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Non Fungible Tokens NFTS

Looking Beyond the Hype — How NFT Use Cases Are Expanding

The crypto world’s gradual foray into the mainstream quickly accelerated this year. As interest in non-fungible tokens (NFTs) increased, so did the visibility of the rest of the space. At the moment, the two prominent NFT use cases are collectible capsules and NFT art. Due to these more stagnant use cases, NFTs are met with…

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Looking Beyond the Hype — How NFT Use Cases Are Expanding

The crypto world’s gradual foray into the mainstream quickly accelerated this year. As interest in non-fungible tokens (NFTs) increased, so did the visibility of the rest of the space.

At the moment, the two prominent NFT use cases are collectible capsules and NFT art. Due to these more stagnant use cases, NFTs are met with skepticism by some. In fact, a report even appeared of one journalist’s “nightmare” process to obtain NFTs. Not to mention the exorbitant gas prices some face during NFT transactions. 

Nonetheless, the criticism doesn’t seem to get in the way of ever more NFT drops and the NFT-ization of the different areas of people’s lives. As more practical use cases become visible and applicable to the wider public, the point made by skeptics become less relevent.

As we delve into the myriad of use cases for NFTs, it’s important to understand why they are valuable.

Before their development, it was difficult to create digital worth for assets or items. The reason being – it’s easy for anyone, even someone with little tech-savviness, to duplicate digital art, items, music, etc. Copy, paste, download.

Enter NFTs and the change of ownership authentication.

The art world and the NFT

There is no better place to begin than the art world. NFTs created new ways to auction pieces, giving space to emerging creators, and in many cases returning power to artists in terms of copyright infringements. 

The main area of support NFTs provide to the art world is authenticating the scarcity and ownership of digital art pieces. Anyone can view or even copy authenticated artwork. However, when something has been NFT’d, there is proof that it isn’t an original. 

At the beginning of the year, the reported net profits of NFT artwork came in at over $9 million for a single month.

Artists both emerging and those with sizable recognition jumped onto the NFT train. This includes Beeple’s artwork sold for $69 million and Rick and Morty NFT art, which raked in hundreds of thousands. 

The NFT art craze also encouraged some of the world’s most prominent galleries and auction houses to join the space. Recently, Sotheby’s announced their first NFT auction, which was even paid for in crypto.

This is a great example of how art, although not a practical use case, is yet a bridge between the crypto space and mainstream consumers. 

NFTs for gamers

It’s no surprise that NFTs have a practical use case in the gaming world. Since the crypto space began its move into the limelight, gaming has always been an avenue to observe its various use cases. 

When it comes to NFTs, gamers are already familiar with digital assets and the worth assigned to items that aren’t always tangible. Additionally, gamers are pros at performing digital microtransactions within the given world in which they participate.

In blockchain-based games, with the implementation of NFTs, gamers can actually own the digital items they possess in the game. 

It may yet be a bit of a mind trip for those unfamiliar with digital asset possession in games, but this is revolutionary for gamers and game developers. 

Major partnerships have been formed to bridge the crypto and traditional gaming space, such as that between Atari and Enjin. They intend to create digital collectibles for gamers to have in their NFT vault as actual possessions beyond the game. Minecraft, a popular digital-universe game, has also adopted NFTs for digital land ownership. 

NFTs disrupt the sports world 

The sports world is yet another sector that felt the impact of the NFT wave. This industry is rife with fans ready to jump on collectibles, i.e., collecting and trading baseball cards as a pastime. NFTs can be seen as a new version of this in some cases. 

One example is the NBA team, the Golden State Warriors, releasing NFT collectibles of their championship ring and ticket stubs. Red Bull and blockchain partner Tezos also intends to utilize NFTs to create an immersive experience for clients during the upcoming 2021 Grand Prix. 

Beyond collectibles, a Mexican soccer team turned a 1% stake of the team into an NFT. This example exhibits how NFTs can offer perks of ownership while overstepping future obligations in which traditional owners take part.

Ticketing made easier

Another facet of life that NFTs enhance comes with ticket sales. This is overarching to any area, be it sports, art, or music. According to a CNBC report, at least 12% of people get scammed while purchasing tickets of any kind. 

