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Cryptowisser: Then, Now and What’s Next for NFTs

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Non-Fungible Tokens (NFTs) have been around for some time now, with what is recognized as the first-ever NFT “Quantum” created back in 2014. The industry has grown and evolved into what you see today. It is a vibrant and wholly absorbable market built on Ethereum blockchain. This market offers a combination of scarcity, provability and real value through digital ownership.

Mainstream media coverage of NFTs focuses on CryptoArt, which is a unique look at art media, based on a decentralized blockchain. The NFT world and art have a relationship that has developed quickly and naturally. This gives credence to CryptoArt and makes it a reason why the industry should be given the attention it deserves. It has frequently been labelled as a bubble because the advent of the industry is portrayed to have occurred at the start of 2021. A quick look at the history of NFTs will show that the community has existed for quite some time. Though, the market really began to swell between 2018-2020, before exploding at the start of 2021–coinciding with the soaring popularity of NFT exchanges. NFT marketplaces were bursting with buyers at the beginning of the year. People were learning how to purchase NFTs.

There has been a rise in the number of NFT art marketplaces, offering a platform for artists and collectors to interact and purchase collectibles at an allocated NFT crypto price. This marketplace allows artists to get exposure and reach their target audience. NFTs are available in the art industry alone. They can be digital moving art, digital files of offline art pieces, and creative sounds or music. NFTs are not new. However, they have been around for years. The industry is still young and it will continue to expand the boundaries of what’s possible in space.

You are already seeing the evolution of digital media into Playable NFTs with the launch of collections like ArcadeNFTs, allowing owners to access a unique interactive retro game. Each ArcadeNFT drop has sold out, not just because of its interactive NFTs, but also a growing fanbase communicating on its Discord server and building a lasting community of NFT devotees. Gamable NFTs was just the start of the creative expression of the community. As investment and funding increase, you will realize the vision of NFT developers.

Cryptowisser: Then, Now and What's Next for NFTs

NFTs: Then and Now

The story of NFTs stretches back to the first years of crypto, back to 2012. NFTs are everywhere, from trading cards to colourful coins. But, when this exciting medium really began to find its identity was around 2016 when the already established Counterparty platform posted the collection of rare “Pepes.” A seminal collection built on the Bitcoin blockchain, before being released on the Ethereum blockchain the following year under the name “Peperium.” In the same year, 2017, the release of 10,000 unique “Cryptopunks”, which were originally given away for free to anyone who held an Ethereum wallet. Fast-forward four years and those pixelated heads are reaching over $5 million.

Over the course of the next 2 years, there were many notably NFT collections released; the likes of CryptoArte, EtherRocks, and interactive virtual game collections like CryptoKitties. It was still unclear how to purchase an NFT, so the market remained underground. This is only for crypto evangelists. Until 2018-19, when the NFT ecosystem experienced significant growth, led by trading platforms like OpenSea and SuperRare, which remain some of the best NFT marketplaces in operation today. Web3 wallets, Eidoo, MetaMask and MetaMask were key to the fast-growing NFT ecosystem. This allowed users to quickly and easily access the marketplace.

With a focus on collaboration and community, we’re seeing the rise of decentralized autonomous organizations (DAOs) which offer social platforms with no central leadership, instead, they’re governed by the community from the ground up. Within the NFT sphere, you have the likes of Friends with Benefits, which requires members to have 75 $FWB in order to join, offering a space to discuss and collaborate on NFT projects. Token-based communities that focus on NFT collection and driving design.

The NFT ecosystem has benefitted from the rapid growth of the cryptocurrency industry to the point that now there are various websites offering NFT reviews and comparisons between crypto wallets, NFT marketplaces, games, and collectibles. While the pioneering NFT collections will always be remembered, it is the future of NFTs which will be a source of inspiration. It’s the rawness of the market, the knowledge that each project is an experiment, pushing boundaries of what’s possible. Designers create new opportunities, and then test them to determine if NFTs can become mainstream. There are many possibilities.

