NFTs Don’t Work The Way You Might Think: Misconceptions About NFTs

NFTs Don’t Work The Way You Might Think: Misconceptions About NFTs

Let me bring up this misconception about NFTs that “NFTs are dead”. I chatted with an editor, and he said NFTs are over; they cannot be the next big thing; the hype is over. This is 100% wrong. At the time of writing, Donald Trump’s NFT collection sold out. 45,000 NFTs sold for $99 each in 12 hours. Seems like the NFT is very much alive.

An NFT, or non-fungible token, is a unique digital asset that cannot be exchanged for other assets on a one-to-one basis. NFTs are often used to represent ownership of digital items, such as art, collectibles, and other unique digital assets. They are typically built on blockchain technology, which allows them to be traded securely and verifiably on the internet. The NFT will always be on the blockchain and not disappear. They are certainly not constrained to profile pictures, which many deem useless.

NFTs can be bought and sold like other assets. Their value can fluctuate depending on several factors, including the perceived value and uniqueness of the digital asset, the creator’s popularity, and the market’s current state. In the case of Donald Trump’s NFT, it answers all the factors above.

Trump is popular and has strong supporters. The current state of the market has been down for months. Trump and his team caught the right timing and gave the down NFT market a push, feeding both crypto natives and non-natives an NFT that seems to be what they want. It also appears to be portraying Trump as a hero.

I saw posts saying: “We need a hero now to save the country from recession.”. Again, I think Trump caught the right angle fitting the current narrative to “save the day”.

The thought that NFT is dead to me is a misconception.

 

Let’s walk you through 10 misconceptions that I see often.

 

  1. NFTs are only used for buying and selling digital art. While NFTs are often used for buying and selling digital art, they can also be used for a wide range of other purposes, including representing ownership of physical assets, collecting unique digital items in games, and verifying the authenticity of digital content.

  2. NFTs are always a good investment. The value of an NFT can fluctuate just like any other asset, and the market for NFTs is still relatively new and volatile. It’s essential to do your own research and invest wisely.

  3. NFTs are only usable on the blockchain where they were created. While an NFT may be created on a specific blockchain, it can often be used on other platforms that support that type of NFT. For example, an NFT built on the Ethereum blockchain can often be used on other applications and platforms that support Ethereum-based NFTs.

  4. NFTs are a form of cryptocurrency. While some NFTs may be bought and sold using cryptocurrencies, NFTs are not themselves a form of cryptocurrency. NFTs are unique digital assets that can be traded on a blockchain, while cryptocurrencies are digital currencies that use blockchain technology for transactions.

  5. NFTs are always expensive. The price of an NFT can vary widely depending on a number of factors, including the uniqueness and perceived value of the digital asset, the creator’s popularity, and the market’s current state. Some NFTs may be relatively inexpensive, while others can sell for thousands or even millions of dollars.

  6. NFTs are not subject to counterfeit.

    While the use of blockchain technology makes it difficult to counterfeit NFTs, it is not impossible. It’s important to do your own research and verify the authenticity of an NFT before buying it.

  7. NFTs are not subject to any regulations. Like any other asset, the buying and selling of NFTs may be subject to certain regulations, depending on the jurisdiction and the specific nature of the NFT. It is a must for you to familiarize yourself with the relevant laws and regulations before buying or selling NFTs.

  8. NFTs are not environmentally friendly. The use of blockchain technology for NFTs can require a significant amount of energy, which has raised concerns about their environmental impact. However, some blockchain platforms are implementing measures to reduce their energy consumption, and the overall impact of NFTs on the environment is still a topic of debate.

  9. NFTs are not useful for anything other than buying and selling digital art. As mentioned above, NFTs have a wide range of potential uses beyond buying and selling digital art. They can be used for representing ownership of physical assets, verifying the authenticity of digital content, and many other purposes.

  10. NFTs are a passing fad. While the popularity of NFTs may fluctuate over time, the use of blockchain technology for representing and trading unique digital assets is likely here to stay. As the technology and infrastructure around NFTs continue to evolve, their potential uses and applications may continue to expand.

It is true that NFTs are digital assets that are unique and cannot be exchanged for other assets on a one-to-one basis. It is also true that NFTs are often built on blockchain technology and can be bought and sold like other assets.

It is untrue that NFTs are only usable on the blockchain where they were created, that they are always a good investment, or that they are not subject to counterfeiting or regulations. It is also untrue that NFTs are only useful for buying and selling digital art or that they are a passing fad.

It is important to understand what NFTs can really do, and what they cannot do. This will help you make better decisions when it comes to buying, selling, or using NFTs.

NFTs don’t work the way you might think.

Here are some key things to consider when it comes to the capabilities and limitations of NFTs:

• NFTs can represent unique digital assets and verify their ownership, but they cannot guarantee the value or quality of the underlying asset. • NFTs can be traded on the internet, but their value can fluctuate and is not guaranteed. • NFTs can be used on various blockchain platforms and applications, but they may not be compatible with all systems. • NFTs can provide some protection against counterfeiting, but they are not immune to it. • NFTs may be subject to certain regulations, depending on the jurisdiction and the nature of the NFT. • The environmental impact of NFTs and their potential uses beyond buying and selling digital art are still being explored and debated.