NFTs are an excellent solution to make sure this is no longer possible. Upcoming platforms like Carbon intend to use NFTs as tickets to their exclusive events and talkbacks for users in their ecosystem. It will be nearly impossible for those not holding Carbon’s native token to hold said passes.

This is highly applicable to the aforementioned sports world. In fact, the Ukrainian football team Kiev Dynamo plan to sell match tickets as NFTs for their upcoming season. 

The music industry makes noise for NFTs

The music industry is yet another space, which has already seen benefits from NFT implementation. Not only do NFTs solve issues for concert ticketing, as in previously mentioned examples, but they also help prevent royalty and copyright infringements that otherwise plague the industry.

Record label CEO Antz created a platform where NFTs are fraud-resistant concert tickets, artist setlists, and concert highlights. Independent artists such as the Kings of Leon plan to drop an entire forthcoming album as an NFT. Popular thrash metal band, Megadeath also minted a token to control their merch sales and connect with fans.

In addition, applications such as S!NG, are looking at ways to use NFTs to assist artists with intellectual property security. This application allows artists to immediately upload any thoughts, melodies, tunes, lyrics to the blockchain as an NFT. Thereby creating an immutable record for future copyright applications.

NFT assets IRL 

While so much NFT talk happens in the digital space, there are real-world, lesser known examples of use cases. 

Real estate is a prime example of how NFTs can change the way we interact with property ownership. Recently Michael Arrington, the founder of TechCrunch, put his property up for sale as an NFT.

The company Arrington used for the sale, Propy, is a proponent of blockchain and crypto-based real estate endeavors and commented on the NFT transaction: 

“… This first proof of concept can absolutely change the paradigm of homeownership. And right now, we’re creating a new way to transact home homes in the United States.”

In addition to the real estate space, physical items such as luxury jewelry have also been tokenized with NFTs. An Indonesia-based company created a token, In Bitcoin We Trust (IBWT), which entitles the owner to a physical diamond ring that can be exchanged via their platform.

Diamond sales as a whole have the potential to benefit from this technology. Authentication of ownership of such a valuable physical asset will make fraudulent resale difficult. With the attachment to physical items, owning the NFT could be seen as even more important to prove authenticatable ownership. 

A bright NFT future ahead 

As the Internet of Things continues to subsume, our reality and virtual spaces become more accessible than physical ones, the use cases of NFTs will multiply. The ways they are implemented into people’s lives now will be tiny compared with their future capabilities. 

NFT are phenomenal, both in their capabilities and their invaluable role in making the decentralized space a reality for the masses. The limit to their use appears to be limited only by creators imaginations.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Non Fungible Tokens NFTS

Tokenizing Mining Hash Power With the Hashmix Team

BeinCrypto spoke to WB, the co-founder of the HashMix team. We discussed the increasing complexity of mining and how they are making NFTs of hash power. The NFT boom is currently underway, but it is mostly focused on tokenizing collectible and art items. The HashMix team is looking to tokenize something more directly related to…

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Tokenizing Mining Hash Power With the Hashmix Team

BeinCrypto spoke to WB, the co-founder of the HashMix team. We discussed the increasing complexity of mining and how they are making NFTs of hash power.

The NFT boom is currently underway, but it is mostly focused on tokenizing collectible and art items. The HashMix team is looking to tokenize something more directly related to the crypto world – hash power.

To do this it implements several universal decentralized protocols so that users can trade with their hash power. This also includes lending and swapping. It wants to avoid oversold hash power, counteract a lack of liquidity and bring more flexibility to mining. 

Much like bitcoin’s founder Satoshi Nakamoto, the team currently operates anonymously. This is partly due to some of the team living in China. However, they have said they may give up their anonymity in the future.

“Our core team members have experience with the various forms of blockchains, PR, marketing, mining. This is why we can make this great combination of mining power, NFT, and DeFi.”

Addressing mining issues

Crypto mining has no shortage of issues. These range from internal problems relating to liquidity to external image problems, like the recent backlash against its environmental impact.

“Mining has always been an important part of the cryptocurrency industry. And has a very long history, as long as bitcoin’s history itself. It’s also one of the most profitable industries in the ecosystem. So more and more people want to be part of it.”

