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.
Think about it like all digital assets (music, movies, video games, in-game assets likes skins, etc.) all will have a serial number and the creator can control how many are minted (published). This minting process and the assets history are public and can be verified by any buyer prior to purchasing. This allows for verifiable authenticity.
So let’s say I’d like to buy a used Rolex, I go in GameStop’s marketplace, look up Rolex, and find a seller. Before buying the watch, I’ll check the NFTs history and see which address minted the NFT that is associated with the physical product because the ledger for minting and ownership is public. If the seller does not offer an NFT, that should be a red flag to walk away. Same if the NFT publisher/minter is not Rolex.
The sweet part is the minter can add royalties to their NFT so during resale they’ll continue to make profits on every resale. In my opinion this is the big part of getting quality products back in the hands of people.
Would blockchain be useful/applicable to voting and voting integrity?
Could be used for sure but I am for real ballot + id vote cast.
I’m still trying to figure this one out because how can you really verify the numbers they’re showing you are the ones that are accurate. In theory yes it can help, but i think it would require more transparency than provided now.
For example, how do I know certain addresses on the blockchain are legit people and not fake or illegal immigrants?
In terms of tracking ballots, it absolutely can help in making sure there are no counterfeit ballots or additional ballots were injected. But for tracking legit people there may be some additional work/technology needed.
I'm intrigued. I still don't see the point of any of that in God's garden but if we're gonna keep matrix-ing then seems useful.
Assuming Satan lovers don't just kidnap/clone/imprison/blackmail and steal the same way they do now.
Honestly, there are lots of things that will become obsolete in God’s garden. But we got a world to save now, let’s try our best to make this world the best we can for every one.
I would love to be able to trade one of my call of duty skins for a Fortnite skin (for example), and this technology enables that. More importantly this will stamp out fraud that the DS and nefarious actors use in the financial markets (eventually).
If you look past the current application, this really will be revolutionary.
Hey, color my interested. I would love to decentralize EVERYTHING and make it more possible for people that want out of the matrix to build a life without slavery systems.
The small-potstoes/ peer-to-peer application seem to be limitless and promising.
It's the big-potatoes that could be subject to the same shenanigans as we've witnessed for millenia. Someone has something super cool that everyone wants to enjoy so the demons take it or take the "owner" or take everything.
The only things I know for sure are these: we CANNOT continue this way without extinction looming; this matrix isn't God's way for us; I don't know how we'll get to the garden but I know we'll get there.
Maybe this is the way, fren.
Thanks for the post.
For sure, that’s a spot on assessment imo! Early adopters and enthusiasts really only make up roughly 15%-25% of any population.
I’m happy to answer any questions you have about the tech because to be honest, this has the possibility to destroy the “middle man” market. I also feel as an investor you should have a strong understanding of the technology they’re developing, it will shift your perception on how important your investment really is in this in terms of societal change.
Seriously, there are no dumb questions, just ask, and I’m happy to try and answer, Fren! :)