What needs to be done, that people get confident with digital currency?
Post: 27.08.2021
There is still much work in front of us. For instance,
building local Support-Centers, Contact- or Financial Services in your own country. Implement new Institution of Digital Financial Services “Crypto-Banks”, capable to preserve all of our digital assets on bullet proved hosted and insured Personal Wallet Infrastructure, protected by Shared-Keys. One kept by the Custodian and the other by the Owner of wallets, accessible over a special Apps or Device, just like using your Online Banking we particularly have confidence in.
Without having some regulation able to insure our digital assets, is a step back in the Wild West, forced to hide your fortune under your mattress and get marooned in case of loss.
People need security in an established digital financial ecosystem, to gain confidence with those alternative financial instruments and easy understanding like they do have today with FIAT Currencies, which Cryptos do not have yet.
My opinion is that one day, this business model will end up in a hybrid Decentralized Finance in 5 to 10 years. Referencing to some sources, it already has begun.
See you.
Sources:
Is the world of NFTs welcome?
Post: 27.08.2021
None-Fungible-Tokens is an alternative to digital crypto currency to build assets. As someone already mentioned: “NFTs are like digital currencies with JPEGs.” …and can also be used for other purposes like owners of NFTs giving voting power on new or changes on development releases in their communities.
But be very careful to choose or create the right ones!
Who can tell us that revaluation of some kind of kiddy crazy lookalike even some horrible NFTs is only a simulation of an artificially ridiculous overestimated priced transaction from one insider wallet to another, just to promote our feel we are all going to miss the opportunity (FOMO) to own something precious that at the end it won’t be useful at all or we may have fallen in a trap?
Do you really think Leonardo da Vinci would have made up one Layout of his Mona Lisa and reused it to mint rarely 100 of its pieces, only differentiated by its characteristics like its colours, accessories she is wearing, backgrounds…and so on, as seeing many of those collectibles on todays NFT-Platforms?
“The consumer is not being made king, but once again taken for a fool.”
Great and valuable NFTs should be filtered by useful categories like:
- Event Tickets
- Musical Artworks
- Talented Artists, Photographers
- Blockchain Domain Names
- Real Digital Artwork
- Gaming Items
- Movie Stars, Sport Idols as 2 or 3d collectibles.
- Books and Movies
Regardless on which type of Blockchain NFTs are driven, especially invoiced with ERC-20 Tokens (Ethereum), mind the irregular hight Gas-Fees they might occur ( Miner-Fees may highly vary from 5 to 97,90 € within minutes ). These high fees will definitely discourage you purchasing or claiming your digital assets. For instance, if you would like to buy and claim a Blockchain Domain Name for 40$, you will have to pay up to 140% more of its initial price!?
There is yet no efficient gauge neither a reliable time period you can rely on to conclude your transactions in time.
Think about who is the real winner of bad minted NFTs?
There are so many junk NFTs already out there, that the focus on the good an honest ones are getting lost in the jungle. I am not here to make advertisement on good ones. You have to judge it for yourself.
You can find a Hit List of best selling NFTs here:
Popular NFT Marketplaces:
- OpenSea.io
- NiftyGateway
- Rarible
- Foundation.app
- SuperRare
- AtomicMarket
- Async Art
- Mintable
- MakersPlace
- KnownOrigin
The only and unique serious NFT is you! So please take your time and watch out.