“However, the crypto mining industry has been played by centralization and liquidity problems. Although cloud mining allows investors without expensive hardware to join mining, it also misses to provide liquidity and solves only a piece of the puzzle. So HashMix is designed to solve all these problems,” explains WB.

Traceability, liquidity, transparency

To respond to these issues, HashMix’s tokenization protocol converts mining power for any proof of work (POW) blockchains, such as ethereum or bitcoin, to NFTs.

“That brings us traceability, liquidity, transparency. This prevents the risk of overselling and fraud and effectively combines the different hash parts of different cryptocurrencies based only on very easy-to-use NFTs.

“We create protocols for exchanges, trading, and lending. This enables everyone in our ecosystem, from miners to investors with hash rates to DeFi participants, to easily buy and sell hash power and access numerous financial options such as stake and liquidity reduction. For the first time, we are bringing hash power and real-world mining together using the HashMix protocol,” WB says.

Proofs of hash power

HashMix works by utilizing multi-signature, smart contract, and cross-chain technology to generate and submit proofs of specific hash power to the blockchain.

It is from these proofs that the NFT tokens are issued. As a result, hash power can circulate freely while ownership is ensured. However, these are still just plans. HashMix is still on its roadmap to a public platform.

“When the NFT market is fully up and running, miners can sell their NFTs for crypto or swap their NFTs to switch to other mining functions, while investors can buy the NFTs to get the mining rewards of the underlying hardware.”

In June, more NFT products for mining are expected to come onto the market so that trading and exchange functions are also possible.

“We will also introduce the decentralized incentive mechanisms that enable people to participate in the validation of the mining NFTs and earn HSM tokens as a reward so that the protocol can be maintained and operated decentrally.”

“In terms of incentives, miners, coin/token holders, and investors can join the HashMix ecosystem and find a way to earn rewards in HSM by lending and borrowing coins/tokens, trading hash power tokens, NFTs, and mining power bet and participate in liquidity. Early adopters and loyal users receive additional rewards,” WB says.

DeFi lending for miners

As part of their roadmap, HashMix also intend to introduce a lending function to the platform.

“We would like to become the most attractive filecoin lending platform so we can attract more mining powers and more users,” says WB.

Miners will be able to secure their filecoin mining service and borrow FIL from the platform.

“We want to attract early participants to the platform, as this offers an attractive return. After that, we will launch our first mining NFT product that same month,” says WB.

“Through this product, miners can tokenize their Filecoin storage mining performance and receive corresponding NFTs.”

“At this point, all mining power previously secured in the loan will be tokenized, and miners will be able to issue new mining power NFTs themselves. The users can receive and transmit the NFTs like other cryptos, use them as collateral on our platform and participate in DeFi options,” says WB.

While the platform is not yet public, these plans have yet to be tested on a large scale. How these interactions will play out for miners wanting to do a bit more with their hash power.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Non Fungible Tokens NFTS

Juventus F.C. Expands NFT Offering With NFT Pro Partnership

Italian professional football club Juventus F.C. has announced their arrival on the non-fungible token (NFT) train.  In a post on their official website, the club revealed its digital content would first become available on June 27th. They professed themselves a leading figure in the world of collecting, referring to NFTs’ unique validation style as ideal…

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Juventus F.C. Expands NFT Offering With NFT Pro Partnership

Italian professional football club Juventus F.C. has announced their arrival on the non-fungible token (NFT) train. 

In a post on their official website, the club revealed its digital content would first become available on June 27th. They professed themselves a leading figure in the world of collecting, referring to NFTs’ unique validation style as ideal for that same sector.

The post confirmed that their first NFT will be a three-dimensional, high-definition replica of the team’s home shirt for the upcoming season. It will commemorate ten years since the inauguration of Allianz Stadium, Juventus F.C.’s home ground. The NFT will also pay tribute to some of the team’s most legendary players. Juventus’ current team members will sign the shirt NFT.

A tweet from the club’s official Twitter confirmed the shirt will be auctioned from NFT Pro. However, the team added in their statement that they would reveal the full details nearer the auction date.

At the end of their official statement, Juventus also clarified their awareness of blockchain’s energy consumption and environmental impact. As such, they revealed that they would utilize the sustainable Palm protocol for their NFT collection.

