The scientist of encrypted currencies and its annexes are still a little strange to many people, despite the transformation of this emerging technology based on Blockchain into a major industry, and the value of the world's encrypted assets in the world is more than 3 trillion dollars, according to the Time magazine issued inNovember 8, 2021.
The world almost heard the "Blockchain" technology in 2008, until the "Bitcoin" cryptocurrency appeared as a substitute for traditional currencies, followed by new technologies such as "Atheum" in 2015, which opened the way for building several applications and making global payments, as the so -called ""The non -replaceable symbols »or NFT, which has recently achieved wide popularity, with its sales of $ 25 billion for $ 94.9 million a year ago, according to the market follower, Dab Radar.
Certificate of ownership
The growth of the “non -replaceable symbols” had started in the world of digital arts first, as it solves a thorny problem, which is how to own the original version, as it is impossible to impose exclusivity when it is possible to freely on the Internet on the Internet. The "symbol" came to represent a digital certificate proving the property on "Blockchain", the joint, coded and non -central electronic record that cannot be changed or tampered with, and according to the "Wikipedia" website, the ownership of the symbol is not granted by its nature of copyright for the digital origin represented by the "symbol", But in order to sell and buy the "symbol", special platforms are needed to use smart contracts to create those symbols sold on the platform, and can be traded in the secondary market in exchange for an encrypted currency.
Writer Pavel Kyrif and Peter Evans believe in an article published by Harvard Business Review that building these platforms is based on the idea that it is just like physical content, the digital content can also be rare, i.e. limited quantity, and therefore it can be owned and circulated.The platforms use the "Blockchain" technology to verify that a specific artwork, for example, is actually original and not a replica.
Massive growth
In March 2021, the British "Christie" auction house sold digital artwork for $ 69 million, which drew the world's attention. And what was offered for sale in fact, was a non -replaceable symbol that proves that the buyer owns that unique piece. This was followed by the sale of videos, tweets, and even the global network code as non -replaceable symbols. The American Basketball Association, NBA market, established a non -replaceable symbol market to buy, sell and circulate distinctive videos for players, achieving more than $ 715 million in the volume of transactions. The co -founder of Twitter, Jack Dorsi, sold his first tweet as a "non -replaceable symbol" with more than $ 2.9 million. In response to this tremendous growth, creators and companies, including division, music, entertainment, consumer products, fashion and others, began to explore ways to interact with this world. The sales continued that the British "Financial Times" reported that all digital creations are not replaceable symbols, although we do not know that yet.
Enthusiastic supporters
But the "symbol is not replaced" remains questionable and supportive. While some experts see a bubble about the explosion, such as the insanity The conversion of assets from the real world into a distinctive symbol will allow purchase, sale and trading more efficiently with the abolition of intermediaries and simplifying transactions, and will work to create new markets, and improve commercial operations by facilitating tracking of actors in the chain of supplying a commodity that is its source, production and sale during the entire process, and other other Features. The so -called financing of the use of these symbols is currently taking place as a guarantee of loans or to divide real estate property. In the long run, the enthusiastic hoping that the non -replaceable symbols will enhance the e -commerce in the future digital virtual spaces. There, these "symbols" can determine the ownership of virtual goods, whether they are digital outfits or arts for digital homes. Nike recently announced that it had bought a virtual shoe company to a virtual sports shoe instrument.
Distinguished opponents
But a number of experts remain skeptical of its success.Jurman Oi, partner in Oi Capital, says on the American CNBC website, it is non -liquid, speculative and very volatile investments, the effects of their production and all types of currency cryptocurrencies on the environment, and indicates the possibility of penetration and stolen even though they are based on «Blockchain. ”Others see potential risks of loss of access to the symbol that is not replaced if the platform that hosts the "symbol" stops.
In an article published by the two writers, Eva Szali and Sahrath Venkatarrakarcnan, in the "Financial Times", the two writers stated that the non -replacement symbol market, as well as the encrypted operations market, is still dominated by a few of the big or "whales", and that between late February and November 2021 There were 360 thousand owners of non -replaceable symbols who possess 2.7 million symbols between them, and among them is about 9% or 32400 portfolios owned 80% of the market value. Most of the new codes in the secondary market have not recovered the costs of their purchases, while the first mosque benefited from the high price of symbols as well as the encrypted currencies used to trade in it, according to the "Financial Times" analysis by the "Blockchain Nansen" analysis platform. The authors also pointed to the fraud and manipulation of the market in that unorganized area, and they reported the researchers' warning that the market may be enlarged because of the traders of both sides of the trade in order to give the impression of a mistake on the demand to raise the price, which is sometimes happening in the world of traditional art as well.
