In the Web3 World, Focus on NFTs, not Cryptocurrency.

Summary

In the evolving Web3 landscape, the focus should shift from cryptocurrency to NFTs due to their unique ownership, value, and potential for greater influence and connections.

Abstract

The article emphasizes the transition from traditional Web2 to the decentralized Web3, highlighting the importance of NFTs over cryptocurrencies. Web3 is characterized by its independence from central authorities, offering users direct control and simplicity. While cryptocurrencies like Bitcoin are well-known, NFTs represent unique digital assets whose value is derived from their singularity and ownership proof. The article points out that NFTs, unlike interchangeable cryptocurrencies, hold a resemblance to original art pieces in the real world, with only one authentic version. The potential of NFTs is demonstrated by a record-breaking sale of 63 million dollars for a single NFT and their diverse applications, including art, collectibles, gaming, and virtual real estate. The author notes that NFTs are becoming a gateway to exclusive events, community memberships, and are recognized by major entities like J P Morgan. Despite the risks and the need for thorough research, the author suggests that the time to engage with NFTs is now, as they are poised to have a more significant impact than cryptocurrencies.

Opinions

The author believes that NFTs are more influential than cryptocurrencies due to their unique and non-interchangeable nature.
NFTs are seen as a combination of investment and speculation, with the potential for profit and status.
The article suggests that the trend of NFTs is in its nascent stage but is rapidly growing, as evidenced by significant sales figures.
The author implies that NFTs are becoming a new form of currency for access to exclusive communities, events, and perks.
There is an acknowledgment that while the NFT market is promising, it also carries inherent risks, with some projects bound to fail despite having great premises.
The author conveys a sense of urgency in getting involved with NFTs, indicating that the optimal time to enter the market may have already passed.

This form of blockchain gives you art ownership, money, status, and access.

Image from and by freepik.

People might not know about Web3, the new iteration of the World Wide Web, “the internet”. I didn’t even know there were other 2 of them, because I don’t work in or around the digital technological world. I did hear of cryptocurrency though, the decentralized digital currency which has gained fame thanks to the likes of Bitcoin or some of the people involved one way or the other, like Elon Musk.

Perhaps the main feature of Web3 is decentralization, therefore independence, from the ‘middleman’ such as banks, layers, institutions. That’s a big appeal. Direct control and simplicity.

So, crypto (as cryptocurrency is colloquially called) is the digital currency and it’s also an investment, as 1 unit of said currency (e.g.: Bitcoin, Stellar, or dozens others) can vary in price.

But crypto is interchangeable, because 1 Bitcoin is exactly as another 1 Bitcoin, and once one owns it, it can either let it sit (for potential gains) or use it.

But you know what is unique and there is only one of each item? NFTs, ‘non-fungible tokens’. By definition and by design, there is only one of each item. Just like in the real world there are millions of reproductions of the Mona Lisa, but only one original one, it is similar (if not even more clear) into the digital world. One can take a screenshot of one an NFT, but people would know immediately it is not the original one.

An NFT style image. By rawpixel.com.

So why buy NFTs? Many people are resistant, or do not quite get the point. They are just a long list of records (blocks linked together and can’t be changed, hence blockchain) in the digital world.

Well, that is where the world is going. One NFT recently sold for 63 million dollars. You’ve read that right.

There are many types of NFTs: visual or sound artwork; collectibles; gaming related ones; and even virtual real estate. What to do with them? It depends what you are looking for. Profit; art interest; community; influence; status; access.

Promotions started requesting proof of owning an NFT to gain access to events, or special perks. Companies as big as J P Morgan opened to the Metaverse including shopping with crypto and NFTs.

It’s going to get bigger. I have no idea if it will last long, but it is coming for sure. Also, the trend has barely started and has already surpassed the two-billion in sales trades in January.

The catch? It takes time to do the research and commit to the involvement to find a potentially profitable, fancy, or successful project. Even when the premises are great, some projects fail. It is a combination of investment and gambling.

NFTs are way more impactful than crypto. Both are valuable but NFTs are simply a step ahead in influence and connections, and it maybe simply attracts more the interest of people.

The time to get involved in NFTs was yesterday.

Bitcoin is probably the most influential cryptocurrency, as of today valued at almost 38,000 USD for 1 bitcoin. Image by starline.