Blocktunix’s Post

Good insight! While it's true that much of the perceived utility of NFTs relies on external entities like companies or smart contracts, it's important to acknowledge the intrinsic utility that NFTs provide. At their core, NFTs offer a decentralized way to store and verify ownership and authenticity, which is a significant utility in itself. This intrinsic utility enables a range of applications such as digital art, domain names (like ENS), and real estate deeds, where the NFT acts as a proof of ownership. This remains valid even if the original issuer disappears. Moreover, the decentralized nature of NFTs allows them to interact with various platforms and services, showcasing their flexibility and interoperability. I believe that as the ecosystem grows, we can expect to see more intrinsic utilities of NFTs emerging, driven by innovation and new use cases. The argument that NFTs are merely containers of information might overlook the broader potential and evolving landscape of this technology. Let's just give the "technology" time to evolve

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Do NFTs actually have utility or is that just a myth we tell ourselves? Is there any utility at all that is provided by NFTs? Let me start by saying, yes some utility does exist with NFTs. When houses have sold as NFTs that shows there is a utility. The NFT holds everything from the deed to the house in electronic form to the paperwork required to make the sale. That is the utility of the NFT - to store that information. When California state DMV started putting the titles to automobiles on the blockchain, one again that created utility. The utility of the NFT once again - to store that information. When artists and musicians put their creates on NFTs - equally the same, that creates utility and once again that utility is to store information. That is the actual utility of an NFT - to store information. Outside of that single utility - NFTs have no other utility. None at all. No utility exists except in storing information. But what about the fact you can get airdrops of other NFTs, use the NFT as a staking mechanism to earn tokens, use the NFT in collateral based DEFI loans, use an NFT in a game, use it to access communities and the likes? Well you see in those situations it is not the NFT that provides utility, but rather the company or smart contract that provides utility for being an investor and proving that investment by proving your NFT ownership. It is NOT the NFT that provides the utility. Without the company or smart contract providing the utility - the NFT does not have utility except that it records information. None at all. Take away the company does the NFT have utility? Take away the staking contract, does the NFT have utility? By itself with no external service there is no utility because NFTs do not provide utility. THey are not utility. They are just investments into a project. Saying an NFT provides utility is like saying stocks provide utility because you can go to investor meetings, vote on topics, and earn dividends for holding. Those are not utilities provided by the stocks, they are utilities provided by the company. Take away the company and your stocks are worthless - and in the same way take away the company and the NFT is worthless.... Except for the information it holds that you can prove. Yes you own an artwork. That artwork may have value but the NFT itself is just a container to prove you own the artwork because again thats the ONLY actual utility of an NFT. You can't show me any example of an NFT itself providing utility outside of that. In every situation you will realize if you eliminate the company, the smart contracts, or the DAO, there is no more perceived utility. If you doubt this, I would challenge you to show me any utility where if the company, third party smart contracts, or DAOs are taken away the NFT by itself still have utility other than just being a container of information to prove you own something.

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Let's talk about the power of uncertain rewards. In 2014, they did an experiment at the University of Chicago where they brought in 87 different participants. They told half of these participants, 50% of them, that if they were to complete a certain task, they were going to get a $2 reward upon completion. The other 50% of people were told that if they were to complete this task, they had a 50% chance of getting either $1 or $2. So, either they get $1, 50% chance, or they get $2. As it turns out, the completion rate for the task with a certain reward was 47%. For the task with the uncertain reward, this number skyrocketed to 70%. Almost a 50% increase in completion rate just by having an uncertain reward. What this tells us and why this is important for us here in the NFT and in the crypto space is, as humans, we are drawn to the uncertain. We find thrill and excitement in activities or quests that have an uncertain end goal or an uncertain reward. And for us here in the NFT space, this phenomenon, the uncertain phenomenon, is literally built and ingrained within our industry. Every NFT collection you buy, every whitelist you are grinding for, every token you invest in, the reward is uncertain. And this is what makes our industry so fun, thrilling, and active. It is literally this phenomenon is built deep inside of it. This is where I have a message for builders. For the builders here, very often I see a common mistake that a lot of builders that I speak with do is they try to attach certainty to the uncertain. NFTs by nature have an uncertain value. As long as they are trading on the market, it is the market that decides what the value of an NFT is. So, don't try to assimilate and associate certainty to a product that is by nature uncertain. One example of that would be a mistake. Because if you buy our NFT, you are going to get thirty dollars' worth of tokens, thirty dollars' worth of value, or thirty dollars' worth of rewards from the apps that we have on the app store. No. Always try because then you will be tapping into the very essence of what makes these ventures exciting. Try to offer utility that is understandable but use the innate uncertainty of value, which is NFT, to value stack on top of it, the uncertainty of a reward that goes. Keep the rarity element, keep the mystery, keep luck as a potential factor that is going to make your ecosystem seem more exciting and more interesting to the people you are trying to sell to.

