March 28, 2023

Taylor Daily Press

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Instagram will receive support for NFTs in the coming months – IT Pro – News

You have a certain photo that has very high values

This value is hypothetical, if you bought it for a lot of money and no one else was willing to pay that much for it, you paid too much for something worthless.

The idea behind NFT is that it is decentralized to be the owner of something, which in this case is digital. Whoever is part of the blockchain has proof that you own it. The full update of that series is also the source of a large part of the lack of environmental friendliness, but that’s another problem. In this case, Meta has the majority of control over the “decentralized” blockchain, so it is not decentralized at all, so the entire advantage of NFT/blockchain is gone up front. Exactly how it works in Ubisoft too.

The idea is that you are the owner is decentralized, but where the weakness is also that if someone does not take this ownership seriously or even acknowledge it, you have nothing. This is like putting on 100 coasters that you own, and giving them to 100 people who assure you and some others, but if someone takes your possessions anyway and no one else recognizes these property symbols, you’re a bit of a clown. In this case, this property is only relevant within the Meta, and does not count outside of it. NFT is useless on top of the current situation if someone takes your photo from Instagram and posts it somewhere on Twitter, for example.

NFT is tricky, because in many cases you can use it as part of a ponzi scheme, it is not so per se, but it fits perfectly. Just like Bitcoin, Ethereum and other virtual things. They can be sold with a lot of hype, and more people get in, which makes the value of the first coins rise sharply, but whoever gets them later pays more and more, while the value increases the level. This is one on one how a Ponzi scheme works, of course. Without new growth and once trust in the NFT, but also Bitcoin or Eth or whatever, you have literally nothing left. There is no intrinsic value under it, and no association with something tangible like gold, for example. Now for gold, if our gold no longer matters to us, its value goes down as well, but it is at least a physical and rare item that also has a practical use that keeps it alive. There is no practical use of Bitcoin and NFT. You can’t do anything with it and that makes it very weak. Without electricity or the Internet, NFT or cryptocurrency is no longer worth anything, of course, and gold is still a medium of exchange. So, to me, it’s too hypothetical, and therefore too risky and volatile to be taken seriously.

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