NFTs: More Than Just JPGs
With news of multi-million dollar NFT sales dominating headlines, it’s difficult for the average person to not associate non-fungible tokens with JPGs and artworks in general. It doesn’t help how the media tends to sensationalize everything, and in order to successfully convey these stories — with a forced perspective at that — they have to simplify most of its aspects to ensure the message is well understood by their audiences.
Unfortunately, this results in the general population forming inaccurate and limited opinions on NFTs, which conversely happen to be some of the most versatile and useful pieces of tech that we’ve seen in years. So what are NFTs? Where do they add value? And how does Accessifi utilize them?
NFTs: Non-Fungible Tokens
NFTs, as the name suggests, are unique tokens that cannot be duplicated, copied or reproduced. Thanks to the underlying blockchain technology, each token can be verified via an open-ledger system, which gives them the robustness and safety that they are known for.
Although Ethereum was the first to firmly establish the NFT standard, many blockchains (as well as Layer 2s and sidechains) today support them, including but not limited to: Binance Smart Chain, Polygon, Solana, Avalanche, Algorand, Harmony One and more. Still, despite the high minting and gas fees, Ethereum maintains its position as the most popular network for NFT creation and trade.
To say that the utility of NFTs is bound to the human imagination wouldn’t be an understatement, after all, they are a unique, immutable and untamperable medium with which one can convey anything; it could be ownership, an agreement, a guarantee… and these various rights and obligations can be extended to various fields, industries, goods and services.
One can analogize NFTs with paper, which could help newcomers try and visualize the use-cases and possibilities that NFTs carry. Unlike paper however, NFTs inherit some of the advantages of blockchain technology, and as such are safer, faster and more accessible than their physical counterparts.
These characteristics, benefits and values aren’t limited to the art world, and in fact extend far beyond it. Let’s take for instance the world of ticketing, a multi-billion dollar industry that is present in every corner of the world. NFTs can eliminate fears of counterfeiting, provide a fast, cheap, anonymous and safe means of trading tickets in secondary markets, reduce risks of theft and loss, and reduce pollution and deforestation rates.
The value that NFTs add to almost every industry is too good to ignore from an economical and practical standpoint, and the technology is still in its infancy. What is now a trendy piece of tech is on its way to becoming the standard across various industries, professions and institutions — the economic principles almost guarantee it.
How Accessifi Uses NFTs
Accessifi allows the minting and the free trade of SAFT NFTs in its marketplace, which prior to the advent of the technology, would have been too impractical and unsafe to establish. NFTs, with the help of smart contracts and the Accessifi protocol, make the process simple, secure, open and decentralized.
By doing so, it provides investment firms, VCs and institutions with an exit strategy that doesn’t harm the underlying projects; effectively lengthening their lifespans and simultaneously providing retail investors the opportunity to invest in projects at an earlier stage. It is a protocol that benefits everyone involved, and is all made possible thanks to the flexible, robust and accessible tools that are NFTs.
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The content above is neither a recommendation for investment and trading strategies nor does it constitute an offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.