NFT Authenticity

Given that an NFT is held digitally, what stops people from screenshotting an NFT and making it into a JPG? You can’t sell an NFT without it being registered on the Blockchain and the original version. Each transaction’s financial implications and movement are recorded on the Blockchain. This provides a chronological record of every NFT and makes it possible to verify its authenticity through a digital archive. The transaction cannot be re-entered or modified after it has occurred. This is what gives NFTs authenticity. It is important to distinguish between ownership of artwork and code that manifests in images or interactive media of art. While NFTs do not constitute art, they can be used to authenticate artists, allowing them to sell their work without the need for intermediaries. With the market thriving and now that NFT collectors know exactly where to buy NFTs, the innovators are exploring other functionality these tokens offer.

Real World Use Cases for NFTs

The foundations of NFTs–authentic, tokenized, royalties, scalable–may lend to the development of technologies that could improve everyday life. Many speculate about the impact of NFTs on other industries. A more conservative view still holds promise for a bright future. Without delving too deep into each individual sector, these look to be the main areas for utilizing NFTs in the near future:

  • Art NFTs
  • Collectible NFTs
  • Interactive Gaming NFTs
  • Logistics NFTs
  • Property Ownership NFTs

For Art, Collectible, and Gaming NFTs, you have mostly covered how these work. CryptoWisser believes that the industry will grow to support these different uses. NFT transparency would be a huge benefit to logistics supply chains, as it will provide a source for validity and reliability for goods. This is particularly useful for perishable goods where data about the supply chain stages and the number units are important. Because of the nature blockchain, every record is unique, allowing distributors to track one product from its origin to its destination. Logistics organizations have struggled for decades with this technology, using archaic methods to record data.

The same concept is applicable to recording ownership of real-world assets. NFTs allow for seamless proof of ownership, which can be a game changer in the music and real estate industries. These industries are plagued by an excessive number of intermediaries in what should be a transaction between buyer and seller. It would be possible to streamline and simplify the process and remove unnecessary bureaucracy. The same principle could be applied to any asset. This would make the process of transferring ownership easy and completely controlled by the owner.

Closing Thoughts

The soaring popularity of NFTs will likely lead to more mainstream adoption, not just from the public but also businesses looking to utilize the technology. These are just a few of the many uses that you will see in the future. Despite this, many of these projects are small and don’t have the funding they need to reach their full potential. NFTs for digital verification and ownership would be a good idea due to the large number of non-bankable property.


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Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to purchase or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services in this article.

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Ethereum

Gensler Criticizes Crypto Exchanges for Questionable Practices, Says Spot ETH ETFs Will ‘Take Some Time’

SEC Chair Gensler has voiced concern over unethical conduct within crypto exchanges, noting that the introduction of spot Ethereum ETFs will require additional time.

Gensler’s comments were made during a June 5 interview on CNBC, where he also responded to Jim Cramer’s inquiries about potential exchange-traded products for cryptocurrencies beyond Bitcoin and Ethereum.

Gensler Criticizes Crypto Exchanges

Gensler stated that while the SEC had approved the associated 19-4b filings for spot Ethereum ETFs last month, the launch of these products would “take some time.”

He explained that the ETF applications are undergoing the normal procedural reviews, which inherently take time, but refrained from providing a specific timeline for their market debut.

However, Gensler soon turned his attention to the broader cryptocurrency market with a more critical perspective. He slammed the widespread unethical practices within crypto exchanges, stressing that the market is still plagued by fraud and manipulation.

“Crypto exchanges are engaging in practices that would never be allowed on the NYSE. Our laws don’t permit exchanges to trade against their customers, yet this is happening in the crypto space,” Gensler stated, drawing a line between crypto exchanges and traditional ones like the New York Stock Exchange.

Referencing recent high-profile failures like FTX and Celsius Network, Gensler stated that such illegal activities remain a big problem in the crypto market. He reaffirmed the SEC’s dedication to upholding market integrity through ongoing enforcement measures and highlighted the agency’s role as a civil law enforcement agency.

Gensler Highlights Regulatory Gaps in Crypto Market

While acknowledging some positive steps in regulation, Gensler voiced serious concerns about the inadequate disclosure and regulation in the cryptocurrency industry.

