NFTing The World

in LeoFinance3 months ago

We hear a lot of things are in our future.

Bitcoin is the future.
DeFi is the future.
NFTs are the future.

Actually, all of this could be correct. There is no reason why each of these should not materialize. They are off to a great start, something that will expand as time goes by.


Focusing upon the last one, what is the potential of NFTs?

That depends upon who you talk to. Mark Cuban is showing a huge interest in the industry, becoming one of the leading advocates. In fact, he made one of his Tweets into a NFT and sold it for $900. Many, including myself, thought it was a bit pricey but hey, that is the free market.

Speaking of pricey, Justin Sun obviously has extra money to spend. Jack Dorsey decided to make his first Tweet into a NFT and put it out to bid. According to Coindesk, Justin Sun has a bid of $2 million on the table.

Finally, last year William Shatner, of Captain Kirk fame, sold 125,000 NFTs pertaining to trading cards he that were created to capture different parts of his career.

Obviously, we are seeing the celebrities capturing this market. The question is, however, outside of collectibles, what can the average person do?

Here is where we see great debate. The potential, naturally, is unlimited. As it gets easier to create NFTs, people from all over the world will be able to capture anything. The question always comes back to value but this is up to the market participants. While most would not pay $900 for one of Mark Cuban's tweets, someone did.

The key thing to understand is any asset can be tokenized. This instantly puts it into the liquid financial arena, meaning people have options.

For example, imagine if we get to the point where one can create a NFT against his or her house. Then, that NFT is taking onto a DeFi application and the owner yield farms it out.

How would that change the circumstances for people?

Also, since NFTs are applicable to a single item, a sequence release of them let's everyone know what is available. Think if the opportunities for a luxury manufacturer such as Gucci. Not only could the NFTs serve as validation against counterfeiting, it will also allow all purchasers to know the rarity of a particular item.


Presently, people look at NFTs and DeFi as separate categories. However, the key is to merge the two concepts together. Let us ponder the business environment for a moment.

Again, understanding that any asset can be turned into a NFT, how about a company's receivables? Often this is sold off in an effort to turn cash. Nevertheless, in DeFi another option will be to NFT the receivables and turn to the liquid market for instant cash. There is no need to discount although the market will want some type of profit making opportunity. Of course, that will be determined by the market, so a company could end up benefitting even more by turning in this direction.

Another key point with NFTs is they are ongoing. This enters the picture for movies.

One of the biggest challenges for actors, writers, and other personnel is getting paid royalties. When people make an appearance, they are often paid each time that scene is used elsewhere. NFTs could ensure that each person received the appropriate part of the royalty owed.

This also equally applies to music since there is often the same contract structure.

Here is where we will see the real explosion. While the collectible market is huge, the real money is found in the business applications. As mentioned with receivables, companies face major challenges with financing which could be solved with NFTs and tokenization.

Of course, the really large application is when we start to enter the virtual world. Being able to take real world items into there will be crucial.

For example, what if we were able to use a limited edition release of a certain pair of Nike sneakers in the Metaverse? As we create the different worlds that we are going to engage in, we will see the opportunities for developers to build in ideas such as this right into the ecosystem.

Being able to utilize our assets as we move from world-to-world is crucial. Presently, this is something that most are not thinking about but it will be on the minds of most people by the end of this decade. As we move deeper into a world where the virtual and the real merge, NFTs can be a strong part of the transition between the two.

After all, you cannot take your physical sneakers into your virtual domain.


Ownership is a crucial element that is often missing in our world. Our present financial system does not value certain things. With the transition to digital, most anything can be tokenized. This opens up the potential for people to own all they create.

This is vital in helping to alleviate things such as income and wealth inequality. All over the world, people have assets they own or created for which they do not receive compensation for. Either they are stolen from them or people use without paying.

NFTs can reverse this trend. As we see the innovation taking place, people all over the world will start to come up with ways to create NFTs that apply to their lives. Depending upon the individual, what they are involved in, or the community they belong to, this could be a great way for them to monetize the value they have in something.

Ultimately, it takes branding to a completely different level.

