You probably haven’t heard about it, could be a popular hype word for the next set of Bullrun pump and dumps; we are all here for it anyways. In an almost 40 pages whitepaper, Vitalik Buterin alongside other authors shared the mechanics of SoulBound tokens. The Canadian developer shed light on what he described as the ‘future’. NFTs are pretty special kinds of stuff; currently popularized by digital content owners creating signatures to their media, NFTs are currently important in the crypto space majorly for financial reasons. NFT collectors couldn’t care less about the technology. Billions of dollars worth of art and photography NFTs have been traded on NFT marketplaces since the concept gained fame in the last quarter of 2020.
This article reflects on other less popular but more important applications of NFTs.
Soulbound tokens (SBT) are NFTs; a unique form of NFTs. Like the common NFTs that create unique and immutable signatories for assets, SoulBound tokens are designed to certify certain personal attributes, qualifications, and identities. Soulbound Tokens depict holders’ innate abilities, qualifications that they have earned, and any other characteristics that are peculiar to them. Like a badge, they display these qualifications and features and present easy means to verify them. According to the whitepaper co-author, Glen Weyl, Soulbound tokens will be due for release in the last quarter of this year.
Normal NFTs create verifiable ownership of assets (most popularly, digital assets); Soulbound tokens create a verifiable proof of personal attributes. Soulbound Tokens (SBT) are pretty much like Non-Fungible Tokens (NFT), a big difference being the fact that they are non-transferable and are to be issued by the entity awarding the concerning qualification. Like your degree certificates, a Soulbound token confirming your qualifications can be issued by your academic institution. These tokens are unique to the holder and the issuer.
Soulbound token authentication will create a new and better way of creating and verifying credentials. Falsifying Soulbound tokens is impossible and so are the credentials they attribute to the holder. The use cases are boundless. certifications, proof of originality, proof of participation, proof of membership…
The inabilityto transfer Soulbound tokens makes them less lucrative as they cannot be traded like every other NFT, however, they weren’t meant to be traded.
Can you lose your Soulbound token? Well, the answer might be a bit complicated but; Yes, and also NO. No, because Soulbound tokens are issued to your Ethereum address and can not be moved from the address. This means that as long as you retain ownership of your address, your Soulbound token remains yours and cannot be moved. However, in case of a wallet hack or loss of wallet keys, accessing your Soulbound tokens will be impossible. This technically means that you’ve lost them, along with your address.
In the whitepaper released, the authors shared insights on a community recovery method. This explains an approach designed to recover keys to a Soulbound token through a DAO of delegated participants. The ‘community recovery’ method presents a means through which lost Soulbound token keys can be retrieved through appointed institutions or individuals who have the ability to access and change the private keys to a wallet should it get compromised. These guardians must be members of a qualified majority of a (random subset of) Soul’s communities.
When Soulbound tokens are finally rolled out, they will help fight identity theft, scams and fake certifications in crypto and mainstream systems.
Every cryptocurrency investor shares the random thought of bitcoin getting ousted. The oldest cryptocurrency and blockchain has spent its whole years of existence on top of the charts. Dominating a fast-growing space and pioneering tremendous developments; the ‘future of money’ controls over 30% of the total crypto market valuation. The top list is ever-changing, a number of projects have occupied positions in the elite league. Only a few have kept this position for a reasonable duration. The competition at the top is stern, but for bitcoin; it is lonely at the top.
Apart from the alpha cryptocurrency, only one project has spent a ‘long’ time in the elite position — Ethereum. Vitalik Buterin developed a technology that has won the heart of many. Since its debut in 2015, Ethereum has become a household name in the space. The most used and emulated project, that’s a simple description for Ethereum’s reputation amongst developers and enthusiasts. The most actively developed too.
