Hello Forum members! I want to talk about my vision of the NFT market, its development, application. And also about the problems associated with NFT and ways to solve them by one of the market leaders DeFi - ZKSwap.
NFT is still an undervalued technology, if you think in terms of the long-term evolution of the Internet. NFTs transform cultural value into an asset class suitable for investment. They represent a pure expression of digital identity in the new digital world.
Most often, this technology is used to sell crypto art - digital works of art, the authenticity of which is confirmed by blockchain technology. A crypto art can be a digital image, a 3D model, a gif, a video, a music track or a tweet. The turnover of the NFT market has grown very much, and most of the tokens were created in the first months of 2021.
Among the most famous deals is the sale of the first tweet of billionaire and Twitter founder Jack Dorsey, $69.3 million for a Beeple collage of 5,000 drawings and Nyan Cat gifs for $442,000. The burned work of the artist Banksy Morons (White), which the blockchain company Injective Protocol bought for $95,000, was also converted into an NFT token.
But there are other, less well-known examples. In December 2020, Nike filed a patent for a blockchain-based NFT shoe called CryptoKicks. It was reported that when buying blockchain sneakers, a digital token will be generated. The identification codes of the product and the buyer will be linked to it, in turn. This should prevent counterfeit shoes: the buyer will be able to check the originality of his pair at any time.
Also, I think NFT can revolutionize the control of forged documents. The problem of forgery of diplomas, certificates and other educational documents can be easily solved with the help of NFT tokens. Each university can issue NFT tokens with a certain frequency (for example, once a year), which will be assigned all the verification data on the information recorded in the blockchain, which will eliminate any possibility of forgery of diplomas.
But before there is a massive introduction of NFT technology, projects that work in this area will have to solve a lot of problems. Now many startups are faced with complexity - a huge number of operations and a peak load on the Ethereum blockchain. On the one hand, such a load makes the transaction fee higher and higher, especially if the user needs the payment to be made quickly. On the other hand, peak loads threaten to slow down or completely stop the entire workflow.
One of the main solutions to the above problem is the construction of Layer2 for Ethereum. Layer2 solutions are aimed at increasing network bandwidth by building on top of Ethereum, without affecting the characteristics of decentralization or the security of the underlying block chain. I completely agree with the majority of the community that the use of promising ZK technology is best suited for the implementation of Layer2. I believe that ZKSwap is the best platform for building Layer2. ZKSwap has extensive experience working with DeFi and an active community, which will allow you to quickly and efficiently implement NFT in Version 3.
Layer2 Wallet: 0xA90f3787E7b839637F251690e89cc47E8BA37275