The results of last week’s poll: How has your interest in NFTs changed in the past year?
Last week’s poll reveals a significant shift in NFT collector sentiment over the past year, pointing to a cooling trend. A striking 60% of collectors report decreased interest, with 40% indicating a significant decline. Only 20% maintained their previous level of engagement, while another 20% experienced increased interest. These figures paint a picture of a market in transition.
This downturn in interest could be attributed to several factors. The initial hype and speculative fever surrounding NFTs may be waning as the market matures and collectors become more discerning. Additionally, broader economic uncertainties and fluctuations in the crypto market likely play a role in dampening enthusiasm. However, it’s worth noting that a core group of collectors remains committed, and there’s still a small contingent of newcomers or enthusiasts whose interest is growing. For those deeply involved in the NFT space, these results suggest a need to focus on long-term value proposition and utility of NFTs, potentially ushering in a new phase of innovation and sustainable growth in the digital collectibles market.
Turbulent Seas: SEC Targets OpenSea
Image: James Marshall / The Verge
The SEC’s recent issuance of a Wells notice to OpenSea marks a significant escalation in the regulatory scrutiny of the NFT space. This action, part of a broader crackdown on crypto-related companies, alleges that some NFTs traded on OpenSea’s platform may be classified as securities, potentially violating existing laws. OpenSea’s CEO, Devin Finzer, has expressed shock at what he views as regulatory overreach, arguing that it could stifle innovation and creativity in the NFT ecosystem. The company has pledged $5 million to support legal defenses for NFT creators and developers who might face similar challenges, highlighting the potential far-reaching implications of this regulatory approach.
The Wells notice comes at a time when OpenSea is facing significant headwinds, including scrutiny from the FTC, increased competition from new platforms like Blur, and a drastic drop in NFT sales.
This development underscores the ongoing regulatory uncertainty in the crypto and NFT sectors, where the lack of clear guidelines has left many companies operating in a grey area. If NFTs are indeed classified as securities, it could fundamentally reshape the market, affecting how these digital assets are created, traded, and valued. The SEC’s aggressive stance raises challenging legal and definitional questions, as NFTs often serve purposes beyond investment, such as digital art or collectibles, making a blanket classification problematic.
The crypto and NFT industries are likely to push back against these regulatory efforts, arguing that existing securities laws are ill-suited for these new technologies. This could lead to prolonged legal battles and increased calls for new, tailored regulations. The issue has also taken on political dimensions, with some politicians positioning themselves as pro-crypto and promising to change the regulatory landscape. Moreover, stringent regulations in the U.S. could potentially push crypto and NFT innovation to other countries with more favorable regulatory environments, affecting the U.S.’s position in the global digital economy. As this situation unfolds, it will likely set important precedents for the future of NFTs and the broader digital asset ecosystem, highlighting the need for a regulatory framework that effectively balances investor protection with the promotion of innovation in this rapidly evolving sector.
For more, read an in-depth profile of OpenSea in The Verge and coverage of the SEC Wells notice at CNBC.
This week’s poll: How do you feel about the SEC’s recent regulatory actions against OpenSea and its potential impact on the NFT industry?
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The results of last week’s poll: How much will a politician’s stance on cryptocurrency influence your voting decision?
Last week’s poll results reveal an intriguing landscape regarding the influence of cryptocurrency stances on voting decisions. While a significant portion of voters (29%) report no influence from a politician’s crypto position, a combined 60% consider it to some degree in their voting calculus. This suggests that cryptocurrency policy, while not a dominant factor, has become a notable consideration for many voters.
For NFT collectors, these findings indicate a growing awareness and potential political relevance of blockchain technologies. The fact that 36% of respondents view crypto stances as either important or a primary factor in their voting decision points to a substantial base of politically engaged crypto-aware voters. This could potentially lead to increased attention to blockchain and NFT-related policies in future elections.