Thanks to brilliant technology and widespread adoption, Ethereum has claimed a position just below bitcoin. Unlike other projects that once occupied this position, it has retained it for a relatively long time and had been dubbed bitcoin’s successor. Well, dare to dream. If any current cryptocurrency project stands a chance of taking over bitcoin at the top, it’s Vitalik’s brainchild.
Does Ethereum have what it takes to move to the absolute top? I’d say YES; technically. But then these need to happen before that…
Ethereum’s ascension will need a little bit of bitcoin’s share of attention. Not just bitcoin maximalists, the whole space is much dependent on bitcoin and what happens around it. The old ‘reserve currency’ is currently the sole dictator of the direction of other assets in this space. It will be tough for Ethereum to climb to the top while bitcoin retains this undisputed rulership figure. The bitcoin hype needs to die, at least a little. This won’t be easy, bitcoin moving over to second place will be a bizarre sight too.
Anyways, bitcoin’s hype isn’t the only impedance on Ethereum’s ascension. Ethereum has its own problems too. Fees, speed…you name it. Despite being the most developed blockchain to date, the smart contract chain is still unusable to many. If any cryptocurrency is going to trump bitcoin, it has to be special. Ethereum is special, no doubt; it still needs a whole new level of efficiency to move over to the number one position. A lot of developments are rumored to be coming to the chain, maybe this will be a revolution…who knows.
Unlike bitcoin, Ethereum is built for several purposes. There’s a long list of unique things that can be built on the chain. The quality of projects built on Ethereum has a big impact on its growth. The tons of projects currently running on Ethereum are the principal reason for the price growth over the years. This growth will continue for as long as reputable projects launch on Ethereum and existing ones continue to make great progress. However, if Ethereum will ever grow past bitcoin, mainstream institutions will have to build alternatives or replacements for normal products or services on Ethereum.
Visa recently shared plans to build a payment solution on Ethereum. This and even more are possible on Ethereum. Mainstream firms and brands can launch incredible services on Ethereum. This will boost the price greatly and ease Ethereum’s journey to the ultimate top.
Just like Visa’s payment solutions, Central Bank Digital Currencies (CBDCs) can be launched on the Ethereum blockchain. Most cryptocurrency enthusiast frown at CBDCs, but the reality is; they are here to stay. Not just here to stay, they stand more chances of survival than most normal payment solution crypto projects. Most governments are building their own blockchains to launch CBDCs. While this is for obvious reasons, the Ethereum blockchain can easily host as many CBDCs as possible. Nations should consider taking this route, which is relatively cheaper and easier. Ethereum as a hub for CBDCs will be a huge boost for adoption and value as well.
You surely have your preferences and you hope to see them at the top. If anyone is ever going to come too close to overthrowing bitcoin, Ethereum is first on my list. This space is unpredictable and the most reasonable scenario is bitcoin retaining its position. But anything is possible and Ethereum could go all the way. Or XRP? Well, feel free to dream!
With the recent wave of adoption, you’ll soon be able to make purchases at your favorite kiosk and pay in crypto. Don’t forget to leave a good tip. You might be impressing the next store. Well, I guess I’m a little bit backward; many small-scale stores already accept cryptocurrency payments. Without government approval, clever merchants are devising ways to include a two trillion-dollar sector in their payment option.
Even if you don’t fancy cryptocurrencies, you face a dilemma, one of which is missing out on the future of money and technology. And if you don’t fancy cryptocurrency, then you simply don’t understand it. Making payments with cryptocurrencies is a fun exercise, except when you are paying transaction and withdrawal fees…arguably.
While you wait for your closest store to add a cryptocurrency payment option, here are some popular platforms where you can spend your cryptocurrency in exchange for desired services.
Travala
Cryptocurrency enthusiasts are naturally adventurous, you surely wish to explore the world. Aviation firms offer a comfortable means to travel around the world, but you’ll have to pay a fee; a fare actually. Mostly in fiat. You have crypto and you wish to travel the world too. Yes, you can! Travala.com offers cryptocurrency payment options for flights with over 500 airlines. Here, you can also book your stay in thousands of hotels worldwide. Travala offers cryptocurrency payment options for recreational activities in some of these locations. Bitcoin, Ethereum, BNB, and a couple of other cryptocurrencies are accepted on Travala.