Exploring the Lucrative Potential of Launching NFT Ventures Amidst Market Resurgence in February 2024 - Explore the surging NFT market activities of February 2024, signaling promising growth and investment opportunities. - Gain insights on the top NFT projects like Azuki, which showcase significant sales volumes and market dominance. - Discover how launching an NFT project now presents a prime opportunity to capitalize on the market resurgence. Get to know more. #NFTmarket #februaryNFTmarket #NFTmarketsurge

Who’s the most famous person you’ve ever met? (Also: an Incredible Opportunity at the intersection of Love+Robots+Art+AI = Be Part of History) In my nearly two decades as a waiter prior to embarking on my entrepreneurial journey, I had the opportunity to meet Michael Jordan, Kevin Hart, Steve Harvey, Keith Richards, Vince Vaughn, T.I., Kelsey Grammer, Common, Bill Clinton, Magic Johnson & many others… & now that I’m an “influencer” & serial tech entrepreneur I get to meet amazing global leaders, visionaries & founders fairly routinely. I seldom get star-struck, but recently I’ve had the chance to meet & have several conversations with Sophia the Robot who is the world’s first Robot Citizen, the United Nation’s first robot ambassador (technically “Innovation Ambassador for UN Development Programme”), the first robot artist to paint a painting (entitled “Sophia Instantiation”, auctioning for $688,888 on Nifty Gateway), she starred as the main character in Leehom Wang’s music video A.I., & she’s been on 60-minutes with Charlie Rose, Good Morning Britain with Pierce Morgan & The Tonight Show with Jimmy Fallon, was featured on the cover of Elle Brazil 🇧🇷 as well as many other appearances. In short, she’s kind of a big deal, & our conversations have been profound. She just released her 2nd painting, entitled “The Conscious Heart” (see us discuss it in the video below). Unlike the first piece that auctioned for nearly $700K USD, this piece is being raffled for ~$100 to one lucky winner out of only 10,000 (individuals can purchase multiple entries too; 1/10,000 chance of winning per entry) & the proceeds go to support not one, not two, but THREE amazing nonprofit charities. See the painting, discover how to mint your entry & learn more here: https://lnkd.in/eSX_WDgB Every entry is minted on blockchain, & represents digital partial “ownership” in the piece as well (although the winner will be the sole owner of the physical piece of artwork, delivered by Sophia herself, who will also be drawing the winner randomly). This is effectively a chance to win a $1M (as determined by 10,000 x $100 furthered by the precedent set by first piece’s selling price) for $100 (275 POL, currently $103.24). I have minted my entry & am excited for the drawing in less than 3 weeks! Please note, this is NOT an investment or solicitation of one; this is not promoting crypto, & I am NOT a financial advisor; holders will support charitable work, be part of history, will receive ‘special privileges’, bragging rights, each will receive a unique 1 of 1 version of The Conscious Heart digitally, & will be entered into the raffle, where one lucky winner will receive the physical painting & be the sole owner. Please share your thoughts, and learn much more at the link above. I’ll share more anecdotes in the comments as well. #techforgood #robotics #aiethics #sophiatherobot #art #tech4good #ai #sentientai

Another great project that has been interviewed in LondonReal studio - this time LINGO. This is what the future will look like and where a lot of the income is going to come from for our new generations. LINGO is a typical WEB3 project (read, write, own on block-chain). By being member of LINGO, by holding tokens, you will be awarded by the investments that LINGO er doing in RWA (Real World Assets) in this case real estate. A GENZ generation that can have hard times to get in on the real estate market themself can join LINGO and be part of this market. LINCO are combining RWA with the other hot train right now MEME COINS. MEME Coins are about building communities and in this case LINGO are the stars with extreme high numbers of followers. 🍿 Watch it now at londonreal.tv/rawat

