We are digitizing the world. As a result, if you are doubtful about NFTs, this article is for you. NFTs have taken the internet by storm. They’re expected to see a new emergence in 2022.
The plates of capitalism are shifting. It is a system based on economic freedom. The internet as a communication medium is changing capitalism. As a result, NFTs and blockchain are hastening a shift. We’re on the cusp of a new world. Furthermore, a world of ubiquitous internet and automation. The mobile revolution has changed how we consume information and inevitably, our behavior. We are spending most time consuming free-to-use internet based services.
There are many trends and narratives at play in the world. Similarly, adoption of new technology is dependent on the people who are in charge of improving it for better. As a result, there are five key reasons why NFTs are here to stay as per several macroeconomic trends.
The rise of blockchain based assets
The blockchain is an open database that is tamper-proof. They are ideal for deploying smart contracts which work on autonomous payments. Hence, NFTs are manifestations of this in action. Some NFTs are about real world utility while some are for social status. There exists a fair share of projects that lack real-world utility. We’re currently in the early adoption phase of a new technology. As a result, this is to be expected.
We’re concerned about how NFTs and blockchain can help the economy. Metaverses or cryptocurrencies are not the main point. The point is that blockchain and NFT are tools to build a new system on the internet. As a result, anything that is digital can mint as NFTs and sold on the blockchain as tradable assets.
Global, 24/7, liquid markets of everything
NFTs enable globalization executed at scale. Lack of imagination is the only barrier to adoption. NFTs will be the common way to transfer and exchange economic value. Entrepreneurs are thinking about ways to use NFTs to elevate customer experience. NFTs continue to be adopted by mainstream society for a plethora of practical use cases. Everything in the real world will become tokenized as NFTs on the blockchain.
This gives rise to a global, 24/7 market which always lives on the blockchain. When else has such an system existed before? This is the first time. When you meet someone on the internet, you could be talking to your future customer. As a result, the world will truly become one market for the first time. Lives will be changed. Times are new and exciting. Whatever we want is available on our fingers.
Regulators will use blockchain to improve existing infrastructure
Society’s trust in business and government falls and rises with time. As a result, society’s expectations and trust in technology continues to rise as ever. More people believe technology can solve the problems of modern capitalism and society. This is true in many things. Software is eating the world. The nature of our work and jobs are changing.
Software-as-a-service has helped organizations and individuals become better and find economic opportunities. As a result, it is also under attack for being too centralized and powerful for society as a whole to benefit. Hence, Web 3.0‘s decentralization ethos have awakened regulators to adopt blockchain technology. The ones who do not will have to do so, once the benefits become too big to ignore. This is how its always been in the history of technology.
Finance as culture
Tips, tweets, memes, likes, comments, celebrations. Furthermore, everything was trending. Algorithms took over media and now set the headlines. Ever since the pandemic struck, markets across the world are reporting the same trend of algorithmically driven markets. Thus, more chance of spending time on finance on the internet. More people found out about finance and other topics. They would never have otherwise. The internet has also made it easy to trade in stocks and commodities.
Similarly, NFTs are a buzzword. Internet communities are moving the real world. NFTs are now being discussed in every room. It went from being nothing to a multi-billion dollar market in no time.
The world markets realized how ill our supply chains were during the pandemic. Ships and containers are piling up across the world’s ports and cities. Think about the efficiency needed in creating and moving objects across the globe. It has always felt as if we lived in two internets. The internet of people and the internet of businesses.
Businesses are people. But, businesses get run by a select group of empowered people, not all the people. Currently, business information and data does not flow free. When enterprises shift to NFTs, they will be able to view demand and supply in real time. All the participants on the network use the same database. This means everyone has a the same view of the business.
Institutional funds and investors are pouring billions of dollars into blockchain. Enterprises are set to take the lead in NFTs going forwards.
A World in Transition
The world is on its course to adopt multiple technologies. Blockchains and NFTs had a landmark year. Their multidisciplinary nature has researchers and experts from different fields working together to find the most optimal way of organizing the world’s economy.
NFTically is a software-as-a-service venture that has built custom NFT solutions for brands, enterprises and creators.
Non-fungible tokens, or NFTs, have been the main topic of conversation in cryptocurrency markets and blockchain technology from early 2021 to 2022, and even among celebrities who have their own NFTs. They’re changing how people…
- June 27, 2022
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