Hostinger
So, do you have an idea you wish to bring to life? The internet is one of the best media to flaunt your ideas and create an audience. Getting a website is one way forward. Hostinger is one of the most popular web hosting platforms and offers incredible rates for different web hosting plans. On Hostinger you can pay for and renew your web hosting plans using cryptocurrencies. Don’t worry, it is incredibly swift and you’ll hate paying with fiat when you experience it!
Shopify
Shopify is a powerful tool for merchants, it offers merchants an efficient avenue to host their businesses on the internet and perform swift exchanges without worrying about the complicated aspects of e-commerce. Shopify is currently used by millions of merchants to amplify sales and promote their businesses. You can do the same as well, Shopify simplifies e-commerce. And yes, you can pay for these services with your cryptocurrencies. Shopify accepts payment in cryptocurrency for merchants as well as consumers.
Pornhub
The adult video business is a booming one, it has always been. With millions of people streaming adult videos every minute, it is in fact a hot shot. Pornhub is the leading platform in adult video retail. Following a fallout with mainstream payment facilities — Mastercard and Visa, Pornhub has added cryptocurrency payment options for premium content on their platform. You can easily subscribe for the most satisfying content using your cryptocurrencies. Bitcoin, Ethereum, Tether, and BNB are currently accepted.
PayPal
The payment giant is used by over twenty million merchants around the world for swift payments. PayPal offers users a way to send and receive money as individuals or merchants. The swift payment platform is available to people in most parts of the world, a majority making fiat payments. In addition to fiat payment options, PayPal also allows you to make and receive cryptocurrency payments. Bitcoin and Ethereum are currently accepted. Pay your pal…in crypto.
Twitch
Live video streaming is fun, for the streamer and the spectators as well. With Twitch, gamers and other content creators find a medium to share their activities with their audience and also expand their followership. Twitch is one of the most popular live streaming platforms. Payments on Twitch can be made using cryptocurrencies.
Axa Insurance
Bitcoin is your best insurance option, but that’s simply hard for most people to understand. Mainstream insurance firms are pretty much functional anyways. It is however, very possible to combine both. If you’re already insured in crypto and wish to diversify your insurance, mainstream insurance companies offer financial protection against future unfortunate events. As a cryptocurrency holder, Axa insurance offers you an option to pay for your insurance plans in cryptocurrency!
Tesla
Self-driving and electric cars are the future. Through his electric car manufacturing company, Elon Musk gives us a look into the future. Electric cars are evolving and in constant development. Teslas are cool; I mean who doesn’t want one? And when you can easily swap your bitcoin for a Tesla, it’s even more fun. Bitcoin payment option is available for coiners who wish to purchase a Tesla. Tesla Model 3 looks cool, you might want to check the model X too. I wouldn’t swap a whole bitcoin for a Tesla though, but that’s a personal decision.
Off-White
Fashion is a vital part of lifestyle; you certainly have to embrace it. Off-white, the popular designer brand has delivered tongue-wagging clothing designs over the years. Off-white sneakers and clothing are cool, but what’s even cooler is that you can now pay with bitcoin on the checkout page. Happy shopping!
Wikipedia
The internet is home to unlimited resources. Information is littered throughout the web. Wikipedia is almost a web on its own. Thanks to thousands of contributors, Wikipedia has created an online encyclopedia with detailed information about almost everything. Millions of internet users have found this platform resourceful. If you’re one of them, consider donating to the world’s biggest encyclopedia. Cryptocurrency donations are accepted.
