The current NFT craze is real, but the future of NFT's is nothing short of world changing!

It took me some time to wrap my head around this new concept we now know as NFT's (Non Fungible Tokens) and I'm only now becoming comfortable leading a conversation about them. There is still a lot that I don't know about both the capabilities and the possibilities of this technology, but what I have learned and what I now understand is simply astounding. Many of the long pages of boring legal documents and trusted middlemen type jobs that we have for years depended on to insure that our legal rights to our purchases, our original thoughts, and ideas are safely secure and properly documented is about to disappear. From now on, writers, musicians, inventors, property owners etc. will be able to both secure for themselves and safely transfer items of value through the process of digitization utilizing these NFT's.

The home that I'm living in currently required two realtors, a lender, an attorney, a certified legal ownership researcher, as well as a meeting place for buyer, seller, and witnesses. Along with this there was also a supporting cast behind the scenes to make sure that everything was recorded properly and legal. But in the future all of this will go away with the exception of the buyer and the seller (who will not even be required to be in the same location) but will instead be transacted in seconds with all of these various middle man job's functions being conducted automatically using smart contracts and recorded on a blockchain all while using an NFT to prove ownership. No mounds of paper, no wasting of many man hours of time, just two parties agreeing and the deal is done.

This current craze is mostly about digital art and collectibles and this trend is going to explode into something that at the moment is hard to comprehend. Virtual worlds in virtual games are going to be filled with NFT treasures. You will not recognize them as an NFT, they will just be items that you need in that game or collectibles that you earn our find. But that's only the start, these virtual worlds will also be filled with real world promotional items that you can collect and redeem in real life. Let's say you are walking down the street in a virtual world and you find a ticket for a free pizza redeemable at your favorite local pizza pie restaurant. Would you be willing to spend more time in a virtual world if you were able to find NFT's that were redeemable for real world assets? Or, lets go the other way. What if ownership of the new car that you just purchased in the real world was secured using an NFT and what if that NFT could be scanned into a game you are playing in a virtual world to provide you with a virtual car?

What are the current problems with NFT's and why are enthusiasts leaving well known, stable, and secure blockchains like Ethereum to create their NFT's on other lesser known blockchains? It is because using and transacting with NFT's, like any other transaction on a blockchain, takes up bandwidth, and with more bandwidth comes higher fees. Few blockchains in this world are capable of scaling up to the level of demand that NFT's and all of the associated smart contracts demands.

Even though the crypto market has been going sideways and things have not been all that exciting lately for investors, it is going to be very interesting in the long run to see where all these advancements lead us and which blockchains win out in the end. I'm not discouraged about the slow pace of the Scorum blockchain project because I know that this is a long game and the best projects will prevail in the end. We are still uniquely qualified among all of the thousands of projects to succeed because of our free and fast transaction times and the fact that there is no inflation of the coin supply. There is nothing else like Scorum that I know of, eventually we will get recognized as the best economic model and the true path to the future.

Crypto / scalability

NFT Mania

NFT Mania

NFT Mania