NFTs: How They'll Help Us Move Forward and Rebuild

Written by bankless | Published 2022/12/06
Tech Story Tags: bankless | defi | nft | decentralized-gaming | cryptoart | nft-art | good-company | future-of-nfts

TLDRThe FTX blowup has been a stark reminder that people who can abuse a tremendous amount of power often will often will. Through disintermediating and opening up finance, DeFi can help prevent the sorts of abuses of power that have shocked the cryptoeconomy this week. NFTs unlock new possibilities around identity and sociality that DeFi simply didn’t have in its initial push. DeFi will rise out of the FTX fallout stronger than ever, and the DeFi x NFT crossroads is going to be a big part of that.via the TL;DR App

Dear Hackers,

The FTX blowup has been a stark reminder that people who can abuse a tremendous amount of power often will.

Amid the ugliness of this episode, we’re also reminded why decentralized finance is so important.

https://twitter.com/RyanSAdams/status/1590737576910258182?s=20&t=CHpCowHoHEIOalp_nbnYBQ?embedable=true

Through disintermediating and opening up finance, DeFi can help prevent the sorts of abuses of power that have shocked the cryptoeconomy this week.

https://twitter.com/0xfoobar/status/1590794499688902657?s=20&t=cHjtPS_6gJxfZr1i0wkyRQ?embedable=true

That said, there’s still a ton of work to do to help rebuild sentiments and advance DeFi further. DeFi 1.0 has been a great start, but new experiments and innovations are needed to usher in a second DeFi golden era.

Toward that end, NFTs are a way forward. From underpinning decentralized credit scores to prediction markets, NFTs will play an increasingly pivotal role in reenvisioning and actualizing DeFi’s full potential.

Why’s that, you ask? Because NFTs unlock new possibilities around identity and sociality that DeFi simply didn’t have in its initial push. These new possibilities will make for new evolutions.

In other words, DeFi will rise out of the FTX fallout stronger than ever, and the DeFi x NFT crossroads is going to be a big part of that. In the meantime, thanks for reading everyone, hold in there, and let’s get you up to speed on the biggest NFT headlines of the week for now.

-WMP

šŸ“£ General NFT News

šŸ† Digital Collectibles

  • Blitmap provided a preliminary overview of its upcoming Logos ā€œvillainsā€ collection, each of which will come in three versions like so:

  • Deepak Thapliyal, the CEO of Chain, is considering auctioning or fractionalizing his considerable NFT collection:

šŸŽØ Cryptoart

  • Drift became the first artist to sell out an NFT drop on Instagram with the 50-edition release of Learning to Handle Change:

https://twitter.com/DrifterShoots/status/1590124603908947968?s=20&t=AaiCvZt84fpJyDJsIUuE3w?embedable=true

šŸŽ® Decentralized Gaming

šŸ’½ Music NFTs

🌐 Virtual Worlds

https://twitter.com/pillheadddd/status/1590752026056486923?s=20&t=xDRbQueqLpw2dfae_WGdug?embedable=true

šŸ’Ž DeFi x NFTs

  • Hook Protocol, a system for NFT call options, introduced royalties on option sales:

https://twitter.com/HookProtocol/status/1590790590966685697?s=20&t=dD6A2fck-mJwVPzJcvZQoA?embedable=true


Author Bio

William M. Peaster is a professional writer and creator of Metaversal—a Bankless newsletter focused on the emergence of NFTs in the cryptoeconomy. He’s also recently been contributing content to Bankless, JPG, and beyond!


Written by bankless | It’s time to break up with your bank and join the movement for sovereign finance.
Published by HackerNoon on 2022/12/06