Cryptocurrency and blockchain technology has lasted for over a decade, yet the past three years are the most significant in terms of legal involvement. Bans, regulations, acceptance; we have seen a lot of these in the past few years. It gets intense and more positive each new year. This looks like the year cryptocurrency finally penetrates the central government. Before that happens, consider booking your next flight with cryptocurrency. Safe flight!
Obviously not the best series on Non-fungible Tokens yet, but if you’ve been following this series; one thing for sure is, you realize that NFT isn’t just about creating art and selling them or buying art on NFT marketplaces. Check out the previous part, hopefully, you’ll be able to get your flight tickets as NFTs in the very near future. NFTs are here to stay, the question is how far they will go in penetrating the most important aspects of human life, especially where it concerns flexible ownership structure and ownership verifications.
We’ve discussed a few of these possible applications and again, we take a look at a few others.
Unarguably the most popular application of NFTs. You probably own a number of digital art NFTs. The weirdest images are hitting NFT marketplaces and getting sold for some tangible price. Artists are jumping in to at least make a living through their craft. Musicians and video content creators are also exploring the chances of distributing ownership rights of their media via NFTs. Non-fungible tokens have proven to be competent in this aspect, obviously.
It’s no news that “NFT arts are overhyped”, arguments about ownership of these sold arts continue to heat up too. Regardless, NFT arts continue to grow even stronger.
Paid online subscription
Netflix and chill? Even if you’re not a fan of movies, you still have to subscribe to a couple of online services. The only tangible change in online subscriptions since they became a thing is the cost of a subscription. The technology and the user interface…basically the same thing. Not really so progressive, in my opinion, especially when there are available alternatives that work even better. Paid Subscriptions, in contrast to the aforementioned application, are rather time-based and not a one-time redemption process.
NFTs still come into play, regardless. Developing NFTs to represent and validate subscriptions will improve the accuracy of financial estimations. Not just that; NFTs are immutable, and subscriptions cannot be maneuvered if they are issued as NFTs.
Meal tickets and food stamps
We’ve mentioned ‘tickets’ in almost every part of this series, and you’d at least agree that the current tradition of carrying physical tickets is getting boring. It’s arguable if anyone ever found them aesthetically appealing. NFTs are the best bet if we’re ever going to go paperless in ticket vending. Meal tickets, food stamps…presenting these at the counters is so 1980s.
NFT tickets are a perfect replacement. In addition to adding the very much-needed flair to the ticket vending system, NFT tickets are easier to disburse, handle and redeem. Redeeming NFT tickets at the counter is as easy as buying coffee with the bitcoin lightning network and easier than surfing through your wallet to find a frail-looking paper ticket.
The list is actually inexhaustible; it only takes a little more exposure to realize a couple of other ways digital signatures could replace a number of existing options in some concerning areas. You surely have a few suggestions, share them!
If you minted a bored ape NFT at 0.08Eth; watched it climb to $380,000 and got airdropped tangible thousands of dollars in Ape Coins; this title and the whole discussion may sound a bit ‘off’ to you. That’s easy to understand, I’d probably feel the same way. Bore Ape Yacht Club is arguably the most popular NFT art in the world. After that airdrop, it’s probably the undisputed star brand in NFTs and crypto. Hats off to the brilliant team that worked to get it to this height…and of course, the celebrities and influencers who did a great job too. I personally love Eminem’s Ape and I’m not afraid to say that; pun intended.
BAYC’s success rings a bell in the NFT and crypto space, feel free to regret not minting and holding, most people who missed out feel the same way.
In a move to create a more decentralized and accommodating consensus mechanism, Yugalabs introduced the APE coin. APE Coin was designed to be the Bored Ape community’s governance token. In addition to being used for political purposes, APE Coin was also designed to be the reward token for Play-to-earn GameFi projects developed by the team.
Anyways, does a project like this need a governance token? The idea of DAO has long existed, many older projects have implemented this before it became so popular in the past few years. Many projects have launched tokens whose primary use is to vote on proposals. A brilliant move, in my opinion. Unfortunately, this hasn’t really worked so well. Not just APE coins, most DAOs are just another money-doubling scheme.
