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NFTs convey medical data and streamline royalty payments, among other crucial technological functions
NFTs convey medical data and streamline royalty payments, among other crucial technological functions. Apes who are bored are a degrading diversion. It provides ammunition for detractors and takes attention away from the technology, which is where the true value resides. Remove them. A range of NFT technology use cases is expanding. Read to know more.
A non-fungible token (NFT) collection called Bored Ape Yacht Club (BAYC), sometimes known as Bored Apes or Bored Ape, was created on the Ethereum network. Cartoon apes’ profile images are created procedurally by an algorithm and are included in the collection. Yuga Labs is the parent organization of Bored Ape Yacht Club. From the outside, NFTs appear to be nothing more than pricey JPEGs of monkeys, or whatever animated animal profile picture is now in the spotlight. Of course, NFTs are far more complex than that.
It’s time to leave Bored Ape Yacht Club behind. For nonfungible tokens (NFTs), it’s not good. It provides ammunition for detractors and takes attention away from the technology, which is where the true value resides. NFTs are developing a poor reputation as a result of Bored Apes and the innumerable imitations they have inspired. The terms “bubble,” “money laundering,” and “scams” are all used by detractors to describe the recent “Beanie Babies frenzy.” It’s a demeaning diversion.
Bored Apes are still being sold for more than $100,000, which is a fifth of their peak market value. However, they are linked to the turbulence of bitcoin volatility and the declining market sentiment that has accompanied the collapse of the cryptocurrency market. Additionally, 143 Apes have already been stolen, including Seth Green’s Bored Ape, which he had to pay to recover. There are also Ape-backed debtors on the edge of bankruptcy. Of course, there are also the people who criticized Eminem and Snoop Dogg after they appeared at the most recent MTA Video Music Awards dressed as their apes.
Bored Apes is the NFT hype cycle’s face. Because of their standing, they might be the NFT equivalent of the aforementioned Beanie Babies. Painting an entire sector with the same brush, however, is a categorical error because the hype is not the technology. You can find innovative concepts with the practical application if you explore beyond what is already available.
Carrying medical data is one example. NFT ownership supported by smart contracts, according to Baylor College of Medicine researchers, may provide user authority over who has access to their personal health records. The information that citizens already provide to medical applications is protected by smart contracts, which also provide them the option to sell their data as NFTs. It’s a multibillion-dollar sector where hospitals and other private institutions frequently sell patient data to corporations like Pfizer through so-called data brokers. Although it could seem innocent, you never consented to it. If you had known how much your data was worth, perhaps you wouldn’t have.
NFTs can also streamline royalty payments as another service. Resell rights for artists have only been suggested, not legislated, in American law. This was a code decision on Ethereum made possible by the EIP-2981 royalty standard, paving the path for Polygon and other chains.
Not simply because of the eye-catching figures, but also because of the promise of provenance, NFT art has turned the traditional art market on its head. Even though profile pictures stole the show, technology came first and will continue to advance even in the absence of its Bored Ape counterparts.
It is still expanding. Compared to August 2020, there are 10 times more Ethereum wallets holding NFTs on the trading platform NFTGo. Just recently, Doodles raised $54 million to bolster its intellectual property. Creators are constructing, and many accomplished underground artists are producing more than ever.
It could also be preferable to use the phrase “digital collectible,” which some people have begun using, rather than the term “NFTs,” which only refers to a genre with a narrow boom-and-bust cycle. You might still be wearing your Bored Ape goggles if you can’t see the worth. Consider removing them. The range of NFT technology use cases is expanding.
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