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Crypto Trojans

A Trojan horse is an object that looks inviting or desirable but is used to sneak in something covert that the recipient would not otherwise have accepted.

In the crypto world, Bitcoin’s price action is known as a Trojan horse. In this case, buyers are initially drawn to the historically rising prices of the digital currency, but by holding and trading coins, buyers are unknowingly legitimizing and promoting Bitcoin. Thus, its true advantages, decentralization, fixed supply, and independence from central planners, are becoming more widespread.

Recently, we are seeing not only Bitcoin but other aspects of the crypto world being normalized and pushed into the mainstream by what is growing into a diverse group of Trojan horses, each representing a different blockchain purpose.

Crypto by Art

Go back a few years and you wouldn’t have found many people predicting that cryptotechnology could be picked up for consumption through its connections to the art world, but that’s exactly what happened.

Continue reading

In the world of digital art, a crucial component of NFTs is that they enable ownership and scarcity. There was a time when NFTs saw their first boom, in 2021, when cynics declared them pointless because it was possible to just right-click on an NFT and then save the image to your computer for free .

Ironically, one of the precise problems NFTs solved was digital copying. While online images are endlessly replicable, now through NFTs there might be a definitive original: a token to which the artist had consciously attached their work and which was verifiable, collectible, and easily tradable. Such collecting and trading has always been possible with physical art, and now it was also possible in the digital realm.

Could copies still be made? Of course, but it’s also possible to copy physical art, and that’s rarely a problem: original artworks suffer no loss of integrity or value from the existence of copies. And now these realities are being applied to digital art through NFTs just as they have been applied to physical art.

By providing on-chain provenance and enabling digital art markets (arguably more accessible and less elitist than traditional art markets, an unlikely arena) for artistic creativity, it is suddenly profitable to use the blockchain utility.

Check out this recent FMLS22 session on NFTs for fintechs.

Crypto through gaming

To date, the most prominent crypto gaming project has been Axie Infinity, averaging two million monthly players at the end of 2021 and running until around mid-2022. Since then, however, user numbers have plummeted and the product has been criticized for being little more than a Ponzi-tipped vehicle for making profits disguised as a game during a bull market.

As such, crypto has yet to prove itself significantly useful to the gaming world, but it seems only a matter of time before a sustainable, high-quality product emerges as a number of Web3 gaming studios are working on new versions. Currently, all eyes are on a Web3 gaming company called Limit Break and its DigiDaigaku project.

In February, Limit Break will release a series of DigiDaigaku gaming NFTs that require buyers to scan a QR code that will be featured in a commercial during the upcoming Super Bowl. This is about as much exposure as an advertising/sales campaign can achieve, and can be indicative of the type of exposure Web3 gaming can achieve.

It’s an approach that uses NFTs uncompromisingly to create community and hype, while remaining aware that games themselves are the end purpose, and if it can be pulled through, promises, as with art-related NFTs, blockchain Open up benefits to new users.

Building Web3 and the Metaverse

The uses outlined here are interconnected sections of a novel arena. Art and design, gaming, commerce and online social interactions combine with crypto at its core to create a new environment held together by the ability to exchange value without third parties.

Due to the importance of blockchains within this structure and the payments these layers enable, this emerging edifice introduces cryptocurrencies almost under the radar and is intimately connected to decentralized finance applications, itself seething with speculative activity.

Nowhere else than in Krypto is there such a mixed mix of influences and backgrounds, where discussion of yield farming and tokenomics intersects with chatter about art, anime and AI imagery. Add in programmers, poets, and fashionistas, not to mention entrepreneurs and VCs, lace the whole package up with some out-and-out opportunists, and it’s a guessing game as to where this ride might take us.

Additionally, if you factor in the still undefined implications that machine learning seems to be creating, the future becomes even more unpredictable and open to rapid change.

What seems likely is that all avenues and disciplines will be influenced by crypto in some form and integrated into crypto to varying degrees. Perhaps we will end up calling this emerging space and the transactional methods it enables Web3 or Metaverse.

Some people expect a technical utopia, while others make more skeptical predictions, but most likely, as with almost all things, the reality will lie somewhere in the middle: an open, possessable, and ever-changing web that outputs a real-time reflection of that , which we, the users, type.