“These tokens, whether they’re well-known or obscure, have not provided the necessary disclosures required by law,” he noted, emphasizing that most cryptocurrencies do not meet the essential disclosure standards expected of regulated assets. This lack of transparency, Gensler argued, deprives investors of the crucial information needed to make informed decisions.

During the interview, Cramer also questioned Gensler about the possibility of ETFs for various lesser-known cryptocurrencies, including meme coins like SushiSwap (SUSHI) and Bonk (BONK), as well as other tokens such as Cardano, Cosmos, and MyNeighborAlice. Cramer pointed out that these tokens had traded millions of dollars in recent activity, asking whether they too should have their own ETFs.

While Gensler did not provide specific answers, he emphasized his stance on the inadequate disclosures of many crypto tokens, implying that these tokens are often unregistered securities.

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Ethereum

SEC Chair Gensler: Spot Ether ETFs ‘Will Take Some Time’ to Begin Trading

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has stated that spot ethereum exchange-traded funds (ETFs) “will take some time” to commence trading, highlighting the necessity for a thorough disclosure process. Additionally, Gensler emphasized the lack of proper disclosure provided by crypto exchanges to investors…
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Ethereum

Nibiru EVM to Transform Ethereum Capabilities for Tomorrow’s Web3

[PRESS RELEASE – Tortola, British Virgin Islands, June 5th, 2024]

Nibiru EVM execution boasts blazing-fast transaction speeds, scalability, and seamless integration for Ethereum developers, positioning Nibiru to drive mainstream adoption and innovation in Web3.

Overcoming Ethereum’s Scalability Hurdles

Nibiru Chain, a pioneering smart contract ecosystem, introduces Nibiru EVM, a high-performance Ethereum Virtual Machine (EVM) execution environment, showcased in its latest v2 release.

Nibiru plans to scale beyond Ethereum’s current infrastructure, which is limited to approximately 20 transactions per second (TPS) and results in high fees during periods of congestion. These constraints hinder developers from building performance-intensive applications similar to the ones seen in Web2. Nibiru EVM surpasses these limitations by offering throughput exceeding 10,000 TPS even with just single-threaded execution.

To take the scaling and performance a step further, Nibiru plans to upgrade the network to process transactions with parallel optimistic execution, which is “targeted for release before the end of 2024,” according to Co-Founder of Nibiru, Unique Divine. This approach allows nodes to utilize extra hardware resources, pushing the boundaries on the network’s transaction handling capabilities.

Fueling Ecosystem Expansion and Enhanced Developer Experience

“Compatibility with Ethereum is a key driver for attracting liquidity and promoting ecosystem growth on Nibiru EVM. Launching a blockchain protocol is about building trust and showcasing real-world utility. Innovating and improving the EVM is a key part of our strategy,” explains Unique.

With Ethereum developers accounting for applications that make up over 90% of the total value locked (TVL) across smart contract ecosystems, Nibiru EVM significantly lowers barriers to entry and accelerates development timelines.

Nibiru EVM empowers developers with a robust, user-friendly environment that enables seamless interaction between Ethereum-based tokens and applications across multiple virtual machines. This multi-VM approach ensures fast transaction processing and a streamlined user experience.

Ethereum developers are able to deploy applications in a familiar EVM environment, reducing barriers to entry and accelerating development timelines, whilst also reaping the benefits of parallel optimistic execution and instant finality.

Nibiru in Early Innings

Since its mainnet launch in March 2024, Nibiru has supported Wasm (Web Assembly) smart contracts written in the Rust programming language. The introduction of Nibiru EVM promises developers an EVM-compatible execution environment that is both highly performant and scalable. Positioned to play a crucial role in the future of decentralized applications, Nibiru is driving innovation and setting the stage for mainstream adoption.

About Nibiru

Users can stay up-to-date on the latest news or engage with Nibiru by visiting the Community Hub. Users can find the official web application and information on user guides, block explorers, and upcoming governance and improvement proposals.

Nibiru aims to be the most developer-friendly and user-friendly smart contract ecosystem, leading the charge toward mainstream Web3 adoption by innovating at each layer of the stack: dApp development, infra, consensus, a comprehensive dev toolkit, and value accrual.

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