This article was first published on Centrality - Medium
The blockchain world thrives on a trend. While core blockchain innovation has raced along at breakneck speed, the burgeoning creative use cases have been just one step behind. The result is that the last 5 years have been a non-stop train of one blockchain innovation phase after another: 2017 saw the ICO boom, 2017–18 smart contract platform era blossomed, 2018–19 stablecoin, and 2020 was the year of DeFi.
It’s still early days in 2021 but it looks pretty certain that NFTs will be the blockchain trend of this year. So what’s so exciting about NFTs?
If you’ve been paying any attention to your newsfeed you probably have a good idea what an NFT is, but not necessarily why there is such excitement from the blockchain community. (If you do want a quick recap on what an NFT is check out this article).
What’s exciting about NFTs?
Annoyingly (and intriguingly?) this question is a little bit like asking what’s exciting about technology. NFTs are an inherent product of the abilities of decentralised ledgers, and so unsurprisingly their most exciting possibilities lie in the trustless, yet community governed possibilities of assets on a blockchain network.
At its essence, non-fungibility is a piece of decentralised tech used for storing, creating and exchanging unique things. NFT’s can have a financial value and are bought, sold and stored like any other decentralised token, asset or investment. Importantly NFTs allow us to connect unique assets to programmable money allowing new kinds of financial and creative innovation
The first and maybe most important thing to understand is the depth and breadth of functions NFTs can be harnessed for. An NFT is digital attribution of ownership recorded on the blockchain which can be applied to anything unique, digital or non-digital. So yes collectable cards and pictures, but also: a ...
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Centrality - Medium