The NFT Space Is Social Media 2005
Blockchain Technology is the first technology to seamlessly integrate unequivocal ownership into a digital setting. This technology has a host of use cases that are accelerating the creation of Web 3.0. One example is an NFT, which is non-fungible token built on a blockchain that acts as a digital representation of assets such as art. Art will no longer be a photo on google search, but a non-fungible token (NFT) that provides irrefutable ownership, through blockchains distributed ledger, to whomever created or purchased it.
For a lot of people NFTs are just a fad… a bubble waiting to bust. They just can’t wrap their head around people spending money on something intangible.
HOWEVER,
As people say that, they give their 14 year old kid a credit card to buy $50 worth of Fortnite skins.
As people say that, they would pay an ungodly amount for a blue check mark next to their instagram handle.
What’s tangible about that?
The blockchain space is on an exponential trajectory, experiencing mass adoption all around the world. The current rates of growth make evident that everyone with a cellular device and a wifi connection will own a public wallet that will be a digital representation of them as a person. The NFT’s in their wallet will become a social currency, that we as social creatures will use to communicate with one another. In respect to Ethereum gas fees, within the next 2–3 years there will be no reason not to issue tickets and memberships on the blockchain as an NFT. The fact that I am a Laker’s fan will be illustrated by an NFT that gives me season access to Laker’s games. Just like social media, people will start to build their digital personalities through the NFT’s in their public wallet.
Don’t believe me?
Answer this for me!
Why do people ‘rock’ Gucci?
If you answered
“Because the logo has social status amongst a majority of people, which turns Gucci into a social currency that communicates someones character in a nonverbal medium. Whether people are trying to communicate their wealth or taste in fashion, these brands are all forms of social currency.”
you are correct.
Humans love nonverbal communication! 70–90% of all communication is done in a nonverbal medium. The rise of social media has ignited our desire to digitally express ourselves through photos, emojis, videos, gifs, etc. NFTs won’t be any different.