In any case, the authors believe that the future of the unused symbols market will also depend on the position taken by the organizers.Tax tricks have not yet dealt with these symbols directly, but some experts argue that they can be considered "holdings" and subject them to taxes, and the partner in "White that Kais", Ratin Valbanini, described this imminent organization, with a "existential issue that looms on the horizon in relation toFor the entire industry. ”
Far -range effects
Regardless, the Economist magazine sees in the overall transformation that started with "Blockchain", which consists of networks of computers that keep an open joint record that you update without the need for a central authority, to the "Bitcoin" and finally "Atheerum"And it is the "Blockchain" network on which most of the applications of what the magazine describes as "decentralized financing", is able to reformulate how the financial system works with all the hopes and risks that involve this, noting that the encryption revolution can restore the structure of the economyDigital.
In an article entitled "The magical promise of decentralized financing", "Economist" stated that the requirements of traditional banking services require a huge expensive infrastructure to maintain confidence, from clearing rooms and compliance with capital rules and court , At least in theory. Also, despite the difference in the terms of this "decentralized financing", where the "gas" transactions, the main currency "Atheum" and the ownership bonds of the digital assets are called "non -replaceable symbol", the basic activities on which these networks take place are familiar Trading in stock exchanges, issuing loans and taking deposits through self -implementation agreements called smart contracts. The magazine considered that its activity was large, as the value of the digital tools used as a guarantee reached 90 billion dollars starting from nothing early in 2018, as well as the value of the transactions that "Atheum" achieve from them, reached in the second quarter of 2021 to 2.5 trillion dollars, which is almost the same amount Like "Visa" operations, the equivalent of the activity on the NASDAC Exchange, according to the magazine. In the context of this, she indicated that this decentralized financing will spread to the decentralized world of "Meta Virus", where virtual spaces containing stores run by their users, where one must link his wallet with cartoon pictures wandering in those spaces, giving greater strength to major technology companies.
Many questions
However, Economist believes that these developments will raise questions about how the virtual economy interacts with its own standards with the real world. Among the sources of anxiety is that there is no external anchor of value, as it depends on people who have common expectations of their benefit. This is while traditional funds are also supported by countries that monopolize the power and central banks that are the last resort lender. She also believes that the enforcement of contracts outside the virtual world is also a concern. The Blockchain contract may stipulate that you have a house, but it is only the police that can implement the evacuation. Other than that governance and accountability in this non -central system are primitive, the encryption errors are inevitable, and that money laundering flourishes in the gray area, and that despite decentralization, some programmers and applications may enjoy impartial influence and can be controlled by the majority of computers that Blockchain operates. Accordingly, the United States’s encryption expert, Gary Ginserner, quotes that in order to succeed it must integrate with traditional financial and legal systems, and indicates that the International settlement bank has put forward the possibility of using “encrypted currencies” in the applications of this uncovered system to provide stability .
What does the future carry with this great shift in the digital economy, which no one knows its end?The expert Rakish Sharma believes in an article posted on the American "Insestopidia" website, that modern financing systems consist of complex trading and lending systems for different types of assets, starting with real estate, artwork, etc.By enabling the digital representation of material assets, "the symbol is not subject to replacement" is a step forward in re -innovation of this infrastructure.And when the digital representation of material assets and the advantages of a series of smart contracts resistant to them are combined, it becomes a force for change.
The differences between currencies and NFT
Cross currencies are symbols that can be traded or exchanged, where Bitcoin can be replaced with another, as they are equal in value, just as the dollar is always equal to another dollar, one bitcoin currency is always equal to another bitcoin, and this makes it a reliable way to conduct transactions on "Blockchain".
But this is not possible with "icons that are not replaced", they are digital representations of origins, and each symbol contains an individual, non -convertible identity to distinguish it from other distinctive symbols.This makes it impossible to replace a symbol with another, or to be equal to each other, and therefore not replaced.
And just like Bitcoin, symbols contain the details of ownership to facilitate their identification and transfer among the holders of symbols.The owners can add descriptive data related to the original in the symbols.For example, artists can sign their digital artwork in descriptive data.
41 billion
By the end of last year, approximately $ 41 billion was spent on the Ethereum Blockchain contracts, which are usually used to create an unspeakable fee, according to the Chenalisis encryption group. According to the British newspaper "Financial Times", the total would have been higher if it included non -replaceable symbols that were sold on other blocs such as "Solana", while, compared to the value of the global art market last year, $ 50.1 billion, according to the numbers that It was published by UPS and Art Basel, which made the digital artwork and holdings of value of value approaching the value of the traditional global art market.
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