Sport world continues to embrace crypto

This announcement comes as the latest in a string of crypto sector partnerships that Juventus has announced recently. Back in February, the Turin-based club signed a licensing deal with blockchain fantasy football game Sorare. A game that has since released an NFT collection of its own, in collaboration with the French national football team.

Sorare has secured over 140 licensed teams in total, including Juventus, but also the likes of Bayern Munich, Liverpool, and Real Madrid. 

Meanwhile, a number of major football clubs such as Manchester City, AC Milan, and FC Barcelona have been attempting to recoup some of their losses that the COVID-19 pandemic inflicted. More specifically, by releasing digital tokens for fan engagement. However, recent reports revealed that not all fans are as engaged as the teams may like, with the fan tokens meeting divided opinions.

Physical sport is not the only sector partnering up with crypto, but e-sports too. Sam Bankman-Fried’s exchange FTX entered into a 10-year $210 million commitment with the TSM e-sports brand. A deal described as the largest in e-sports history. 

This announcement came around the same time that the NBA stadium formerly known as the American Airlines Arena became the FTX Arena. At the time, FTX revealed the $21 million a year they will be paying TSM is twice the amount paid to rename an NBA stadium.

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Non Fungible Tokens NFTS

‘We need scaling solutions that work,’ Says RioDeFi CEO, James Anderson

BeinCrypto spoke to James Anderson, CEO of RioDeFi, about his platform, where DeFi needs to go for mainstream, and the benefits non-fungible tokens (NFTs) will have in the future. DeFi is growing. However, those who are outside the crypto world are likely to be confused by this new experience of finance. As a result, many…

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‘We need scaling solutions that work,’ Says RioDeFi CEO, James Anderson

BeinCrypto spoke to James Anderson, CEO of RioDeFi, about his platform, where DeFi needs to go for mainstream, and the benefits non-fungible tokens (NFTs) will have in the future.

DeFi is growing. However, those who are outside the crypto world are likely to be confused by this new experience of finance.

As a result, many platforms are growing to meet the need to connect the “average” person to DeFi opportunities. This is the goal of RioDeFi.

The platform calls itself the “next frontier of finance,” and CEO James Anderson is passionate about this solutions-focused approach.

DeFi for everyday people

“Our main mission is to bridge traditional and decentralized finance. We do that by connecting blockchains with financial institutions. Some of the things we’ll be building are very centralized finance.”

“A lot of people found it difficult to utilize the various DeFi protocols because they aren’t quite user-friendly. For many people, the crypto space can be very overwhelming,” he says.

As a result, RioDeFi is working to take the confusion out of setting up a wallet and dealing in crypto.

“So we wanted to create a solution. So for a real wallet, we have an OAuth login function that’s coming online very soon that will allow people to use their Gmail, their Facebook, Reddit, and other social media accounts. Basically, create a wallet and manage their private key in a decentralized way. But using those accounts so that they’re not having to back up this phrase that they’re not really sure of and they don’t know how to do it,” he explains.

“We also think that the future of blockchains is all about interoperability”

Alongside making connecting to the DeFi space easier, Anderson and his team aim to create better interpretability. They consider this key to growing blockchain and DeFi use into the future.

“So, the sort of traditional blockchains have been very siloed so bitcoin you can only interact with bitcoin right, Ethereum you can interact with Ethereum, and then any of the Ethereum based tokens these ERC 20 tokens, but if you want Ethereum to talk to Cardano or to talk to Polkadot or something else like that’s not happening currently.”

“So we actually built RioChain on Polkadot’s substrate framework. It’s this framework for blockchain interoperability, and so as that ecosystem grows, it allows blockchains to talk to each other and share messages and share assets across these, these substrate-based blockchains.”

Building a bridge with C-DeFi

“It’s funny because Binance created this smart chain. They call it C-DeFi like centralized DeFi. Which kind of an oxymoron, in some sense. But at the same time, I understand why they did what they do like there are benefits to this kind of system.”

For Anderson, this “C-DeFi” offers the opportunity to connect the worlds of traditional finance and DeFi in the most straightforward way. Through this connected approach, he sees his platform an opportunity for both newbies and DeFi hardliners.

