The place do NFTs separate from cryptocurrency?
Brief reply: Crypto = financial asset. NFTs = cultural property.
That is a bit imprecise…let’s strive that once more.
Longer reply: Cryptocurrency is bleeding into the financial system, whereas Non-Fungible Tokens are permeating tradition.
Nonetheless a bit off…third time’s a attraction.
Longest reply: Cryptocurrency matches snuggly into one massive market area of interest (monetary know-how) – whereas NFTs can match themselves right into a broad vary of market niches throughout the cultural panorama.
E.g. Gaming, artwork, style, music, sport, and so forth.
Why? As a result of NFTs may be branded, whereas fungible tokens can’t.
The Nouns challenge is an ideal instance of an NFT collection that has found out a method to match itself into totally different cultural niches/mediums.
Here is the way it works:
Each day a brand new Nouns NFT is created and bought, with 100% of each sale going to the Nouns DAO treasury.
(Which is at the moment holding $45.55M value of ETH).
And holding a Nouns NFT grants you membership to the DAO.
When you’ve got an concept, and wish funding, you possibly can pitch it to the DAO, and have members vote on whether or not or not an concept ought to get funded – with each funded concept rising the Nouns model just a bit bit extra.
And to this point, the Nouns DAO has funded a variety of tasks, throughout a broad cultural spectrum, together with:
It is all equal elements strange.