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NFT, Will change the world? - Risks behind the euphoria

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4 months ago

Crypto thoughts just before the year's end

The non-fungible tokens (NFT) during the year that is about to end, together with the Decentralized Finance (DEFI) and the media irruption of the Metaverse, in recent months, dominated the attention of digital technology enthusiasts, and that points to the consolidation of Web 3.0.

There was no shortage of doomsayers who pointed out the dark side of this new wave of the advancing digital revolution.

Yes, technology brings light and darkness at the same time.

But, there will also be the neutral zone by the logic and rationality that may prevail in the future.

Maybe! it is only the hopeful longing of modern idealists and libertarians; Who sees in the dictatorship of the code a compendium of circumstances conducive to more only ends and abundant means for the irrational beings who create them, on pain of being enslaved by a supposedly happy world.

I wonder, will it be a utopian or dystopian world, and for who it is?

The basis of the arguments of almost all my writings indicates in a denoted way or connotation, depending on the subject, the danger that contains the desires of an eminently materialistic world that forgets the essence of the human.

I hope to be clear and didactic about it. Like you, I also value the achievements made by humanity despite deplorable and masochistic chiaroscuro events recorded in history.

I wish for a quantum leap in the collective consciousness that makes us better as a species.

Wait, what do I say?

A quantum leap!

What does that mean? Hahaha.

Sometimes one uses words without weighing their value.

One only wants to emphasize an idea with new words; Being honest. The words are not as new as they sound. They are only in fashion in the series or movies that they present to us.

Right now, NFTs are at the center of the tech hurricane; The FOMO already encourages prestigious brands from different industries to enter the game; For example, Ferrari, Adidas, and others develop projects to have a presence in these emerging markets.

So, shortly there will be a million-dollar dance, well, crypto, back and forth, alternating in the creation of new fortunes with the bankruptcies of others. Not everyone can win.

I hear you say to me, "put aside generically speaking to me, I want to know how it will affect me, an ordinary citizen of the world."

Last year I minted a pair of NFTs based on Pixel Art loaded in two different Dapps, one in OpenSea (Ethereum) and the other in Wax (Eosios).

If you are a digital artist could venture into these markets but, I warn you about the high gas rates in the commercialization in the first of NFT's Dapps; although in Wax it is much cheaper.

Now, if you are an investor, I recommend you to be cautious and not buy an NFT that is just the record of the link of an image from a centralized website. Imagine being the owner of only one URL on the Blockchain pointing to an image outside of it. If the image is deleted, you would have nothing.

Also, it is well known. Art is used by unscrupulous people for money laundering. And for sure, the NFT markets will be no exception. Now, you understand why someone is willing to pay millions of dollars for a doodle.

Also, in some parts of the world, buying a work of art is recorded as a non-taxable expense. I can't imagine what will happen in an unregulated market with the NFT. Of course, I think that sooner rather than later it will be regulated, and not precisely because of art.

On second thought, what if you buy an art yourself? It could be a legitimate way to lower taxes. By the way, I recognize the declining utility of taxes as a source of financing for the States. But let's be honest, in recent decades, the simple analysis points to theft with impudence and impunity, as well as the financing of not very noble causes.

Another aspect that abounds in the world; is the possibility of being scammed and seduced by the opportunity price.

Imagine someone who minted an NFT worth $ 100,000 and supposedly sells it to someone else, who decides to sell it on time for a tenth of the value as a chance sale.

It is tempting to buy it if there is the possibility of a pre-sale mock, where the seller only transferred the NFT to another wallet account owned by him but with another user.

Yes, these guys are ingenious, and we sometimes err on the side of naivety.

An NFT is just a piece of information registered in a wallet through a transaction.

Now, I will mention it to you. Why will the world's governments regulate and use NFTs? I think you already know! The NFT as a unique identifier is valuable to the surveillance system.

Imagine, shortly the NFT as the basis for the system passport.

Last but not least, have you asked yourself, Why do mega corporations invest in Blockchain?

I don't think it's to give us financial freedom! That would be the height of naivety.

Yes, NFTs will change the world without a doubt. As I sometimes say, "we live in interesting times."

An original article by @Jnavedan

The Thumbnail image was made by me.

Thank you very much dear readers and sponsors for putting up with me all this year in my speeches. I wish you a year 2022 full of good things.

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