Just a year ago when btc was 9k no one was talking about crypto now everyone’s a crypto genius or expert.
what is very fascinating and what we will discuss today is the Technology of an NFT it has been completely mis appropriated and used wrong by literally 99.9% of the market everyone’s talking about it no one actually gets it and so many are just parroting what they heard and aren’t even close to truly grasping what’s going on.
NFTs are underlying technology like the microchips are to your phone. We don’t discuss the microchips do we? We talk about the phone. The underlying tech is irrelevant for most people other than developers this gets confusing for people because of all the hype around it.
perfect example of two things that utilize “NFT” technology that are good investments but are never talked about.
Decentralized domain names
these are NFTs but no one calls them NFTs because they are domains that use the technology
liquidity pools are NFTs but no one calls them NFTs they call them liquidity pools.
virtual land that will have real world uses such as advertising space and augmented virtual experiences in the physical world on that land many things can be accomplished using the underlying technology but the technology itself without proper application is not an accomplishment.
the reason gifs are being called an NFT is because it had no utility before now you can attribute membership and the only reason membership is the thing most these things do is because people are lacking the creativity currently because of the lack of understanding of their actual capabilities.
they can do a lot more then just membership but one has to first think of how the technology can be applied to get the end result someone is looking for.
when looking to determine value do not classify everything that’s an NFT as valuable not all NFTS are equal. Just like not all tvs are the same but they use the same chips. Determine value by the end result of what it is providing can be tangible or intangible.
to make it easy for you just realize that the NFT is the technology it’s not the actual thing that’s created. The thing That’s created is left to a persons imagination of what it will be used for.
Artwork and memberships are only one very small use case of NFTs their are fair more use cases that are using the NFT tech but we usually don’t call them NFTs because they do so much more.
on phi network every post is an NFT but you wouldn’t call it an NFT you would call it a post.
Also each country in the PHIverse is an NFT but it’s not called an NFT it’s called a country with functions that are applicable to a country in an extended reality world.