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- Blockchain: a stand alone ledger for P2P transactions
- Cryptocurrencies: transferable value on a blockchain
- Smart Contracts: instructional programming governing crypto (and other) transactions
- NFTs: unique, transferable digital assets existing on a blockchain
NFTs are like art. Their uniqueness caters to a special type of value transference. Cryptocurrencies don’t offer this. They’re generic.
The Power of Blockchain and Smart Contracts
On an immutable ledger, cryptocurrencies become quite powerful. They represent freedom. Independent transactions between peers.
A blockchain’s record paired with smart contracts are ever more powerful. Programming instructions for elaborate transactions across regulatory borders and time zones become the norm.
Advancing Organizations and Infrastructure
The ease of these transactions took supply chains and logistics by storm. Corporations have somewhat secretly adopted this revolutionary accounting protocol.
Companies like IBM, Amazon, Oracle, Alibaba, and even Facebook and Twitter are ingraining themselves in the crypto space. Server-based services can no longer exist without some blockchain adoption.
It’s smart contracts that allow for multifaceted P2P transactions among business partners. Simultaneously signing a contract allows for unparalleled business practices.
Efficiency and the Economy of Value
Traditional economies are riddled with inefficiencies and corruption. This is why the initial impact of the new crypto standard is invariable efficiency. Mining corporate and industry efficiency will provide the global economy with an instant boost. Mining supply chains to improve profits will no longer be a costly endeavor.
The resulting advantages will be mere drops in the global bucket of an EoV (economy of value). The IoV (Internet of Value) will afford individuals the same advantages. Individuals will make greater strides than companies. Influential corporations with a crypto mindset will be in a position to add further value through building decentralized services.
Like two people carrying a shelf, rather than a single person dragging it, the EoV will yield unpredictably bountiful fruits. Anonymous participants can be incorporated via smart contracts. The blockchain serves as the authority and verifier for contributors.
Empowering Individuals
The EoV differs from the IoV in that the economic impact will overflow from Internet networks. Seems like individual expression can get lost among the overwhelming digital influence. Here’s where NFTs come in.
NFTs are about much more than art and creative expression. It’s a wonderful thing to witness NFTs grow in popularity this way. Artistic expression is at the heart of NFTs.
However, NFTs are about uniqueness. Numbers (e.g. primes) can be unique. So can transactions and contracts. You probably see where I’m going with this- what good is a set of repeatable instructions (a.k.a. smart contracts) for a unique transaction.
Smart contracts have been adapted to allow for uniqueness. This doesn’t mean that they're is the best way to move forward.
No. NFTs offer unique advantages that complement blockchain, cryptocurrencies, and smart contracts.
Cryptocurrencies are valued for their freedom. NFTs for relating among human beings.
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