With all of the negative news that continues to come out, trying to pan the NFT space as simply \u201cJPEGs\u201d traded as crypto, it\u2019s time to set the record straight. First and foremost, though $2 billion in revenue was generated from NFT trading in the first quarter of this year, \u201cnon-fungible tokens\u201d are still a fraction of what they could be. Yes, most of them are digital art placed on top of a cryptocurrency, in the sense that they can be traded just as easily, and their underlying structure is really just a hash. Still, just because most NFTs exist in this fashion now doesn\u2019t mean that all of them should be simply defined in the same way for all eternity.Furthermore, just because the picture that gives detail to a piece of NFT-art can be copied doesn\u2019t mean it has no value or that the copy is the same work as the original. That\u2019s why provenance exists, i.e., proof that the work involves actually comes from the artist that created it. In the end, I understand the criticisms of NFTs as they\u2019re really just rough caricatures of what they could be at this point. Down the road, as excellent systems for tracking provenance like the InterPlanetary File System become truly widely and properly used, it will be easier for the masses to grasp the true value of NFTs as a whole.Imagine, for example, that each NFT painting was actually tied to the option of having its\u2019 identical physical work shipped to you. Systems like CACHE Gold already do this with gold, giving you a cryptocurrency that\u2019s perpetually redeemable for \u201cits weight\u201d in physical gold. If you\u2019re wondering how it all comes down to the fact that each CGT token is pegged to 1 gram of verifiably pure gold(with a minimum\u2026<\/p>","protected":false},"excerpt":{"rendered":"
With all of the negative news that continues to come out, trying to pan the NFT space as simply \u201cJPEGs\u201d traded as crypto, it\u2019s time to [\u2026]<\/span><\/p>","protected":false},"author":0,"featured_media":2796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts\/4453"}],"collection":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/comments?post=4453"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts\/4453\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/media?parent=4453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/categories?post=4453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/tags?post=4453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}