/*! elementor – v3.7.7 – 20-09-2022 */
.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}

At the end of the day what is a bored ape and how is it even beneficial to the NFT cause and the real purpose of NFTs, a digital asset.

An NFT is a non-fungible token. In other words, this means an NFT is a way of verifying ownership over a digital asset, or over any asset in that matter via blockchain technology. 

NFT projects such as BAYC (bored ape yacht club) and cryptopunks were amongst the first nft projects to gain mass public adoption. Yes many people became rich, but that’s where it ends. BAYC allowed purchasers of the cartoon ape to private groups and channels, but in reality is this feasible for world wide adoption?

NFT communities and FOMO

FOMO was a huge aspect of success for these NFTs, and it was true, if you was not an early adopter then it’s pretty difficult to become part of the club without having millions in the bank.

Lets face it, the majority of nft projects are based of hype and FOMO which in turn drives the price up of the projects NFTS making the creator, and investors rich.

What does this all mean for the average person? Nothing.

However, the real purpose of an NFT, in a nutshell is proof of ownership which is verified by blockchain technology. 

Let’s take a real world scenario for an NFT. There are many use cases for NFTs, but let’s take a look at an easy one, real world property ownership. Currently many hours and dollars are spent on property ownership documentation. 

That would all be resolved with NFTs. Now take this and apply it to anything you see in the real world and digital world. It would be no longer be possible to fake ownership of a physical item or a digital one. 

Yes these NFT projects are cool however are they really that necessary?

If you take some time to look depp into the NFT world you will find many projects are changing everyday lives for many people around the world for the better.

Many blockchain and crypto experts have projected the demise of the simple cartoon image NFT industry, only time will tell. 

The post Bored Apes are Nothing but a Distraction to The Real Purpose of NFTs -Opinion first appeared on The Daily Encrypt.


Source link

About Author

Angie Byrd