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The State of NFTs: Late Dec 2021

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Avatar for oyl
Written by   13
9 months ago

NFTs combine many traits and behaviors we are familiar with to create a new and emerging experience that is being defined on a daily basis.

Once you get past the surface shock of thinking of NFTs as "just JPEGs" or pictures on the Internet that you can right click and save, you'll find a rich rabbit hole of discovery waiting for you to dive into.

Here is a non-exhaustive list of traits and functions that an NFT can have:

  • They can be a store of value, similar to a share of stock.

  • They can reward you with dividends, more tokens, additional NFTs and money.

  • They can serve as VIP tickets to exclusive events online and IRL.

  • They can work like loyalty programs, giving you rewards in the future, based on you still holding the NFT. The creator can Airdrop you additional rewards based on knowing exactly who still holds the NFTs.

  • They can be combined with other NFTs to create an even rarer asset.

  • They can be "burned" or destroyed forever. Sometimes this is the key to increasing the scarcity of a collection and unlocking new value.

  • They can serve as your digital identity. Both online, and in terms of getting verified for IRL events.

  • They can be used in games and metaverse experiences. Giving you an access point and key to web3 experiences.

  • They can be lent out or "staked", giving you rewards and dividends for helping stabilize the blockchain.

  • They can give status or exclusive membership, like being a member of a country club.

  • They can be any media: image, movie, sound, document, contract, real estate deed, business ownership, etc.

NFTs can contain one or a combination of the above traits. As certain rewards become popular in various test cases, those rewards will be adopted more broadly across the NFT space.

Right now is the time for experimentation. And a lot of the hype is based on the fact that the people who discover new NFT communities first, are disproportionately rewarded for their discovery. This drives the hype around making bets on new projects.

It's still extremely early, and now is the best time to dip your toe in and see what benefits NFTs might hold for you. Until you get past the surface idea that NFTs are simply a fad, you won't realize the potential they hold to change the entire way that we live our online lives.

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Avatar for oyl
Written by   13
9 months ago
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Comments

Excellent post. Welcome to Read.Cash and to this community "NFT Games" that I want to popularize. Soon I will write about Play2Earn games and NFT games but these last few days I have really been very busy.

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