A Trojan horse is an object that looks inviting or desirable but is used to sneak in something covert that the recipient would not otherwise have accepted.

In the crypto world, Bitcoin’s price action is known as a Trojan horse. In this case, buyers are initially drawn to the historically rising prices of the digital currency, but by holding and trading coins, buyers are unknowingly legitimizing and promoting Bitcoin. Thus, its true advantages, decentralization, fixed supply, and independence from central planners, are becoming more widespread.

Recently, we are seeing not only Bitcoin but other aspects of the crypto world being normalized and pushed into the mainstream by what is growing into a diverse group of Trojan horses, each representing a different blockchain purpose.

Crypto by Art

Go back a few years and you wouldn’t have found many people predicting that cryptotechnology could be picked up for consumption through its connections to the art world, but that’s exactly what happened.

Continue reading

In the world of digital art, a crucial component of NFTs is that they enable ownership and scarcity. There was a time when NFTs saw their first boom, in 2021, when cynics declared them pointless because it was possible to just right-click on an NFT and then save the image to your computer for free .

Ironically, one of the precise problems NFTs solved was digital copying. While online images are endlessly replicable, now through NFTs there might be a definitive original: a token to which the artist had consciously attached their work and which was verifiable, collectible, and easily tradable. Such collecting and trading has always been possible with physical art, and now it was also possible in the digital realm.

Could copies still be made? Of course, but it’s also possible to copy physical art, and that’s rarely a problem: original artworks suffer no loss of integrity or value from the existence of copies. And now these realities are being applied to digital art through NFTs just as they have been applied to physical art.

By providing on-chain provenance and enabling digital art markets (arguably more accessible and less elitist than traditional art markets, an unlikely arena) for artistic creativity, it is suddenly profitable to use the blockchain utility.

Check out this recent FMLS22 session on NFTs for fintechs.

Crypto through gaming

To date, the most prominent crypto gaming project has been Axie Infinity, averaging two million monthly players at the end of 2021 and running until around mid-2022. Since then, however, user numbers have plummeted and the product has been criticized for being little more than a Ponzi-tipped vehicle for making profits disguised as a game during a bull market.

As such, crypto has yet to prove itself significantly useful to the gaming world, but it seems only a matter of time before a sustainable, high-quality product emerges as a number of Web3 gaming studios are working on new versions. Currently, all eyes are on a Web3 gaming company called Limit Break and its DigiDaigaku project.

In February, Limit Break will release a series of DigiDaigaku gaming NFTs that require buyers to scan a QR code that will be featured in a commercial during the upcoming Super Bowl. This is about as much exposure as an advertising/sales campaign can achieve, and can be indicative of the type of exposure Web3 gaming can achieve.

It’s an approach that uses NFTs uncompromisingly to create community and hype, while remaining aware that games themselves are the end purpose, and if it can be pulled through, promises, as with art-related NFTs, blockchain Open up benefits to new users.

Building Web3 and the Metaverse

The uses outlined here are interconnected sections of a novel arena. Art and design, gaming, commerce and online social interactions combine with crypto at its core to create a new environment held together by the ability to exchange value without third parties.

Due to the importance of blockchains within this structure and the payments these layers enable, this emerging edifice introduces cryptocurrencies almost under the radar and is intimately connected to decentralized finance applications, itself seething with speculative activity.

Nowhere else than in Krypto is there such a mixed mix of influences and backgrounds, where discussion of yield farming and tokenomics intersects with talk of art, anime and AI imagery. Add in programmers, poets, and fashionistas, not to mention entrepreneurs and VCs, lace the whole package up with some out-and-out opportunists, and it’s a guessing game as to where this ride might take us.

Additionally, if you factor in the still undefined implications that machine learning seems to be creating, the future becomes even more unpredictable and open to rapid change.

What seems likely is that all avenues and disciplines will be influenced by crypto in some form and integrated into crypto to varying degrees. Perhaps we will end up calling this emerging space and the transactional methods it enables Web3 or Metaverse.

Some people expect a technical utopia, while others make more skeptical predictions, but most likely, as with almost all things, the reality will lie somewhere in the middle: an open, possessable, and ever-changing web that outputs a real-time reflection of that , which we, the users, type.

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https://nov.link/cryptoanswers

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