How NFTs are making groundbreaking progress
What is something that no one could have predicted? A market based on fictitious ownership of infinitely duplicable jpeg images could not be long-term sustainable in the long run. According to The Wall Street Journal, the NFT market is “flatlining,” which has dropped 92 percent since September. This makes it the most fantastic time for Square Enix – the Japanese publisher best known for Final Fantasy, to sell off most of its western-facing IP and studios in order to risk a flop.
Square Enix announcement
Square Enix announced yesterday that it plans to sell Crystal Dynamics, Eidos Montreal, and Square Enix Montreal, as well as IPs for games like Deus Ex, Tomb Raider, Thief, and Legacy of Kain, to the conglomerate The Embracer Group. Why? According to Squenix, “The transaction facilitates the establishment of new businesses by pushing forward with investments in domains such as blockchain, AI, and the cloud.” That is, it has previously stated its desire to profit from the NFT/blockchain business.
What are NFTs?
A non-fungible token (NFT) is a non-transferable unit of data that may be sold and traded and is held on a blockchain, a type of digital ledger. Digital media such as photographs, videos, and audio may be connected with several types of NFT data units. NFTs differ from most fungible cryptocurrencies, such as Bitcoin, in that each token is uniquely identifiable.
Although NFT ledgers purport to give a public certificate of authenticity or proof of ownership, the legal rights that an NFT conveys can be ambiguous. NFTs do not block the creation of NFTs with identical related files, nor do they restrict the sharing or copying of the underlying digital data. They also do not impart the copyright of the digital files.
NFTs have been criticized for the high energy costs and carbon footprint associated with validating blockchain transactions, as well as their widespread use in art scams. A Ponzi scheme has been used to describe the NFT market.
NFTs as a symbol of the 21st century
NFTs appear to be the most exact symbol of the twenty-first century. It’s all a blatantly evident load of nonsense. Companies are selling a line of code on a blockchain to repackage the incredibly old concept of digital asset ownership as the next great investment you should get in on while the going is good. Of course, you’ve always been able to own stuff like video game skins. However, many of these businesses are investing a lot of effort into pretending that you may now own a photograph, and then saying that by doing so, the photograph has inherent value—all thanks to enough fools waving their hands and shouting about how they believe in fairies.
Unfortunately, many of these clapping idiots wear expensive suits and speak loudly in boardrooms, and corporations have been desperately trying to profit before the whole illusion blows away on a breeze, as with every other facet of the scam-fest that is “web 3.0.” And it appears that the breeze arrived earlier than anyone anticipated.