20 THINGS YOU DON’T WANNA HEAR ABOUT NFT…..

 

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Non-Fungible Tokens (NFTs) have taken the world of digital collectibles by storm, offering unprecedented

value and ownership rights to art collectors in the US.

NFTs are a type of digital asset that are based on blockchain technology and represent a one-of-a-kind digital item. Each NFT contains unique characteristics that make it valuable, as they are cryptographically verifiable and indelibly stored on the blockchain.

In the US, some of the most popular platforms for trading and minting NFTs include OpenSea, Foundation, Mintable, Rarible and Decentraland. These platforms have revolutionized the way art collectors can buy, sell and store artwork without relying on traditional intermediaries. As these tokens are not interchangeable like crypto currencies or fungible assets such as gold or silver, each individual piece is an individual collectible with its own value depending on factors such as artwork style, edition size or creator reputation.

NFTs provide artists with an opportunity to showcase their work directly to buyers and give them control over their works' resale prices, distribution and authentication through smart contracts. Some well-known US-based companies already exploring NFTs include Google Arts & Culture, whose project “Tokenize The World” enables museums to launch virtual galleries powered by tokenized artworks. This platform provides increased visibility for contemporary artists worldwide.

Furthermore, NBA Top Shot has become an iconic example of success using NFTs in sports trading cards due to its impressive use of 3D animations from basketball matches combined with ERC721 tokens on the Ethereum blockchain protocol. This initiative demonstrates how game highlights can be preserved forever using non-fungible tokens to store video clips from matches securely with full ownership rights belonging exclusively to their original holders.

The evolution of this new form of asset class provides exciting opportunities for all kinds of creators to offer access to fans in more secure ways while creating vibrant marketplaces with novel digital experiences and economies enabled by blockchain technology in the US.

Non-Fungible Tokens (NFTs) are a form of digital asset built on blockchain technology, which are gaining momentum in the United States. They allow users to purchase and sell digital goods and services such as art, music, gaming, collectibles, and more in an open and transparent marketplace. NFTs have created an entirely new asset class for digital items, enabling them to be traded in a way that has never been done before.

The ability to tokenize assets on a blockchain is creating major opportunities for US-based businesses who wish to utilize this new technology for their own applications. Companies such as eBay and Twitch have already integrated NFTs into their respective platforms as a means to facilitate the trading of digital assets with ease and security. This technology is being used to build powerful gaming economies, enable collectors of physical artwork to instantly authenticate and securely trade their pieces, or even to power unique experiences like virtual real estate that cannot exist within the physical world.

NFTs provide a new way of interacting with the world’s digital resources by allowing users to trade these tokens with other users around the globe while also receiving various benefits associated with holding them. In addition, this innovative technology is becoming increasingly important due to its ability to tokenize ownership rights of real-world goods or assets, which may otherwise not be possible due to current regulatory structures. The United States is poised to become one of the most influential players in this emerging industry due its vibrant tech scene, robust infrastructure for blockchain innovation, strong market capitalization from institutional investors and other entities involved in the space, and immense potential for future development projects based upon NFT technologies.

Non-fungible tokens (NFTs) have recently become popular among crypto enthusiasts and traders, providing a new form of asset ownership. NFTs are blockchain-based tokens that represent a unique item, such as digital art, sports memorabilia, or gaming items. They differ from cryptocurrencies such as Bitcoin because each token is non-interchangeable and distinct from any other token.

In the United States, the Securities and Exchange Commission has taken steps to ensure the legal framework for NFTs is clarified so that investors understand the implications of trading them. The Commission’s views on digital assets, including NFTs, were articulated in an August 2020 Statement of Digital Assets and Investing issued by the Commission. The SEC recognizes digital assets as securities when they meet its definition of “investment contracts.”

Due to their status as securities, the SEC is taking action against fraud in NFT markets with enforcement actions against parties who fail to adhere to applicable federal laws regarding disclosure, registration requirements, and fair dealing in securities transactions. In addition to protecting investor interests, these enforcement actions may lead to more robust market regulations and create opportunities for legitimate participants to build out better market infrastructure.

Currently in the US there are many online marketplaces where people can purchase and sell NFTs. Examples include OpenSea, Rarible and Mintable which have become some of the most active platforms for buyers and sellers interested in collecting or trading this new form of digital asset. For those looking for advice on purchasing or selling an NFT, companies like Uken Games offer guidance from professionals who are familiar with the digital asset marketplace.

Non-Fungible Tokens (NFTs) are digital assets on blockchain technology that are not interchangeable and can be used to represent items of real-world value, such as artwork, collectibles, tickets, or any other asset. They provide a way for digital content creators to receive royalties and other payments when their work is used or sold. 

NFTs also make it possible to purchase exclusive digital artworks or collectibles without having to own the physical item.

In the USA, the National Security Agency (NSA) has created the Decentralized Identity Foundation (DIF) as part of their initiative to bring trust and verifiability to online transactions. DIF is working on several projects to facilitate the secure use of non-fungible tokens in the US. This includes developing open standards for authentication and data integrity, providing open source tools for developers, building educational resources around NFTs, and advocating for their adoption by various industry stakeholders.

Additionally, several private companies have been exploring how they can leverage NFTs in various ways in order to make them more accessible and usable in different contexts. Companies like CryptoKitties have made digital art collectibles that can be bought with Ethereum-based cryptocurrency; Axiom Zen is researching ways of leveraging NFTs for digital asset ownership; Ubitquity has explored ways of creating records of real estate transactions using non-fungible tokens; and Lympo has developed a platform for tokenizing fitness challenges.

As interest continues to grow in this area, more organizations are likely to enter this space and offer innovative solutions based on NFTs. While still in its infancy stages, the development of NFTs has the potential to revolutionize many industries from ticketing to collectibles as well as real estate investments. With new platforms emerging every day and evermore creative uses being thought up, we are likely only scratching the surface of what these technologies are capable of achieving in the US market.

Thanks for reading,

.......by BISHNU BANERJEE

@bishnubanerjeeofficial