I have no idea what NFT’s are all about other than a very basic definition.
Was wondering if any crypto-nerds could help say yey or ney that there is some possibility NFT’s could be the gold that destroys the FED.
I don’t know enough about it to comment beyond this. Brainstorming is appreciated.
Thanks!
One of the use cases for NFTs are smart contracts which essentially can cut out the middle man.
Think of a record label that squeezes their artists and screws them out of royalties. With NFTs the artist is in control and each sale (and resale) of their songs or albums would be a constant revenue stream that otherwise would have been handed over to the record labels. The artist is now in control of their music / art.
Turn it towards the financial industry. Stocks tied to individual NFTs cannot be duplicated. The blockchain would act as a sophisticated ledger, preventing the naked short sales that you see currently on GME and other highly shorted stocks. NFTs prove ownership.
In theory a digital coin could be created in limited amount that holds intrinsic value if attached to a physical object such as gold. The NFT would prove its authenticity. The NFT could facilitate authentic trading of the physical object.
NFTs are way more than just JPEGs.