Close Menu
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Market Cap
  • Blockchain
  • Web 3
    • NFT
    • Metaverse
  • Regulation
  • Analysis
  • Learn
  • Blog
  • Contact
    • Tech7685@gmail.com
What's Hot

Alchemie acquires Solana developer Dexterlab for unknown sum

2025-05-19

Ethereum: Why this analysis company expects ETH $ 6K to hit in 2025

2025-05-19

Ethereum – price cannot break through – what does it stop?

2025-05-19
Facebook X (Twitter) Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • Free.cc (Free Crypto)
Facebook X (Twitter) Instagram
Bitcoin Platform – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Market Cap
  • Blockchain

    Alchemie acquires Solana developer Dexterlab for unknown sum

    2025-05-19

    Interlink and Blazpay Partner to improve the user experience in Web3 with AI

    2025-05-19

    Filmmaker David Goyer bets on blockchain for the next sci-fi franchise

    2025-05-19

    Jesse Pollak explains how Pectra Upgrade will overload the basic network

    2025-05-19

    Ice Open Network welcomes Soonchain AI in its online+ ecosystem to stimulate web3 ai-game development

    2025-05-18
  • Web 3
    • NFT
    • Metaverse
  • Regulation

    Trump administration to beat bank rules designed to prevent collapse in 2008 style: report

    2025-05-19

    Mastermind Behind Sec Sim -exchange schedule sentenced to 14 months in prison for manipulating Bitcoin price

    2025-05-18

    Capital One pays $ 425,000,000 to customers after they have reportedly cheated customers from a higher return on bank balance

    2025-05-18

    Myth or reality? Mica and its real impact on the market that dissolve common misconceptions

    2025-05-18

    Judge denies joint bid from Ripple and the SEC to end their long -term legal battle to end XRP

    2025-05-17
  • Analysis

    Ethereum – price cannot break through – what does it stop?

    2025-05-19

    Dogecoin (Doge) is struggling to support profit while Meme Coin cools Mania

    2025-05-19

    Crypto analyst says that Bitcoin correction comes before the outbreak to the new all-time here is his prediction

    2025-05-19

    XRP – Price is struggling to keep the ground – breakdown or breathing break?

    2025-05-19

    The American stock market now looks more favorable than pre-trade war, according to Tom Lee from Fundstrat-Dit why is why

    2025-05-18
  • Learn

    Types of Blockchain Layers Explained: Layer 0, Layer 1, Layer 2 and Layer 3

    2025-05-16

    Token vs. Coin: Key Differences You Must Know as a Beginner

    2025-05-15

    Inside Changelly: 10 years of steadfast support and compliance

    2025-05-15

    What Is Proof-of-Work (PoW)?

    2025-05-12

    What Is Proof-of-Authority (PoA)?

    2025-05-09
  • Blog
  • Contact
    • Tech7685@gmail.com
Bitcoin Platform – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
Home»NFT»Rest in peace, profile pictures. Long live NFTs!
NFT

Rest in peace, profile pictures. Long live NFTs!

2024-10-16No Comments5 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of the crypto.news main article.

NFTs are not dead. Their potential is simply different from what was originally embodied by the epic rise and crash of the PFP market in 2021. Profile photos, digital art, and collectibles are just a few basic use cases for non-fungible tokens, a revolutionary form of digital asset in which Unlike cryptocurrency tokens, each item is unique and usually cannot be seamlessly replaced with another item.

You might also like: Museums, AI-generated art, blockchain and NFTs | Opinion

Unfortunately, the concept of NFTs has been conflated with expensive JPEGs as a result of the NFT craze of 2021, which not only did crypto in general and NFTs in particular a terrible disservice, but was, in retrospect, extremely stupid. That’s why just a year after the initial boom, trading volumes fell by more than 90%.

The runaway speculation about NFTs was a human problem, not a technical one. The situation was similar to some precedents, for example baseball card collecting in the 1980s. If you buy packs or boxes at a time, you’ll pay very little per unit for a number of cards – and only a select few would end up being worth a significant amount of money in the long run.

