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NFT stands for Non-Fungible Token – Non-Fungible, in a unique sense, token means the record of ownership stored on the blockchain. Collectively, an NFT is a record of ownership of a unique item that is stored on the blockchain. While NFTs got their start in generative art, their use cases have expanded to include other digital items such as the land metaverse, blockchain game characters, and music.
Furthermore, a process called tokenization allows ownership of physical items to be encrypted in the blockchain, extending NFT use cases further to include things like merchandise, real estate, and physical art.
Data stored in block chains is immutable and transparent – immutable which means that it is tamper-resistant, transparent in a visible sense and verifiable by all. Since the NFT is on the blockchain, it cannot be deleted, and its existence can be publicly verified. This makes NFTs ideal for managing property rights and securely storing important records. Their applications are limited only by human imagination.
The logic behind NFTs — their creation, how they are transferred between people, their usefulness — are managed through smart contracts, pieces of software that enforce digital agreements and run on decentralized networks like Ethereum. Besides immutability and transparency, smart contracts make NFTs unreliable, making it possible for people to transact directly without the risk of fraud.
Thanks to the mistrust, networks of anonymous individuals can use and transfer NFTs without central authorities or intermediaries. This makes NFTs fair to all people, and makes self-management of property possible, enhancing the freedoms of those who do not have equal access to opportunities and resources.
For example, women in certain regions of the Middle East and Africa are not allowed to carry their own birth certificates and passports, making citizenship and travel verification difficult. NFTs stored on a secure and decentralized blockchain can be used as digital passports, enabling these women to control their own citizenship and travel rights. NFTs can be used for other important documents as well, such as ID cards and proof of residency.
Without documents, individuals cannot access financial services. NFTs meet this need by giving people control over their own documents. Combined with DeFi platforms, the networks through which individuals provide financial services to each other, NFT could allow anyone with a smart device and the Internet to control their finances.
One of the DeFi platforms trying to make financial services easier to access is the Konstellation Network, an ecosystem of many products that aims to offer all the benefits of traditional financial technology and more. Konstellation Network is a blockchain protocol that is creating a global infrastructure for the future of decentralized capital markets. Here’s a look at their products:
- DarcMatter is an investment platform that gives investors access to tokenized versions (NFTs) of alternative investments, which can include items such as art, antiques, commodities and derivatives.
- VegaX is a digital asset management company that gives investors access to crypto index strategies, allowing them to diversify by investing in pools of several cryptocurrencies simultaneously.
- Taebit is a DeFi platform focused on bringing cryptocurrency to the Korean market with ease of access and ease of use, including DEX for liquidity within the Korean market as well.
- Photon Gates are cross-chain bridges created to make the transfer of assets between multiple blockchains seamless to open up more investment opportunities.
From recent NFT-based additions to the Konstellation ecosystem, Squid Squad OG is a game in which NFT holders compete in high-stakes, rewarding Rock Paper Scissors.
To be eligible to play, players must purchase lottery tickets – proceeds of which go to a common prize pool. Then the Squid Squad OGs encounter, and the losers are eliminated. Each time 32 players are eliminated, games will be put to a vote on whether to continue or discontinue.
The Squid Squad OG Whitelist Joining Form is here.
Since I started with generative art, NFT technology has come a long way. Today, NFTs have the potential to advance freedoms around the world and make financial services more accessible to all. Through NFT and DeFi protocols, Konstellation Network enables users to create and stake stablecoins for easy payments and passive income; Investing in both traditional and alternative markets, transferring assets between block chains.