NFTs Are No Longer Just GIFs and JPEGs
October 05 2021 - 5:51AM
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Most of us have heard about Beeple’s Everydays: The first 5000 days
selling for a whopping $69.3 Million dollars but most of us don’t
realize the significance of that astronomical number. To put it
into perspective, compared to traditional art, only 100 paintings
have sold at a higher price than Everydays. That is all paintings
sold ever! The investors in the art world have been around for
centuries and NFT investors are just getting started. There is no
doubt that NFTs are changing the way we think about art, but this
paradigm shift is not restricted to GIFs and JPEGs as the popular
news might suggest. NFTs mark a turning point for digital
transformation, as applications and integrations are spilling to
various sectors: from music and gaming to energy and supply chains.
Understanding the true applications of NFTs In essence, NFTs are a
unit of data on a blockchain, where each NFT represents a unique
digital item such as art, audio, videos, items in video games, and
other forms of creative work. Transactions in which ownership of
something changes hands have usually depended on layers of
middlemen to establish trust in the transaction, exchange
contracts, and ensure that money changes hands. None of this will
be necessary for the future. Transactions recorded on blockchains
are reliable because the information cannot be changed. Smart
contracts can be used in place of lawyers and escrow accounts to
automatically ensure that money and assets change hands and both
parties honor their agreements. NFTs convert assets into tokens so
that they can move around within this ecosystem. Any NFT is simply
a piece of digital memorabilia, nothing more, nothing less. It can
work like any other speculative asset, where investors make a
purchase in hopes of the value increasing, so they can make a
profit. NFTs outside the art world Technically, anything digital
can be an NFT. They give musicians the potential to provide
enhanced media and special perks to their fans. Kings of Leon and
Grimes are some of the leading examples in the music industry. With
sports memorabilia, between 50% and 80% of items are thought to be
fake. Putting these items into NFTs with a clear transaction
history back to the creator could overcome the massive
counterfeiting problem that exists in the industry. The potential
of NFTs goes much further. For instance, San Marino, the tiny
nation surrounded by Italy, has reportedly come up with an
NFT-based vaccine passport. While still not in use, many believe
NFTs provide the perfect opportunity to secure important documents
and help prevent any identity thefts. Lepasa NFTs Content creators
of all sorts can be one of the biggest beneficiaries of NFTs. It is
now possible to escape the centralized control of platforms like
Facebook where the platforms monetize content creator’s work.
Lepasa is one such platform centered around creators. Lepasa is a
mythological virtual life conceptualized by a team of artists and
engineered by blockchain enthusiasts with a vision to establish an
ecosystem that allows users to create, experience, and monetize
their content and applications. They provide a social experience
with an economy driven by layers of land and unique creatures
ownership, with content distribution. Even though NFTs are at the
heart of this project, these NFTs are not restricted to just GIFss
and JPEGs. They have a value proposition to apps and game
developers in that they can fully capitalize and monetize on the
economic interactions between their applications and users. The NFT
scripting language allows for the NFTs to handle a wide range of
capabilities, including applications, games, gambling, dynamic 3D
scenes, and much more. These NFTs go beyond the realms of gaming,
adding something for advertisers, sith elements of social media and
E-commerce. In many ways, Lepasa is at the center of most use cases
of NFTs that have currently been developed.
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