There are certain topics that are not supposed to be up for debate, but somehow, every development in the crypto space is always questioned and criticized. NFTs have suffered a lot of criticism right from the very start, especially when it had one of the craziest sales in history. Defi has also had its own share of the pie, but regardless of this, maybe the world is just blind to all of this, but each and every bit of these developments are just little pieces of the bigger picture.
Originally, this was supposed to be titled "NFTs - Property Ownership In A Decentralized Manner" then for some reason, I felt "NFTs - The Future Of Property Ownership" fits it better.
NFTs have one and a couple of times been addressed as the biggest speculation of the year, a total money gamble, but while "blindly" people draw these conclusions, a lot have failed to realize what impact it will make on the industry in the long run. One of the biggest sales records was the beeple's $69.3 million art sale, this was of course, a crazy experience, both to the crypto space and the world at large.
It's moving from ART and it will remain in ART. They may not want to admit it, but the world revolves around art and it always will. I visited the bank yesterday. I had this "inactive" account, which only received money but never sent any out. I thought it would be more "wise" as I was advised, to create a login and get my card. Previously, it had no pins attached, so it was basically the bank owned account with my name, fucked up, I know. So I decided to reclaim it a bit, so as to legally have some influence on it. While at the bank, a woman beside me, came in to make a complaint about the ATM swallowing her card. In the process, she ended up extending her conversation with the customer service where she landed at saying she's into real estate, basically, she and her co's sell land. This was fun and all to witness, the next minute, a fellow banker came close and this guy in discussions with the lady, opened up to his colleague that there's property for sale. Without knowing that the agent is right there, the colleague said he wasn't interested after hearing the price and how the business goes, he termed it a scam.
I nearly laughed because that was awkward. Now you may ask, what or how does this relate to NFTs? I suppose we all are aware that anything written on paper can be manipulated. Meaning that one can literally buy a property and receive a fake document and get into trouble. There's absolutely no trust left in the system, and this is creating a series of problems going up. Lots of people are scared of being scammed in one way or the other and it's all eating up the system and economy at large.
On "Burberry now into NFTs - It Is A Revolution For Businesses" I talked about the movement fashion houses have been making towards the NFT space. To add to that, I've also talked about NFTs in much more places, one which I really kept track is "Georgian Government Embraces Blockchain Technology to Promote Its Wines Globally"
The government of Georgia however, seeks to bring its millennia-old wine industry into the 21st century. As report carries it, Georgia is collaborating with blockchain platform Wiv to put the nation’s winemakers in front of a global audience of wine collectors, producers, and merchants.
"The strategic relationship will see selected Georgian wines transformed into NFTs backed by the actual bottles themselves. These NFTs will be available on the Wiv platform along with their provenance, allowing users to buy, sell, and even borrow against bottles with greater confidence in the product and its process. The wines added to the platform will be accompanied by digital certificates that highlight their provenance."
This is four months ago, and it's just a little of what is yet to come. To counter the flaws of paper works, NFTs are just one step to" true ownership" of properties. Maybe it's just me, but who else has noticed that everything in crypto space works in favor of individuals? It's all about "ownership"
The uniqueness of NFTs will influence production companies. Where I expect every production to be accompanied with a digital certificate (NFT) separately from the rest, thereby reducing the rate of vulnerability. Lands are already being sold as NFTs, wines are already being sold as NFTs, artwork which is where it's started from, are already hitting crazy numbers. But best believe it, the numbers ain't that crazy enough, the Metaverse from my limited knowledge, will add to this development. Truly, ten years from now, will have a lot of history already made!