NFTs move beyond art and collectibles - Deepstash

NFTs move beyond art and collectibles

An NFT is essentially a digital token representing a totally unique asset, such as a piece of fine art or real estate . When represented by an NFT, an asset can be easily traded digitally across the world on blockchain technology. NFT concert ticket s and plane tickets are already beginning to pull the technology away from solely being about art trading and into other practical use cases. 

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MORE IDEAS FROM THE ARTICLE

A central bank digital currency (CBDC) uses a digital token to represent the virtual form of a fiat currenc y.

In China, Non-cash payments are increasing by over 20% year on year , according to the People’s Bank of China.

The European Central Bank has outlined their support of a Euro CBDC , detailing their plans to begin working on its implementation.

EDCs like the one Amazon is reportedly preparing to release in Mexico and Facebook-backed Diem promise to make it easier and cheaper for people to transfer money.

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In El Salvador, Bitcoin will become legal tender from September 2021, with President Nayib Bukele aiming to help the population send remittances internationally, among other uses. Before this, Venezuelan citizens have also adopted digital assets as a means to escape the hyperinflation of fiat currency. developing countries have been seen to spearhead the use of crypto currencies in an effort to bank large “unbanked” populations.

In the U.S. Congressman José Luis Ramón recently presented a bil to allow employees to receive their salary in cryptocurrencies.

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The rise of massively influential blockchain applications are set to change how we communicate and operate as a society. Throughout the pandemic, we have seen innovative uses of blockchain technology to track vaccine cold storage and delivery and to store medical information and testing data .

will need to address issues such as interoperability between different blockchains. Right now, different blockchain applications and ecosystems are siloed, hindering mainstream adoption and scalability.

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DeFi is a form of finance that removes central financial intermediaries to offer traditional financial instruments that utilize smart contracts on blockchains. users can bypass strict requirements of banks and engage in peer-to-peer lending with other people around the world. 

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RELATED IDEAS

A world computer & a settlement layer

Ethereum is a “world computer”: It lets people build apps & products with money baked into the code. If you believe that web3 is going to continue to grow, then you likely believe that over time,

Ethereum will become the “settlement layer” of the internet: All sorts of transactions (whether on-chain or even Visa) will turn to Ethereum to exchange funds and keep secure, immutable records.

Owning ETH is like owning shares on the internet. Demand for ETH will go up with increased web3 adoption, while upcoming changes will decrease the supply of ETH and let more value accrue to holders.

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Non-fungible token (NFT)
  • In economics, a fungible asset is like money - it is something with units that can be interchanged. With money, a $10 can be exchanged for two $5, and it still has the same value.
  • If something is non-fungible, it has unique properties and cannot be interchanged with something else, such as a house, the Mona Lisa painting, etc.
  • NFTs are distinct assets in the digital world. They can be bought and sold like any other property, but they have no tangible form.
  • The digital tokens are like certificates of ownership for virtual or physical assets.

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Cryptocurrency as a mode of payment

In the financial transactions sphere, we have various modes of payment for goods and services. For example, we have PayPal, Amazon Pay, Apple Pay, cryptocurrency, etc.

Cryptocurrency is a relatively new system that people still try to figure out. There are currently over 2,000 types of cryptocurrency.

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