So to be blunt, these types of NFT you don't sell. I know that is a shocker to some who aren't in this sub-space. But there is a number of NFT out today you don't sell and it's really about the tech.
Now, what is a dynamic NFT or dNFT. A dNFT is basically an NFT that changes over time based on external factors. For example, you get an NFT of a car you just bought.
Over time as you go get it worked on, accidents, etc. These things are automatically filled in. This record follows the car for it's entire life and it's stored on a public blockchain. This letting a new buyer see the history instantly of a given car and know the information is accurate.
Another example is a home
Your deed can be an NFT.
Now the question is who controls the NFT and how does this bring people in the crypto world.
Who controls the NFT
Chances are the person who controls the NFT is the person who owns the property or the gov. So for example, while you are paying off your house you don't own it. The bank does. The bank will hold the deed and once this is said and done. You might have the option to hold the NFT.
For the car, you can hold it, but I can see laws saying you have to give permission to the insurance company to update your NFT. So if you get in an accident then it gets updated.
The transfer of the NFT will be required by law to the new owner. And it is extremely likely people will just get their bank to hold all NFT.
How does this help the crypto world
It helps us in 2 ways.
- it helps bring more people to us. Keep in mind if you pick to hold onto the NFT, you will need to learn a lot of basics in crypto.
- it will help move crypto more into the mainstream. Where it is normal, and not some hip taboo generational culture thing.
sources for the images: https://twitter.com/77MichaelR/status/1569099253733101571?cxt=HHwWhsC8wabdx8YrAAAA
Submitted October 14, 2022 at 09:28PM by crua9 https://ift.tt/odhRiCb https://ift.tt/nk1fLeN
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