Huobi’s recent crypto report stated that NFT is one of the most discussed crypto term worldwide. NFT is well integrated with various industries, such as sports, arts, entertainment, and cultural creations, expanding the application scenarios on a larger scale. The same report also stated that Asia has a top interest in NFT. NFTs have recently been recognized to be virtual property subject to legal protection by mainland Chinese courts. This is a significant move in light of the nation’s strict crypto crackdown, which started in 2021. I am bullish on NFT, honestly.

I am ending with a quote and some food for thought.

“If you do not have a digital asset, make an NFT. It will also address many misconceptions you hear from the media or friends. First-hand experience will change your mind. This action will also open thousands of new opportunities for you and the next generation.” – Anndy Lian (me)

Whatever the case, it’s important to do your research and carefully consider the potential risks and benefits of NFTs before buying, selling, or using them. It would help if you experienced it. Not just hearsay.

 

Source: https://hackernoon.com/nfts-dont-work-the-way-you-might-think-misconceptions-about-nfts

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j

“Is Cryptocurrency a Fad or for the Future?” Anndy Lian Shares with Wealth Secrets Community

“Is Cryptocurrency a Fad or for the Future?” Anndy Lian Shares with Wealth Secrets Community

Join Anndy Lian and his hosts to talk about “Is Cryptocurrency a Fad or for the Future?”. The event will be held on 16 September 2020, 1 pm GMT on Podbean and Spotify.

Some topics are:

Can you brief us about cryptocurrency? Is it different from BlockChain Technology?

Is any digital currency a cryptocurrency? What are stable coins?

  1. Who are the major players of the crypto market?
  2. Why the hype about cryptocurrency? Is it worth it?
  3. Bitcoin went from being worthless in 2008 to $1,000 in the span of three years, before dropping to a low of $250 in just a few months, then rising meteorically to nearly $20,000 in 2017, and plunging to historic depths yet again just a few months later. With such volatility, is it really a safe haven as they say? Compared to gold?
  4. What are the major factors hindering the mass adoption of cryptocurrencies? How long do you think it’s going to take for cryptocurrency to be accepted in the mainstream?
  5. Looking at the cryptocurrency timelines (From Nakamoto, The world’s largest Bitcoin exchange, Mt.Gox, went offline declaring bankruptcy. Theft and scam concerns emerged. And recent scam activities associated, do you think cryptocurrency over fiat currencies is safe?
  6. How is cryptocurrency solving the problems associated with fiat?
  7. With the government of different countries having different attitudes towards considering cryptocurrency as a legal tender, people unaware of its mechanism consider it to be a risky investment. What could be the next major milestones for cryptocurrencies?
  8. Should crypto be taxed? What are some regulations that you think may not favour cryptocurrencies going forward? How can the government and policymakers help preserve and stabilize the crypto community?

 

 

Updated on 16 September 2020 with LIVE Youtube recordings:

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j

Anndy Lian To Moderate at the CABA ASEAN Summit 2020 on Technology Adoption & Investment Trends

Anndy Lian To Moderate at the CABA ASEAN Summit 2020 on Technology Adoption & Investment Trends

Anndy Lian, Advisory Board Member of Hyundai DAC will moderate a Panel Discussion at the CABA ASEAN Summit 2020 on 16 September 2020. Together with the panellists, they will be talking about technology adoption & investment trends and in particular on artificial intelligence and deep tech.

We will cover the following topics:

> Transformation of business technology – Opportunities, risks, and solutions
> Liability for artificial intelligence – Who is responsible
> Playing catch up – Regulation vs technology: The legal issues
> Creations and inventions by artificial intelligenceWho owns them?
> Ethical artificial intelligence – How do you prevent artificial intelligence from being misused?

You will also be hearing from:
> Dr Andrew Wu, Founder & Chief Executive Officer, Meshbio Pte Ltd
> Sheeram Iyer, Chief Executive Officer & Founder, Prisma Global
> Stephen Ho, Group Chief Operating Officer, Skylab Group

6th RHT CABA ASEAN Summit, with the overarching theme of “ASEAN – Dynamic Capabilities” delivered on a hybrid format on 15-16
September 2020, from 10am to 1:30pm.

This year, we are introducing a new component to the Summit centred on the China-ASEAN Business Alliance (CABA), a platform to promote business ties and collaboration for the China and ASEAN region. A series of insightful CABA forums will be held in the lead up to the Summit.

In 2020, Covid-19 wreaks havoc in all aspects of our lives globally. The health of the world’s population, economy and environment takes centre stage as organisations grapple with an increasingly volatile, uncertain, complex and ambiguous environment. The Summit’s focus on harnessing dynamic capabilities aims to deliver insights that will help businesses and organisations thrive during challenging times. The specially curated programme will dive into sustainability and the environment, healthcare, technology and intelligence. Up to 250 C-Suite Executives, ASEAN business leaders and industry professionals from various economic sectors are expected to attend. Past summits have also attracted the attendance of the diplomatic community and numerous Ministers as the guest-of-honour.

Join them on this 2 days conference,  Minister Edwin Tong, Minister for Culture, Community and Youth and Second Minister for Law will also deliver his keynote speech.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j