In general, collectibles such as sports cards, music albums, and popular memorabilia begin life as “one of many,” all of which have little cost/value, and no one can really predict which ones will be worth anything in the future. .

See also  Champ Medici talks Web3 communities, NFTs, music and gaming

Million dollar zoo animals

Naturally, everyone got caught up in the fever of the bull running in 2021, and many lost their sense of proportion: They paid as much as seven figures for digital zoo animals. And of course, some legends and celebrities sought out expensive PFPs precisely because they were expensive and they wanted to be flexible. NFTs quickly became a status symbol, representing the (perceived) wealth of their owners.

The whole idea of ​​paying huge amounts of money for newly released digital collectibles in the hope that they would increase in value was ridiculous. No wonder that if you say to the norm that NFTs are useful and will be an important part of the future digital economy, you will probably be laughed at. All they remember is people paying stupid amounts of money for ‘art’ that a kid could create in MS Paint.

Breaking through the foundations

The image of NFTs has been seriously damaged in the eyes of the broader public and has not recovered along with the broader part of the market. This is a real shame, because NFTs as a vehicle for digital ownership had real potential to attract masses of new users to web3.

To appreciate the potentially transformative power of NFTs, it’s important to first base your thinking on the fundamentals.

An NFT is a data structure for modeling data with unique properties.

People’s lives are increasingly moving into the digital space, so it should come as no surprise that there will eventually be digitally native goods that people want to own.

See also  Visa uses Solana to improve cross-border payments

Modern property

In the web2 world, owning anything digital is pointless because it can be so easily copied and/or shared. (Looking at you, memelords wearing out the ‘save as’ shortcut on your keyboard.) To mitigate this, content owners will often use common Web2 digital rights management barriers such as paywalls, encryption, or simply blocking access to limit. But ultimately, this added friction only makes it harder to share with the creator’s audience and keep their attention.

This is where NFTs come into the picture. Their use cases are limitless: not only to create digital representations of physical things (real-world assets), but also to express ownership of digitally native things.

However, it is important to understand what rights are actually granted to the owner of an NFT. Is your NFT a digital representation of your ownership of a physical Picasso painting? Does your NFT only give you the right to display the digital art itself? What about the right to print T-shirts with the art on them and collect royalties on the sales? This is an area that requires a lot of attention to get right. If NFTs come with ten pages of fine print licensing agreements, that will definitely take the fun out of it.

Usefulness beyond PFPs

In addition to solving the problem of digital ownership, NFTs can also be imbued with all kinds of utility: exclusive access to members-only events, collateral for loans, DAO voting rights, representation of positions in DEX Liquidity Pools, etc. – making them an incredibly valuable tool. powerful tool for makers. These applications may have absolutely nothing to do with art, and NFTs may function in the background as essential components powering complex protocols.

See also  NFT -Sales drops 28.9% to $ 107 million, Pudgy Penguins turnover drops 80%

Often, non-crypto residents fail to distinguish the technology from the asset, leading to blockchain taking the blame for people’s stupidity or nefarious behavior. Regardless of the rock-bottom prices of infamous PFP collections, NFTs are not dead at all; their innovation is simply overlooked. You might be surprised how many NFTs are supporting the RWA revolution currently happening in the blockchain sector.

Read more: SEC Investigates OpenSea, But NFT Artists Likely Not Targeted | Opinion

Aaron Evans

Aaron Evans is the head of fundamental operations at the Moonbeam Foundation, a smart contract platform for building connected applications that access users, assets and services across any chain. Aaron has over 25 years of experience in the tech industry and a background in software engineering. Before joining the Moonbeam Foundation, Aaron was senior vice president of Fuze, an integrated communications platform, where he helped generate $100 million annually for the company.