Looking over the fact that APE coin has added some free money to your portfolio and the fact that it has had more marketing and financial impact on the project, the real purpose for introducing this token could as well be ignored. A governance token for decentralized digital art? Well, you surely have your arguments but Bored Apes has done so well without a DAO.
Yugalabs is a brilliant team and has the best ideas to push its project forward. Demanding approval from a community of people who are less informed on issues like this is more likely to defeat the whole purpose. This is the exact issue with most DAOs, the community is more likely to get it wrong than a team of specialists. Communities consist of tons of people with different (personal) goals which might not necessarily be beneficial to the greater public. Their personal needs are what their individual votes reflect and not the community’s well-being.
To date, about five proposals have been voted on APE coin’s voting portal. Three of these have been voted in favor while the rest couldn’t make the cut. There are certainly more in-depth reasons why that staking proposal didn’t make the cut. Proposals like this easily pass the voting stage. However, these proposals have been centered around developing the voting process and incentivizing token holders. When more vital proposals are made, the complicated nature of DAOs will be put into play.
Project teams are shying away from leaving vital decisions to the community, a major reason why DAOs are becoming grossly uninteresting. Albeit decentralizing the community, DAO project teams still execute important proposals without the consent of the community. Many argue that a complete DAO is ‘dumb’ and unsustainable. You’d agree too. It falls through at some point. The majority isn’t always right, this happens more often than not. In cases like this, project founders face the hard decision of going against the community or not consulting them properly.
The community will happily vote in favor of token burns but not a proposal to lower the floor prices by minting more NFTs at cheaper prices. While token burns have shown to be good for the numbers, a lower floor price will invite new members. But the community will prefer to see numbers go up…I will too.
Rough statistics estimates about twenty new cryptocurrencies are created daily, only a few make it to tracking platforms. On average, half of this figure is listed on tracking platforms every day. The past five years have seen a meteoric growth of cryptocurrency projects, thanks to widespread interest and adoption. Over twenty thousand (20,000) cryptocurrencies are listed on digital assets tracking platforms, most of them coming to life in the past three years.
As the crypto space grows and assets proliferate; investors are always in search of simpler ways to keep track of this growth and manage their investments as well. As a result, asset tracking and management utilities are great tools for digital investors and enthusiasts.
Like crypto itself, platforms offering this service are also getting rampant and investors could easily mention a handful. Regardless, these platforms have not really been able to satisfy most investors’ needs, individually. Investors either resort to using multiple platforms or finding a different walk-through for features not available on their asset management platforms.
A number of asset tracking platforms boast “an ‘all in one’ stop for everything an investor needs”, but in practice, only a few come close to this. In addition, these platforms are marred by other inefficiencies. Making up the list includes; inaccurate data, loading lags, and poor asset representation.
Personally; I always have to switch through a few asset trackers, a tedious process. This experience is the same with most other investors, probably you. If you relate to this (and even if you don’t), you might want to pay attention to the rest of this article.
Meet CoinLore; A complete investor utility platform.
CoinLore is a unified, free-to-use asset tracking and management platform built to meet the need of everyday investors in crypto assets. CoinLore provides untampered data for almost ten thousand (10,000) crypto assets and empowers investors with vital tools for investment research and management. In addition to already existing assets, more reputable digital assets are being added daily on the platform to allow holders to keep up with price developments for their assets.
Built for investors, by investors
Investing in crypto is a special exercise; ‘tricky’ is a proper term. With every new cryptocurrency project comes new proposals, algorithms or technology. One thing in common with these projects is that they present ‘huge’ potential and are the ‘next big thing’…until they are not. The high rate of project proliferation is also followed by a spike in the frequency of project failure. In each case, investors are left to nurse mild to grave losses.
The best way to empower players in a space of this kind is to optimize services provided to suit them; protect them.