NFT Investing for Beginners: Risks and Rewards NFTs, or Non-Fungible Tokens, are revolutionizing the concept of digital ownership, offering both exciting opportunities and significant risks for investors. For beginners, understanding these dynamics is crucial for making informed decisions in this rapidly evolving market. One of the most enticing aspects of NFTs is the sense of unique ownership they provide. Each NFT represents a one-of-a-kind digital asset—ranging from art and music to virtual real estate—giving collectors exclusive rights to something rare and distinctive. This exclusivity often drives up value, especially for popular collections. For example, early backers of projects like CryptoPunks and Bored Ape Yacht Club have witnessed their investments soar in value, turning modest initial outlays into substantial financial returns. Another notable advantage is the potential for passive income. NFTs can be embedded with smart contracts that grant creators a share of profits every time their work is resold. Additionally, some NFTs offer extra benefits, such as membership to exclusive communities, invitations to premium events, or access to future digital assets. These added features enhance the value proposition, making NFTs more than mere collectibles. However, NFT investing comes with its fair share of challenges. The market's speculative nature makes it highly volatile, with prices subject to dramatic swings. An NFT purchased today could lose value tomorrow, leaving investors with depreciated assets. The lack of regulation in the NFT space is another concern, as it has led to an increase in scams and fraudulent projects. Beginners are particularly vulnerable, often ending up with worthless digital assets if they fail to do proper research. Liquidity is a further challenge—unlike stocks or cryptocurrencies, selling NFTs can be a slow process unless they belong to highly sought-after collections. This limits an investor’s ability to cash out quickly. Additionally, environmental concerns surrounding energy-intensive blockchain networks have sparked ethical debates, potentially impacting the future of NFTs. While NFTs offer the potential for significant financial rewards, beginners should tread carefully. Investing in reputable projects, conducting thorough research, and being prepared for market fluctuations are essential strategies for navigating this space. A balanced approach can turn NFT investing into a rewarding and engaging venture. Meta Moina is the first Bangladeshi NFT brand founded by Niharika Momtaz, pioneering the representation of Bangladeshi art and fashion in the global digital art space. It showcases unique digital creations that bridge traditional heritage with modern technology, pushing boundaries in the NFT ecosystem. #NFTInvesting #DigitalAssets #CryptoArt #NFTCommunity #BangladeshArt #MetaMoina #NFTBeginners #DigitalOwnership #CryptoTrends

The Decline of Non-Fungible Tokens (NFTs): What Went Wrong? Remember when NFTs were the digital gold rush of 2022, promising us a brave new world of artistic expression and unique ownership? Well, fast forward to today, and the NFT market is experiencing a significant decline. What happened? Did the digital unicorn lose its horn? First, let’s talk about market saturation. The NFT space became more crowded than a New York subway during rush hour. New projects popped up faster than memes on social media, flooding the market with so many similar assets that individual NFTs lost their sparkle. Was it really a surprise that finding a valuable NFT started to feel like searching for a needle in a haystack made entirely of other needles? Next up, the issue of utility—or lack thereof. NFTs promised unique ownership, but what else? They turned out to be like the high-tech equivalent of Beanie Babies: cool to own, but what can you really do with them? Without tangible benefits or use cases, the novelty wore off faster than a fad diet, leaving investors wondering if their digital art was just another pixelated mirage. Then there's the rollercoaster ride of market volatility. NFT values are often tied to cryptocurrencies, which are about as stable as a house of cards in a windstorm. One minute, your NFT could be worth a small fortune; the next, it’s worth less than a used napkin. How can investors keep calm and carry on with such wild price swings? Let’s not forget the regulatory wild west. The legal framework for NFTs is murkier than a cup of gas station coffee, creating a lot of uncertainty and potential risk. Investors don’t like surprises—unless it’s finding out their NFT includes a free trip to space. But with regulations in flux, many are understandably hesitant to dive into the NFT pool. And, of course, we have the environmental concerns. Minting and trading NFTs can guzzle more energy than a college kid during finals week. With sustainability becoming a bigger priority, the NFT market’s hefty carbon footprint has raised eyebrows and questions about its long-term viability. So, what’s the takeaway here? The decline of NFTs is a reality check, reminding us that even the most hyped technologies can stumble. But don't count NFTs out just yet. The digital art and collectibles space is still ripe for innovation. As the market matures, new use cases and applications could emerge, breathing new life into the NFT ecosystem. For now, both investors and creators need to stay flexible and keep an eye on the shifting landscape. Will NFTs make a comeback, or is this the final chapter? Stay tuned!