NFT’s are finally evolving from just being jpegs. As their utilization expands, so will their value. I have only been involved in NFT’s through the NEAR network, so I will use their projects as examples, but the same functionality expansion is happening throughout the larger ecosystem. Please dont attack me for shill, I am literally just explaining my perspective. AS ALWAYS DYOR
Fractionalized NFT’s – Fortunately, there is a solution for this, in the form of fractionalized NFT (F-NFTs). You can now own a piece of a digital asset in the same way owning shares in a company means you can only claim a tiny percentage of ownership. They are built on the same principles, with the same technology, while making NFTs more accessible by dividing the ownership potential with a wider group of people. Right now, projects like DEIP of CurioDAO are laying the framework for fractionalized NFTs on NEAR. They authenticate any asset, create a smart contract to outline its properties and a DAO to manage it. It is easy to see how this tech could make NFTs more accessible to everyday people.
NFT Staking – this is the same concept as PoS on normal blockchains, but with a much larger variety of assets as you can simply stake any NFT on the network instead of $XYZ token. The main marketplace on NEAR, Paras, is expanding their existing staking to include NFT staking. This isn’t applicable to all blockchains, the L1 the NFT platform is built on has to have an existing staking mechanism.
NFT Gaming – GameFi is one of the fastest moving industries in web3 and was the inspiration for Ethereum at some level. My favorite game on NEAR is ZED, the horse racing game that went viral on TikTok. People talk about the merits of NFT technology in gaming all the time on this sub, so I’ll just leave it at that.
5 thoughts on “When will we realize NFTs are more than just a jpeg??”
I just got educated to the utility of NFTs very recently. I actually think there could be far more use from these than currencies. I really like the tech being deployed.
Buying a link to a jpeg on the blockchain, smh.
My NFT is for sale on crypto.com
I realise this, thats why 30% of profits will go to 3 different charitys, im learning more and more as i move forward, i also think art and beautiful pictures are worthy of being nfts of its for a good cause,
The crypto world is so confusing to most i would like to make it easier and more simple for people to