The world of Web3 is constantly evolving, whether it’s massive blockchain updates, new ways to use cryptocurrency, or the possibilities that JNF holds. While we live in a world still mainly anchored in Web 2.0, it can sometimes be difficult to understand what the future holds for us, and to project ourselves into it. For this special file on digital trends, we look at the projects and trends that are attracting our attention in the world of blockchain.
The future of JNF
Non-Fungible Tokens (JNFs) are a hot topic: their critics often question their usefulness and price, which amounts to the same argument as challenging usefulness and price in the world of art or high fashion. JNFs work the same way, but rather than being unique authenticated luxury items in the real world, they are authenticated in the virtual world. More and more fields are realizing the possibilities that JNF offers, and the future of JNF looks exciting.
In the music world, it’s bands like Kings of Leon and avenged sevenfold who launched the musical JNF ball. It’s no secret that artists are the first to suffer in the new digital economy of music consumption, with the slim royalties that streaming platforms bring and plummeting record sales. With JNFs, artists can not only establish a direct connection with their fans, but also build a more sustainable business model for themselves, much like the Bandcamp platform allows, with one more incentive: the possibility for their fans to earn big by investing in their JNF. Musical JNFs come in many ways: some tokens provide access to tickets to shows, private performances, free or limited-edition merchandise, music videos, and more.
The video game industry is also very interested in JNFs. fashion games play-to-earn (literally: play to win) allow players to own certain virtual goods, such as character skins or special items, and to be able to exchange them on the blockchain, like a traditional JNF. Some of these games are free, and others require a purchase before you can play, so upfront costs may vary, but through reselling and borrowing on the blockchain, players can see their investment, in time and money, inflate (and sometimes dip) quickly.
Crowdfunding in crypto
Crowdfunding and fundraising campaigns for humanitarian causes are far from being new solutions, but the arrival of cryptocurrency is changing the situation. Ukraine took advantage of this innovative solution last February, when Russia declared war, posting numbers of digital wallets on their Twitter account asking for donations to support their war effort. The results are dazzling: cryptocurrency and JNF with an estimated value of more than $60 million were amassed by Ukraine. The government then mounted a website to arrange the resale of JNFs and to detail how the accumulated funds would be used, as well as another site called Meta History: Museum of War which acts as a showcase for digital works that illustrate the conflict and are auctioned off to continue raising funds.
But why give away crypto instead of cash? TechCrunch explains that in the case of campaigns that are not organized by NPOs or charities, there is no receipt issued to declare these donations on our taxes. Since capital gains on cryptocurrency and JNFs are usually taxed as income, giving away these amounts could then exempt their owner from reporting the gains. The impact of the community with cryptophilanthropy is tenfold compared to traditional philanthropy, whether for better or for worse, and the evolution of crowdfunding by cryptocurrency will be closely monitored in the coming years.
The Ethereum merger
The cryptocurrency merger Ethereumalso known in English as The Merge, is a far less apocalyptic event than its name might suggest. It is simply a change in the transaction validation mechanism in the blockchain of this cryptocurrency: Ethereum switch from the classic proof-of-work mechanism, or proof-of-work (PoW), a proof-of-stake mechanism, or proof-of-stake (PoS). Right now, Ethereum uses both mechanisms in parallel, so that the proof of stake can be tested and corrected, and merging refers to when the two mechanisms will come together in a single system, bringing the entire chain to proof of stake. This change will allow cryptocurrency to become more secure, but also more sustainable. In effect, Ethereumclaims that proof-of-stake will reduce the energy consumption its cryptocurrency generates through its mining since the validation mechanism will be much faster than proof-of-work; the total reduction would be approximately 99.95%. This change does not please everyone, however, and many are worried about the future of their mining operationswhich may become obsolete following the merger, which is scheduled for the end of September.
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