Source link

Live long NFTs Peace Pictures Profile Rest
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Solana Meme Coin Ponke Set to release assembly objects, clothing via Jcorp Spinout

2025-05-19

‘Maplestory N’ touches avalanche, Solana’s ‘Nyan Heroes’

2025-05-18

The most popular collections of the moment on blockchain

2025-05-18

Judge denies joint bid from Ripple and the SEC to end their long -term legal battle to end XRP

2025-05-17
Add A Comment

Comments are closed.

Top Posts

Bitcoin Fear and Greed Index Trends down while Bulls take a step back – what now?

2025-02-20

Hot Wheels introduces new NFT collection: Garage Series 6

2023-09-01

Ethereum plans to thwart DeFi hacks with this proposal, here’s how

2023-07-05
Editors Picks

Web3 Publishing Platform Mirror Sells to Paragraph, Pivots to ‘Kiosk’ for Social App

2024-05-04

Bitcoin: Japan’s Metaplanet Mirrors MicroStrategy as BTC Hits $65,000

2024-07-17

Dogecoin Trades Within Multi-Year Upward Channel – Expert Sets $15 Price Target

2025-01-20

Avalanche Leads Top 20 Cryptos with 6% Gains: Can AVAX Reach $32?

2024-09-09

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

Alchemie acquires Solana developer Dexterlab for unknown sum

Ethereum: Why this analysis company expects ETH $ 6K to hit in 2025

Ethereum – price cannot break through – what does it stop?