Thus, it is safe to say that NFTs are in our future.

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This clarified NFTs a little for me, but I'm still a little unsure exactly how they work. I understood the part at the end (and it's what I've been seeing online a lot) about artists making an NFT of their work, but I do not understand how a Tweet can be an NFT, lol. Or sneakers, for that matter. Do you know any really basic, non-techie explainers about NFTs? I am seeing this crop up on Hive more and more but I don't really have a grasp on it. Thanks for any help!

The tweet simply is monetized. Dorsey created a NFT for the tweet and is selling it. Whomever buys it, will be able to hold it in a wallet, just like a Splinterlands card. I am not sure where Dorsey is doing it but I am going to presume it is an Ethereum NFT. So the one who buys it will be able to sell it at some point, and simply move it to another ETH wallet.

How does it have value? It is like the secret formula of Coke is worth a fortune yet it really only a recipe written down on a piece of paper (I presume).

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Thanks for the link!

They are basically a token on a blockchain for ownership over something for example in a game if you unlock a weapon and it was nft you actually own that data and own the weapon which in theory could be taken out of the game and sold its basically an ownership token on a blockchain

Ahhh, okay cool I can definitely see that being useful in terms of gaming for sure!

I don't understand how a tweet qualifies either. I think it started out with trading cards and card games like splinterlands. You own a card or a token. In this case, it usable as an enhancement to the game. From what I've read, you can buy a tweet but, you don't own it but rather a "token" that represents that tweet and holds a perceived value.
If someone wants to buy my utterances on twitter, so be it.

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I like the idea of NFTs validating the authenticity of a real world item.

I can't help but feel like NFTs have started off costing way more than they're actually worth though. Cryptopunks for example have completely turned me off the idea of NFTs

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That is normal market craze. Things get out of whack when it comes to financial markets.

Look at the bubble. That got crazy but that didnt take away from the validity or potential of the Internet. Just the market went nuts.

We are likely seeing the same thing here. With something new, everyone wants to get in super early, believing everything will moon.

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I think NFTs can be used for many things and it will certainly change the world once tokenization occurs. I do agree funding and everything will be much easier without a middle man. We could also use it pay off token holders.

The problem I see is knock-offs and scammers. They exist in the real world but the digital world makes tracking people a lot tougher.

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The problem I see is knock-offs and scammers. They exist in the real world but the digital world makes tracking people a lot tougher.

When tied to blockchain, it makes it that much harder to create a knock off and pass it as authentic.

For example, high end handbags by Gucci. If each one had a NFT, and they were sequential, then if one tried to create a bag without the NFT, then we would know it is fake.

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Yea but I think we need better technology to guarantee this. As it is right now, there is no way to securely define a bag with an NFT ID. It may be possible in the future if there was a way to guarantee it's authenticity.

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As it is right now, there is no way to securely define a bag with an NFT ID.

Sure there is. Have a serial number of each bag locked into the smart contract similar to how VIN are for cars. That can all be coded into the contract, thus show the number of bags issued and what number one has.

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I think the NFT space is exciting. It has opened new venues for creative types. People that may have felt limited to one or two sites. You still have to do self-promotion. However, my work is much more likely to be found on an NFT gallery than it would be on a site like smug mug, hoping for someone to stumble over it.

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It is like anything, promotion is still required to stand out.

In fact, my view is that in the digital NFT world, it is all going to be about momentum. Those artists (in whatever form) who can get a following and gain momentum will see value to their NFTs.

Those that dont, well they wont.

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I like how NFTs is tokenize arts and music. NFT will provide a new hope for artist and the like to earn from tokenizing their arts.

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That is one of the most obvious use cases. We are going to see a lot of that.

Jingles for example could be set with a NFT and creators of that content could profit.

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juecoree is a hacker/hacked account.
@taskmaster4450 please do not click on any links it may post. More info: 1 | 2.  Sincerely, @keys-defender
Comment 10% downvoted to make it less visible. This message is self-voted to be more visible among others.

Hey @key-defender! What the hell is this? My account wasn't hack. This is annoying.

You must have done something on 3Speak.

