Beyond the Hype: NFTs Can Lead The Way In Transforming Business Experience

TLDR: Although NFTs enable companies to target specific consumers and incentivize those that want to participate, what about businesses that sell services to other businesses?

In the same way that digital services have become critical for every company in and outside of the tech industry, NFTs are likely to become crucial in the evolving Web3 economy. NFTs tokenize ideas at the atomistic level, fostering rivalry and exclusivity over goods or services by using smart contracts on the blockchain to deliver NFTs into people’s digital wallets upon purchase. When goods and services are non-rival and non-excludable, markets can’t form. NFTs allow businesses to efficiently attract and engage different tiers of customers in their own unique ways. Traditional marketing, for example, typically involves selling items and services at a discount for a limited period of time, but NFTs enable corporations to target specific consumers and incentivize those that want to participate. What are some of the ways that NFTs can improve the B2B experience?

The concepts are the same. Imagine, for example, an institution of higher education where professors create NFTs of their material and may license it out to companies as an additional source of income, reducing the need for increasing tuition. This approach would also push professors to produce material that responds to market demands rather than merely discussing them.

Within an organization, there is a lack of pricing. This problem exists because prices function to allocate supply and demand in a market. Organizational decision-making and internal labor markets function via hierarchies. However, because these are ineffective, there is a lot of needless expenditure — or factors that drive a gap between what people want and need to trade. The use of an internal economic system where tokens are used to facilitate exchange may help reduce these issues. Paying staff in tokens, for example, might be a risky investment, but doing so gives them a more significant stake in the game and motivation to excel since tokens can only be redeemed if the employee stays with the company. Creating an internal ecosystem like this is not simple, and there are costs and benefits to consider in further detail, but in its essence, NFTs have the potential to revolutionize the discussion on transaction fees.

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Bitcoin Does Not Need DeFi, But DeFi Needs Bitcoin

TLDR: DeFi may struggle to achieve widespread adoption without the security and immutability of Bitcoin.

The only way to get genuinely decentralized finance (DeFi) is with bitcoin. Because DeFi requires fully expressive smart contracts that are not possible on the core of Bitcoin protocol due to their security compromises, it has not yet established itself as a game-changing technology. The lending and borrowing that currently takes place in DeFi is volatile, which implies the yield you get today isn’t always the same as it will be tomorrow or later. This poses a lot of unpredictability. To decrease it, zero-coupon bonds in DeFi, similar to certificates of deposits that pay a pre-determined interest at a certain maturity date, must be recreated. These financial qualities may be coded into yield tokens that can be trustlessly exchanged and have the same properties as lending and borrowing.

In order for DeFi to achieve mass adoption, lending and borrowing should be a mundane, not “risky,” activity. Bonds are the foundation of finance and by mastering them, we will be able to rebuild all of higher finance in the DeFi space. Bitcoin DeFi will enable sovereign collectives to determine their own bitcoin yield curve, improve the capital efficiency of bitcoin as an asset, and speed up mass adoption and development of the bitcoin economy.

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Russia’s Industrial Giant Rostec Announces Blockchain-Based Alternative to SWIFT

TLDR: When one door closes, another opens. After the main Russian banks got cut off from SWIFT, the country’s manufacturing and technology conglomerate developed a blockchain-based alternative that allows the processing of international settlements and the storage of digital currency.

As a result of its actions in Ukraine, Russia has been increasingly isolated from global finance, foreign currency reserves, and traditional payment methods. Rostec, a Russian state-owned firm, has developed a platform utilizing blockchain technologies to assist in cross-border transactions between Russia and its trading partners as well as the storage of digital currency. CELLS is designed to provide an alternative to the worldwide payment messaging system SWIFT, from which a number of Russian banks have been disconnected as a result of Western sanctions. The government in Moscow has been attempting to phase out foreign currency payments in its trade agreements, switching to Ruble and Yuan, as well as considering using cryptocurrency for international settlements.

A blockchain-based digital payment system may be used as a full substitute for SWIFT, providing fast, secure, and irreversible transactions. CELLS will enable the transition to settlements in national currencies, remove the risk of sanctions, and ensure the independence of Russia’s national financial policy when it comes to clearing. The objective was to develop a comprehensive ecosystem of software applications and services based on distributed ledger technology (DLT) that can handle international payments, multilingual transactions, user identification, and digital money storage. The system is anticipated to handle up to 100,000 transactions per second with an option to be expanded in the future.

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Web3 Is Crucial For Data Sovereignty In The Metaverse

TLDR: You can prevent bad actors from controlling your metaverse identity and biometric data by utilizing Web3.

Attacking someone’s personal identity in the real world is time-consuming, costly, and comes with consequences. In today’s internet climate, the barrier to identity theft at scale has been greatly reduced, and millions of people are targeted by these attacks every year. The ability of Web3 tools, such as NFTs and blockchains, to safeguard data sovereignty in the metaverse is extremely crucial, as the highly personal information contained within this data allows bad actors to impersonate people and take advantage of their identities. In the metaverse, these concerns are exacerbated. If an attacker can make your photo-realistic digital avatar say or do anything, and other people are unable to tell if it is truly you, fighting fraud and developing networks of trust that are necessary for healthy communities becomes far more difficult. The hyper-real metaverse will offer new possibilities for work and leisure in virtual environments, but this can only happen if the way data is shared and safeguarded online undergoes a significant transformation.

The Metaverse will always have malicious actors, but Web3 technologies may provide a set of guardrails for a healthy economy where users can safely share their biometric data and appear in metaverse content experiences. It is critical that we develop systems that allow individuals to manage how they are represented in the metaverse as well as who has access to their biometric data. These technologies will make customized content production a collaborative, consensual experience for corporations as well as people who participate in it. This is a significant change from the incentive structures at the core of today’s internet and Web2, where giving up control over your personal information is necessary to access major platforms and finest goods. For the first time, NFTs, blockchains, and Web3 technologies will enable users to engage in digital economies while maintaining control of their data.

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Ethereum Is Making More Money Than Ever From Layer 2 Networks

TLDR: As the popularity of Layer 2 networks surges, the gas fees Ethereum is earning for renting its security are shattering records.

On Ethereum’s mainnet, layer 2 networks are using record amounts of gas to settle or prove transaction batches, with expenditure consistently topping 10 billion since the beginning of May. When Ethereum traffic rises, all ETH holders benefit. This is because the basic gas fees on Ethereum are eliminated, decreasing the overall ETH supply and hence raising the value of all remaining tokens. In this manner, Ethereum “profits” as Layer 2 networks use its block space to settle transactions more efficiently than can be done directly on mainnet. Layer 2 is a catch-all term that refers to blockchain scaling technologies that keep transactions on separate networks and then redirect them back to the Ethereum mainnet for settlement.

Layer 2 networks, unlike so-called sidechains which have their own consensus mechanisms, take the transactional burden off of Ethereum but borrow or inherit its security by settling batches on mainnet. This creates an intriguing dynamic in which Layer 2 transactions get increasingly cheaper for users while mainnet transactions remain costly enough to pay for Ethereum’s considerable security expenditure. It’s possible that Ethereum might eventually transition from a user-centric to a network-oriented chain, where it would primarily handle batched Layer 2 network transactions rather than individual, user-initiated mainnet transactions.

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Sani Abdul-Jabbar

Sani Abdul-Jabbar

Sani is the Board chair at VezTek, a Los Angeles based provider of software development and on-demand tech. talent for Blockchain and Web3.0 initiatives.