could not be counterfeited? Genuine question.
Each seller would have to pair the digital and physical item. Basically, if you were offered a physical coin without the matching NFT, you would be best to assume it is counterfeit or stolen. It might also help to recapture/recover stolen property if you can bring your NFT to the authorities for the paired physical item that is no longer in your possession.
Again, implementation will be a process and I’m not sure how it will rollout (if it does).