They are having a major issue and a lot of people are being hit by that.

It should revert back to normal before the payout period on your posts and comments.

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Thank you for the information @taskmaster4450le.

imagine if we get to the point where one can create a NFT against his or her house.

It already exists. A few weeks ago the first tokenized property was sold in Spain with Ethereum and the company will continue to do so. It is an investment model where several people buy the property and then sell it to whoever is going to live there. I like the idea and I plan to invest when the company matures a bit. It's great everything that is happening.

this is the note in Spanish

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It exists in certain areas but what are the regulations surrounding getting involved. And does it go through a middle man with a company taking the cut.

Perhaps I should have added to that thought a bit more emphasizing the frictionless point as well as the inclusiveness to let all around the world participate.

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So those people around here who consistently claim content is worthless, art is overvalued, yadda yadda yadda, etc... they were wrong?

Actually, I knew that. It was 2016 when I started earning crypto with art. I'm one of the first in the world to be 'successful' in that arena. I knew once crypto and art began to gel, this is the road we'd be on.

There you go! This is conceptual proof that a content generating platform like Hive doesn’t need a conventional add based access based model to create value and bake it into our coin.

I have heard people (here on Hive) adamantly speak their mind saying that Hive won’t be a success without reverting to advertisement. I have always voiced my opinion to the contrary.

We live in an Information Age (transferring to an Attention Age) economy... information has value especially if it’s tokenized via blockchain technology. We don’t need to bring adds into our infrastructure to be economically viable... and I think that NFT’s are demonstrating this concisely.

That’s a good thing because NOW is our chance to do something different. Why should we be like all the Social Media 2.0 solutions that are breaking the society and the world.

This is our chance to innovate the future. That’s the exciting part and an add based/access based economic model is just plain boring and a drag.

So yeah! Your comment brought a smile of recognition to my face. 🙂

Never sell yourself short. The artist/creator/whatever with a mind for business never forgets that rule. So of course I'd be a little bit shocked to see investors offering a product and basically calling that product garbage.

I never viewed this platform as social media. More like content distribution/consumption. Social media is a tool one uses to help distribute content further to more people (free of charge, organically, consumers naturally do all the heavy lifting). These days the consumer will spend money on content online. Of course if you tap into that, you don't need ads. Don't even need the middleman between the consumers and creators. All you need is a product and the people who like it, because they bring their money with them.

I yelled at the clouds for years about the lack of consumers and pointed out how only attracting creators is bad for business. I think people thought I was crazy because so many were under the impression the content was worthless but now we're seeing consumer money pouring in. Not so much directly to this chain, but it will come, because we'll offer the consumer a better deal.

People often take something new and bring it back to the reference point they understand.

What that means, when it comes to the Internet, is that money making is through advertising. This is the only thing they can wrap their brains around. It is far beyond their capabilities to grasp that an entirely new model of value is being erected, moving beyond what took place in the past.

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So those people around here who consistently claim content is worthless, art is overvalued, yadda yadda yadda, etc... they were wrong?

The masses are usually wrong especially those in the media and screaming the loudest online.

But then your wallet proves that.

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Thanks for explaining about NFT. Honestly, I have no idea how NFT works. I have heard about NFT already but I haven't done any research about it yet.

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NFT as collectables are kind of meh for me at least, collecting real life stuff is more satisfying considering how much time we already spend in the digital world already

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The two are not going to be separate in a few years. They are going to be one.

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I can't imagine NFTs replacing my coin collection for example

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I didn't pick up any of the William Shatner items, but I know that WAX now has some Leonard Nimoy stuff in the works too. I wouldn't be shocked if we see something MLB related from them soon too. They are partnered with TOPPS, so it only makes sense they would try to capture some of the hype that is happening with the NBA thing over on ETH. Digital land for games has been a huge deal with NFT's. We see it with Splinterlands, Decentraland, and Alien Worlds. I actually have four pieces of land on Alien World that I spent maybe $120 total for all of them. Land on the secondary market is selling for no less than $800 per plot right now. It is crazy!

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Nice animado 1++++.gif