There are three misused terms in latest technology that irk me somewhat. The phrases themselves don’t bother me at all.. it’s the liberalism and laziness of interpretation, double-down marketing and the way they are applied.
Those phrases are: Web 3, NFT, and Metaverse.
Strangely enough, there is one phrase that irks the heck out of many people and it doesn’t bother me at all.. That phrase is… UTILITY.
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There are two big problems in the blockchain heavyweight industry right now…
Centralism, hack weakness and manipulation prone to sovereign actors – Ethereum Ecosystem.
Slow utility evolution – Bitcoin Ecosystem.
So what do I call utility?
Well anything minted to a blockchain that can continue to do more than sit down and gather dust. An asset which responds to user stimuli, evolves technically, and/or enables other blockchain bound activities, or their relationships with off-chain activities. The importance is it must exhibit value to its owner beyond simply ‘being’.
I honestly never got the concept of ‘holding’. Bitcoin wasn’t invented to hodle. It was invented as an alternative to FIAT to transact business.
What I find really odd is that FIATbashers will encourage you to put as much as you can into one coin or the other, on an argument that sovereign FIAT is subject to government weaknesses (which is true) and on the long term is doomed (which is quite possible)…
But when they want to argue the cryptocurrency has got more valuable, what do they use to justify that? A value comparison against the very FIAT they were bashing! This makes no sense to me. Proving achievement in the value school isn’t done by showing you did better than who you have said is the ‘dunce’ of the class!
That was BCA 1 (Blockchain Asset 1).
Then BCA 2 (Blockchain asset 2) came along. – Digital Collectables. often disambiguated as … NFTs.
Conceptually maybe a bit different, but the interpretation was the same – a speculative digital asset notionally expected to rise in value.
Move over for BCA 3
The reality is that ‘collectable’ or ‘hodling’ digital assets are ultimately ‘dead man walking’ ‘Airdrops’ are a market management technique aimed at keeping so called ‘communities’ mesmerized like a social media addict constantly checking their content for ‘likes’. They involve giving away ‘free’ assets received at the participants virtual wallet address.
Do any online search with just two words – ‘airdrop’ and ‘pointless’.
Overall, airdrops on the long term, just reduce the unit value of ecosystem assets and damage the brand.
Now, consumers of virtual/blockchain tokenized products are expecting more.
9ja Cosmos is interested in working with digital art asset projects in bringing utility through paired Web 3 domains.
Get in contact with us if you are curious and you represent an active program. BCA 2 assets can achieve elevation to BCA 3 status by achieving extra utility through partnerships.
Meanwhile,
9ja Cosmos is here…
Get your .9jacom and .9javerse Web 3 domains for $2 at:
Feature Image illustrations represent Sneaky Vampire Syndicate and Porche digital assets. Their inclusion came from online media content in the public domain and is for illustration only. It is in no way intended to reflect their performance in the marketplace.
You have demystified what has been an ongoing mysterious confusion, where value is neither felt nor exchanged, but rather indoctrinated.
Nice one.