Developed and managed by a team of experienced investors; CoinLore is runby a team that understands what it means to be in the crypto space. This is depicted by the platform’s structure and resources presented to users. The white-themed platform easily fits an investor’s cravings.
A glance through the platform shows a user-centric design. On a desktop view, the platform’s design is crafted to shine users’ path through investment utilities in a presumed order of importance. Quick navigation options are displayed on the top bar to allow visitors to surf through the platform. Easily log in for existing users or create a new account by clicking ‘Login’ from the menu bar. Platform and total market metrics follow this in a relatively familiar fashion. Following this are other sections of the platform containing asset and market data. In the main section are crypto assets listed in order of their market capitalization. Users can easily modify this section according to the information needed. The parameters shown at the top of CoinLore’s main asset listing section can be used to select a specific class of assets to be shown and the order of appearance. This feature is best suited for users who are interested in separate asset classes such as DeFi, NFTs, smart contract tokens, and coins using a specific consensus algorithm.
While logged in, you can add coins to your watch list by clicking the star icon on the left side of the asset. Adding assets to the watch list makes it easier for investors to monitor their price developments.
On the right section are classified market data and general information. A market overview section and compartmentalized list of daily top gainers precedes the news feed. The news feed features remarkable happenings in the crypto space, it is a minimized version of CoinLore’s news aggregator. More crypto-related news and resources can be obtained by expanding this section.
The event section follows and features major upcoming developments for projects. This includes exchange listings, DAO voting, token migrations, launches, and other events investors might need to take note of. Spot and margin traders can utilize this for their periodic investments. This section is followed by a video section and other metrics which can be easily accessed by any user.
Track your assets on the go!
Hectic day? We’ve all been there a couple of times. But unlike most other investments, cryptocurrencies have pronounced volatility and a whole lot could happen in just a very short space of time. A few hours might be too long. Being in this space requires a certain level of dedication, especially for day traders. Long-term holders aren’t left out anyways.
Staying informed while you go about your daily activities is easy with the CoinLore mobile application. Just like the desktop platform, the mobile application enables you to track your assets, manage your investments and obtain vital information; but this time, you can do all these from the comfort of your mobile devices. With the mobile application, CoinLore offers a mobile-friendly version of its platform to users who might be unable to use the desktop platform. Your Coinlore account can be used on mobile applications and desktop platforms.
The mobile interface differs tangibly from the web platform; but like the latter, it is simplified and easy to use. Coinlore mobile application is available for Android and Apple devices.
Why CoinLore?
There are a good number of asset-tracking platforms and you surely use at least one of them. This article might be the first time you’ve heard about CoinLore. In a sea of options, what makes CoinLore special and why choose it? If you read through to this point then you already have your answers. But, here are more reasons why you should try out CoinLore today;
Frank asset ranking and detailing.
A major issue on many asset tracking platforms is wrong information as regards prices, distribution, and history. Cryptocurrency investors are fond of making hasty decisions and only a few care to verify claims before going ahead to hold, purchase or sell their assets. Tracking platforms then have a duty; to deliver accurate information as possible for their users. Unfortunately, this is not the case on many platforms, and sometimes last year following a hitch on a popular asset tracking platform; you would have to pay over a trillion dollars for one Ethereum.
The popular price hitch was obviously unbelievable, but a good percentage of investors didn’t understand it this way. CoinLore understands this obligation and embraces it through sincere information on assets and careful practices to avoid running into generalized issues.
Real-time asset valuation
Asset values on CoinLore are flexible and are updated regularly using information generated from exchanges where these assets are traded. Data from the exchanges’ API are collated and average prices are displayed. CoinLore’s technology allows the displayed prices to vary according to activities on the exchanges. Prices displayed on the platform are in fact the assets’ value at that particular time, this could change in the next second.