Get Informed

Subscribe to Updates

Get the latest news and Update from Bitcoin Platform about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • Free.cc (Free Crypto)
© 2025 Bitcoinplatform.com - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$104,890.99-0.51%
  • ethereumEthereum(ETH)$2,465.41-4.19%
  • tetherTether USDt(USDT)$1.000.01%
  • rippleXRP(XRP)$2.35-3.88%
  • binancecoinBNB(BNB)$645.39-1.31%
  • solanaSolana(SOL)$163.57-7.07%
  • usd-coinUSDC(USDC)$1.00-0.01%
  • dogecoinDogecoin(DOGE)$0.220411-6.47%
  • cardanoCardano(ADA)$0.73-4.93%
  • tronTRON(TRX)$0.264401-3.11%
  • suiSui(SUI)$3.75-5.68%
  • chainlinkChainlink(LINK)$15.44-5.34%
  • avalanche-2Avalanche(AVAX)$22.01-6.99%
  • stellarStellar(XLM)$0.282624-4.73%
  • hyperliquidHyperliquid(HYPE)$25.78-4.22%
  • shiba-inuShiba Inu(SHIB)$0.000014-6.36%
  • hedera-hashgraphHedera(HBAR)$0.190280-4.76%
  • unus-sed-leoUNUS SED LEO(LEO)$8.62-0.63%
  • bitcoin-cashBitcoin Cash(BCH)$385.49-5.21%
  • litecoinLitecoin(LTC)$97.69-4.07%
  • the-open-networkToncoin(TON)$2.95-7.07%
  • polkadotPolkadot(DOT)$4.54-7.21%
  • moneroMonero(XMR)$343.490.09%
  • bitget-tokenBitget Token(BGB)$5.15-1.53%
  • pepePepe(PEPE)$0.000013-7.46%
  • daiDai(DAI)$1.000.02%
  • piPi(PI)$0.72-5.61%
  • ethena-usdeEthena USDe(USDE)$1.000.00%
  • uniswapUniswap(UNI)$5.86-7.24%
  • bittensorBittensor(TAO)$402.96-7.74%
  • aaveAave(AAVE)$228.85-5.32%
  • nearNEAR Protocol(NEAR)$2.74-6.30%
  • aptosAptos(APT)$5.10-3.83%
  • okbOKB(OKB)$51.94-2.98%
  • ondo-financeOndo(ONDO)$0.91-5.94%
  • kaspaKaspa(KAS)$0.106435-9.44%
  • ethereum-classicEthereum Classic(ETC)$18.11-4.85%
  • internet-computerInternet Computer(ICP)$5.15-5.29%
  • gatechain-tokenGateToken(GT)$21.38-1.75%
  • official-trumpOFFICIAL TRUMP(TRUMP)$12.70-5.56%
  • crypto-com-chainCronos(CRO)$0.094946-5.38%
  • mantleMantle(MNT)$0.73-1.98%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.231763-4.84%
  • vechainVeChain(VET)$0.027630-5.73%
  • render-tokenRender(RENDER)$4.51-6.31%
  • usd1World Liberty Financial USD(USD1)$1.00-0.05%
  • ethenaEthena(ENA)$0.358044-11.02%
  • filecoinFilecoin(FIL)$2.83-4.78%
  • algorandAlgorand(ALGO)$0.219084-4.88%
  • arbitrumArbitrum(ARB)$0.381540-5.78%
  • bitcoinBitcoin(BTC)$104,890.99-0.51%
  • ethereumEthereum(ETH)$2,465.41-4.19%
  • tetherTether USDt(USDT)$1.000.01%
  • rippleXRP(XRP)$2.35-3.88%
  • binancecoinBNB(BNB)$645.39-1.31%
  • solanaSolana(SOL)$163.57-7.07%
  • usd-coinUSDC(USDC)$1.00-0.01%
  • dogecoinDogecoin(DOGE)$0.220411-6.47%
  • cardanoCardano(ADA)$0.73-4.93%
  • tronTRON(TRX)$0.264401-3.11%
  • suiSui(SUI)$3.75-5.68%
  • chainlinkChainlink(LINK)$15.44-5.34%
  • avalanche-2Avalanche(AVAX)$22.01-6.99%
  • stellarStellar(XLM)$0.282624-4.73%
  • hyperliquidHyperliquid(HYPE)$25.78-4.22%
  • shiba-inuShiba Inu(SHIB)$0.000014-6.36%
  • hedera-hashgraphHedera(HBAR)$0.190280-4.76%
  • unus-sed-leoUNUS SED LEO(LEO)$8.62-0.63%
  • bitcoin-cashBitcoin Cash(BCH)$385.49-5.21%
  • litecoinLitecoin(LTC)$97.69-4.07%
  • the-open-networkToncoin(TON)$2.95-7.07%
  • polkadotPolkadot(DOT)$4.54-7.21%
  • moneroMonero(XMR)$343.490.09%
  • bitget-tokenBitget Token(BGB)$5.15-1.53%
  • pepePepe(PEPE)$0.000013-7.46%
  • daiDai(DAI)$1.000.02%
  • piPi(PI)$0.72-5.61%
  • ethena-usdeEthena USDe(USDE)$1.000.00%
  • uniswapUniswap(UNI)$5.86-7.24%
  • bittensorBittensor(TAO)$402.96-7.74%
  • aaveAave(AAVE)$228.85-5.32%
  • nearNEAR Protocol(NEAR)$2.74-6.30%
  • aptosAptos(APT)$5.10-3.83%
  • okbOKB(OKB)$51.94-2.98%
  • ondo-financeOndo(ONDO)$0.91-5.94%
  • kaspaKaspa(KAS)$0.106435-9.44%
  • ethereum-classicEthereum Classic(ETC)$18.11-4.85%
  • internet-computerInternet Computer(ICP)$5.15-5.29%
  • gatechain-tokenGateToken(GT)$21.38-1.75%
  • official-trumpOFFICIAL TRUMP(TRUMP)$12.70-5.56%
  • crypto-com-chainCronos(CRO)$0.094946-5.38%
  • mantleMantle(MNT)$0.73-1.98%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.231763-4.84%
  • vechainVeChain(VET)$0.027630-5.73%
  • render-tokenRender(RENDER)$4.51-6.31%
  • usd1World Liberty Financial USD(USD1)$1.00-0.05%
  • ethenaEthena(ENA)$0.358044-11.02%
  • filecoinFilecoin(FIL)$2.83-4.78%
  • algorandAlgorand(ALGO)$0.219084-4.88%
  • arbitrumArbitrum(ARB)$0.381540-5.78%