“Things like account recovery options, like how are you going to have new people in cryptocurrency, if they lose their password and then all their funds are gone right. So for some people, that’s okay, and they would like that because they want to be their own bank, but for other people, that’s a little bit too much, and so we want to have both options for the people,” he says.

NFTs on DeFi

Alongside DeFi, NFT has been among this year’s biggest crypto buzzwords. For Anderson, these tokens offer utility, for collectibles and financial assets.

A new project building on the RioDeFi platform encapsulates this combination. It aims to provide a luxury good NFT platform for those with high-priced goods.

“We haven’t announced this project yet, but it’s in our incubation hub, and they’re going to have these products such as luxury goods. So that could be anything from like a Chanel bag to a Rolex watch, even a car like a classic car or gold bars even,” he says.

The platform makes it possible for owners to show off their luxury items through verified ownership. In addition, it also offers a way to leverage those goods for money.

“So you could take these luxury assets, put them into custody, mint an NFT based on them, and then instead of taking out a loan via a pawn shop, what if instead of the loan being provided by this, this particular pawnshop with their bank connections, what if it’s provided by a decentralized pool of liquidity providers who want interest on a loan,” he explains.

“At the end of the day, if the loan is defaulted on, someone can go and claim the Rolex, one of the lenders, or it can go into a liquidation auction it can be sold into cash or stable coins. Then it can be a global pool of money that can support these kinds of things.”

Practical use of NFTs

The value of NFTs through use cases is clear to Anderson. The space for growth and opportunity beyond the current hype is vast.

For him, there are areas where NFTs will really show their strength and utility. These include real estate, sovereign identity, and expansion in financial assets.

“In the future, I think there’ll be more of these sort of self-sovereign identities that the various companies will give the authorizations or the government bodies will authorize certain information about my identity. Then I have the opportunity to share that or not with any given corporation or government body.”

“As more people get these sovereign IDs that they manage. They can tie that with, let’s say, a financial institution or bank that’s managing their loan for their property deed. And so all these things that are right now, stored, physically, and also digitally, can be stored digitally but within NFT. What that will enable in the future, for example, is easier decentralized loans,” he says.

Ultimately, Anderson sees NFTs as a way to store ownership in a world that is becoming increadingly digitizied.

Real estate as a future use case

When it comes to real estate, NFTs are already slowly showing their use cases. Recently, the Founder of Tech Crunch, Michael Arrington, sold his Ukraine apartment as an NFT.

For Anderson, the ability to make property deeds into NFTs opens up a world of opportunity.

“So right now the deeds are kept in a local government bureau and different offices depending on where you are in the world. But then that asset can be stored for example as an NFT, so you could have the file, the digital version of the files stored on IPFS or centralized servers, it could be on a mix of servers. So it’s very secure and backed up. You have that deed, available as an NFT, and whoever holds the deed holds that property essentially. You can then have that custody right with the bank in the future,” he says.

For those who don’t want to refinance with a bank, NFTs could make it possible to refinance from the community.

“And so the community could, for example, lend the money they get maybe a higher interest rate than what they could get on other assets. It’s a relatively low-risk thing, potentially, because your credit score could be tied to your ID. The deed is on this NFT and all of that is trackable on the chain, on blockchain. That can all be verified,” he says

“And then, the loan can happen automatically, and if I miss my payment then I lose my deed, right, the property, or it goes into a default process something, someone could liquidate the property, and then the standard process then applies right.”

Anderson acknowledges that these applications are still off in the future but sees the potential for their use.

“We need scaling solutions that work”

However, for Anderson, mainstreaming and acceptance requires better scaling solutions for DeFi, NFTs, and blockchain.

“I think with these NFTs and everything else. It’s really important that they be done efficiently.”

“The gas fees are often quite high. So the transaction fees are quite variable. Well, sometimes it’s the network’s very congested. Things can get stuck, so ETF transfers that fail or don’t go through for whatever reason because someone set the gas too low because it was really low one second ago. Then it got really high and this can actually create a lot of friction for people to buy NFTs,” he explains.

For Anderson, there are multiple chains on offer which can cause confusion. RioChain is trying to connect all of these while also offering its own solutions as well.

“We need scaling solutions that work.”

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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