Most of us have heard of Beeple’s Everydays: The First 5000 Days, which sold for a whopping $69.3 million dollars, but most of us are unaware of the significance of that astronomical figure. To put it into perspective, only 100 paintings have sold for more than Everydays in the history of traditional art. That is the total number of paintings ever sold! Art investors have been around for centuries, while NFT investors are just getting started.
There is no doubt that NFTs are changing the way we think about art, but this paradigm shift is not limited to GIFs and JPEGs, as popular media would have us believe. NFTs represent a watershed moment in digital transformation, as applications and integrations spread across industries ranging from music and gaming to energy and supply chains.
Recognizing the true applications of NFTs
In essence, NFTs are a type of data unit on a blockchain, with each NFT representing a unique digital item such as art, audio, video, video game items, and other forms of creative work.
Transactions in which ownership of something changes hands have traditionally relied on layers of middlemen to establish trust, exchange contracts, and ensure that money changes hands. None of this will be required in the future. Transactions recorded on blockchains are trustworthy because the data cannot be changed. Smart contracts can be used in place of lawyers and escrow accounts to ensure that money and assets are transferred and both parties honor their agreements. NFTs convert assets into tokens, allowing them to circulate within this ecosystem.
Any NFT is nothing more than a piece of digital memorabilia, nothing less. It can function similarly to any other speculative asset, with investors purchasing in the hope that the value will rise and they will profit.
Outside of the art world, NFTs
In theory, anything digital can be an NFT. They enable musicians to provide enhanced media and special perks to their fans. Kings of Leon and Grimes are two prominent examples from the music industry. In the case of sports memorabilia, between 50% and 80% of items are thought to be fake. Putting these items into NFTs with a clear transaction history back to the creator could help to solve the industry’s massive counterfeiting problem.
NFTs have far-reaching potential. For example, San Marino, a tiny country surrounded by Italy, is said to have developed an NFT-based vaccine passport. While they are still not widely used, many people believe that NFTs provide an excellent opportunity to secure important documents and help prevent identity theft.
NFTs in Lepasa
NFTs have the potential to benefit a wide range of content creators. It is now possible to avoid the centralized control of platforms such as Facebook, which monetize content creators’ work. Lepasa is one such platform that focuses on creators. Lepasa is a mythological virtual life designed by a team of artists and built by blockchain enthusiasts with the goal of creating an ecosystem that allows users to create, experience, and monetize their content and applications.
They offer a social experience with an economy based on the ownership of layers of land and unique creatures, as well as content distribution. Although NFTs are at the heart of this project, they are not limited to GIFs and JPEGs. They provide value to app and game developers by allowing them to fully capitalize and monetize the economic interactions between their applications and users. The NFT scripting language enables NFTs to handle a wide variety of capabilities, such as applications, games, gambling, dynamic 3D scenes, and much more. These NFTs go beyond gaming by including elements of social media and e-commerce, as well as something for advertisers.
In many ways, Lepasa is at the heart of the majority of the current use cases for NFTs.