Handy metrics and information for investors
You’ve seen the news feed and the events section; these are incredible utilities for cryptocurrency investors. CoinLore goes beyond this and adds other features that assist investors in making decisions and also simplify asset management. CoinLore’s asset widget contains detailed information about a selected asset. Events and distribution information can be obtained on the asset page. Blockchain statistics for coins are also available. Traders can also determine their next move using accurate price charts provided on the asset page. Asset performance by sector is also important data for investors wishing to dive into a specific cryptocurrency sector.
These data come in handy for every investor regardless of their involvement in the space. In one stop, your next move can be decided; no, you don’t need to get any information from another platform. CoinLore makes that possible
A user-centric interface
Have you ever stepped into a store where everything is placed just the way you want it? This special feeling is the same when you use CoinLore’s asset tracking platform. The platform’s appearance and flows are designed with a cryptocurrency investor in mind. Every feature on the platform serves a special purpose for at least a level of crypto investment. Looking for a tracking platform where your preferences are highly represented? You have your answer
Responsive and performance-optimized pages
I jumped from Coinlore’s desktop platform to the mobile application and again to the web platform on my mobile device. Different appearances, but one thing that didn’t change is the impressiveness of the user interface and the smooth user flows in each of these platforms. The responsive design ensures that the platform can be used on every device without a dip in the quality of users’ experience. You can manage your assets and plan your next investment move without having to worry about lags and an ‘annoying’ platforms.
CoinLore is impressive, no doubt. A few caveats would be the number of assets listed on the platform; many users would also suggest a more contemporary user interface feature. However, the listing process is open and you can contact the team to get your favorite asset listed on the platform. The listing process is manual as projects go through manual auditing before being added to the platform. Adding some contemporary UI design trends might slow the platform down as well. Regardless, the platform is in constant development and the team is responsive.
NFT enthusiasts have moved Billions of dollars in NFT arts and multimedia since the idea came to life as a valuable item. Mainstream and local artists have since made life-changing wealth from selling otherworldly arts and rare pictures. (successful) NFT traders have turned their fortunes around by flipping NFTs on NFT marketplaces. The widespread rumors of staged trades and artificially bloated NFT might not be a fact, but the mind-blowing NFT value figures could easily trigger rumors like these. Bored Apes are arguably the most popular NFTs and have seen incredible growth; in popularity and value, but many other similar projects have seen wild growth as well.
I’d assume every NFT trade and positive statistics to be 100% real, even if they are not; the concept has been undoubtedly yielding for anyone who dived in successfully. Do share your NFT story with us anyways! That being said, the scope of NFTs has been grossly limited to art trades and multi-media vending. Denis Rodman’s NFT collection has moved over 590 Ethereum at the time of this writing. The popular ‘tough’ guy made it clear that he simply “want to make money” from his NFT drop. Not sure about his current financial condition, I only hope 500Eth is enough money. He probably made more from throwing balls for a few hours.
Expensive arts have a rich history, you might have seen movies about them. Dwayne Johnson and Ryan Reynolds did a good one too. In contrast to NFT, these are (very) special Arts and usually ‘one of ones’. Well, when you simply have to move some nerdy virtual coins, you are bound to be a bit extravagant. The NFT buzz has tuned down a bit, but this can be blamed on the crashing cryptocurrency market. A return might be possible when the market returns, or even before then. Regardless, most NFTs have seen their peak and will always be a shadow of their best, but NFTs will continue to be a prized asset for quite longer.
The future of NFT is however not geared towards a continuation of the photo-vending use case. While artists will still be able to drop their arts on marketplaces for collectors, this practice will begin to fade when NFT arts fail to meet up with the utility demands.
Arts and multimedia trading is the current buzz, but the utility of NFT as technology lies elsewhere. Cryptocurrency projects are already exploring ways of introducing NFTs as a competent way of assigning viewership tickets to sports fans. A welcome development and NFTs will do just well in this aspect. NFT sports tickets are easily verifiable and immutable. Just like NFT vouchers, these tickets can be easily redeemed and reused. Cinemas can also adopt this exact technique to issue movie tickets to their customers. NFT attributes can be used to encode the provisions of these tickets.
