Saturday, April 13, 2024

Why Corporate America Is Misunderstanding NFTs

NFTs were the buzzword in 2021 and will continue to reach unprecedented heights in 2022. However, the present craze of NFTs also seems to undermine its true value. NFTs were founded on the basis of communities, innovation, and scarcity. The modern corporate companies from the United States and elsewhere are forgetting this basic notion while aggressively entering the NFT sector to attract more customers. While it may appear to be a positive movement for NFTs, it is indeed doing very little for the technology. Corporate NFTs emphasize the visual elements unnecessarily, forgetting the fact the true value of NFTs lies in their encryption. If visuals were the driving force, we would not need NFTs in the first place. Current audio and video formats easily make the cut and are, in fact, more accessible. As such, corporate America has reduced NFTs to just another marketing tool.

The true value of NFTs is in their encryption, the way to secure ownership for digital assets like no other system in existence. NFTs are built for the metaverse and for individual communities. The value of an NFT depends completely on the community that finds it valuable. The metaverse will be a true playground for NFTs, where it will realize its true value. All that corporate America is doing is helping NFTs become a household name. Apart from the marketing front, they have no real contribution to NFTs. As crypto communities mature, the sham of corporate America’s relationship with NFTs will be out in public.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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