NFTs could replace the traditional algorithm of assigning ownership rights to vouchers. Spending NFT vouchers is as easy as redeeming an NFT for a prize. This also saves the institution from producing new vouchers regularly as NFT vouchers can be re-used over and over again…as much as possible.
Novel Cryptocurrency ideas have a record of fading into obscurity after a period of hypes and panic buys. A rather general phenomenon. NFT arts could follow a similar route while real utility NFTs take place in mainstream sectors. Would be a win for the technology itself. In contrast, these will struggle to command the financial sways NFT arts have easily pull-off for the past year. NFT minting platforms and marketplaces could still retain their function though not for billion-dollar daily transaction volumes.
Not to worry anyways; the most used words here are ‘might’ and ‘could’. These new use cases are still a couple of years away from relevance. Even if they come earlier, you’ll still be able to flip your ‘rare’ arts as long as collectors are willing to throw some heavy bucks on your collection. This is, however, for new NFT projects or older ones that stood the test of time. There won’t be many of the latter…of course.
Bitcoin topped $68,000 last year, and if you lived through that moment, you’d be left in awe of what the space has become since this time. Even more awesome is the state of things by the time you get to read this article. But that’s if you didn’t jump to the first paragraph to get to the point where I listed reasons why bitcoin will climb to $150,000 in the next 50 days.
Here’s a spoiler, that part doesn’t exist. You could still find a few hopium laying around the corners of crypto Twitter. The crypto space is adding to the relevance of Elon Musk’s new playground. At least, he could have some money to run the ship before the verified users start paying up their $8. Well, this is unrelated but the rocket man recently checked into a Twitter space just to say ‘Doge to the moon’!
Even if you don’t love Twitter, you’ll love Mr. Musk. An absolute gentleman! Don’t read that twice.
Away from Twitter and away from the charts, cryptocurrency has taken a bad hit this year, the worse it ever did. Trashed reputation, air-proofed strength. It once looked like a very strong space. If we’re considering percentage losses, it’s still doing better than the 2017 crash, but that’s not a story to tell to anyone who bought the top. Heard Nayib Bukele’s bitcoins were stored on FTX. That turned out to be a joke, but what a story it would have been.
Tesla did test bitcoin’s liquidity and couldn’t move the market with billions of dollars in bitcoin sold. That used to be impressive, guess not anymore, we could drop to zero if anyone tries something similar right now.
If there’s any advice that almost went completely wrong in crypto, it’s the one that encouraged you to invest in ‘blue chips’ turns out that are blue rugs. But that’s fine, at least we still have NFTs to keep us going. Brilliant FTX investors did demonstrate the best use case for NFT — money laundering. Probably the single-use case that has steered the values in the way we have seen.
Next in line for capitulation? I guess not, that Ronaldo and Binance NFT partnership finally happened. The greatest footballer that ever lived will be dishing out some rare art and footage with the popular exchange. With other exchanges falling apart and Binance standing strong for now, NFTs might just pick steam again, NFA.
But then, what else could go wrong? Bored Apes announces that their monkey pictures are truly valueless and floor prices crash to two decimal point ETH while bitcoin drops below $10, 000. That’s just one zero short of the $100,000 mark. That’s an awful take, even in the words of a crypto Rockstar.
But the drums are still sounding. Thanksgiving is almost here, but things are still looking scary. Halloween got extended. Time to give up on your dreams and face reality. If you bought bitcoin anywhere near the 2021 top, you’re certainly ending the year at a loss. But one bitcoin always equals one bitcoin. A faulty arithmetic, but still works for people who have developed a Micro strategy for cryptocurrency investment.
Anyways, it’s the last quarter of the year and crazy things happen. Shiba Inu at $1 is on the cards as well.