However, it’s crucial to note that the majority still do not consider crypto policy a primary voting factor. With 24% viewing it as a minor consideration and 29% reporting no influence, there’s still room for the political importance of crypto to grow.
Thoughts on NFTs after the Boom
Hannah Nijsten, installation view of “Squares Cubed,” at Outernet, London, 2024.
A recent thought-provoking editorial in Artsy argues that the digital art and NFT landscape has undergone significant evolution since the speculative bubble of 2021-2022, maturing into a more established and sustainable market. While NFTs remain a prominent part of this ecosystem, the scope of digital art has broadened to encompass various mediums, including digital painting and AI-generated art. This expansion is reflected in the increasing institutional adoption, with major establishments like the Centre Pompidou acquiring NFTs for their permanent collections.
Simultaneously, there’s a renewed appreciation for early digital art pioneers, with prestigious venues such as the Tate Modern showcasing their work. The digital art world is also seeing the rise of purpose-built spaces like Outernet in London and Artverse in Paris, attracting millions of visitors and providing dedicated platforms for digital artists. Furthermore, digital art is gaining traction at major art events such as Art Basel and the Venice Biennale, signaling its growing acceptance within the broader art community.
Demographically, the digital art market skews young, with 87% of collectors under 40, suggesting a generational shift in art collecting habits. While digital art currently represents only 3% of high-net-worth collectors’ expenditure, experts predict significant growth in the coming decades. The market is characterized by less speculation and more genuine appreciation for artists’ works, indicating a maturing ecosystem. Importantly, digital art is increasingly seen as complementary to classical genres rather than competitive, enriching the art world with diverse and challenging forms of expression. This evolution presents exciting opportunities for collectors to engage with a wider range of digital art forms and potentially benefit from long-term market growth.
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The results of last week’s poll: Which aspect of crypto culture do you find most intriguing?
Last week’s poll on the most intriguing aspects of crypto culture reveals a notable emphasis on its foundational principles and technological innovations. The philosophy of decentralization emerged as the top interest, capturing 33% of respondents’ votes, underscoring the ideological appeal of crypto. Interestingly, both the underlying technology and DeFi (Decentralized Finance) tied for second place at 22% each, highlighting a strong fascination with the technical and financial innovation potential of cryptocurrencies. In contrast, the more visible and often headline-grabbing aspects of crypto culture – meme culture and NFTs (Non-Fungible Tokens) – garnered less attention, each receiving 11% of the votes, suggesting that while these elements have their enthusiasts, the community’s core interests lie in the transformative potential of blockchain technology and its philosophical underpinnings.
Crypto Politics Boom: U.S. Presidential Candidates Embrace Crypto
As the 2024 U.S. presidential election approaches, the world of cryptocurrency and NFTs is taking center stage in political discussions, presenting a potentially bright future for digital asset enthusiasts and collectors. Former President Donald Trump has made a significant pivot towards embracing cryptocurrency, positioning himself as a champion of digital assets at the Bitcoin 2024 conference in Nashville. This dramatic shift from his earlier skepticism could signal a more favorable environment for NFTs and other digital collectibles if he were to return to office. Meanwhile, the Democratic Party’s stance on crypto is evolving, with growing recognition of digital assets’ importance.
The journey of cryptocurrency from a fringe technology to a mainstream political issue has been nothing short of remarkable. What was once dismissed as a niche interest for tech enthusiasts and libertarians has now become a central topic in economic and political debates. This shift reflects the growing understanding among policymakers of blockchain technology’s potential to revolutionize finance, art, and digital ownership. The fact that presidential candidates are now actively courting the crypto community and shaping their platforms around digital asset policies demonstrates how integral these technologies have become to discussions about America’s economic future.
Vice President Kamala Harris, the Democratic presidential nominee, is actively engaging with the crypto community through initiatives like Crypto4Harris, a group dedicated to enhancing her appeal on cryptocurrency issues. This outreach demonstrates the importance of this topic in the upcoming election and could lead to policies that support innovation in the NFT space. The bipartisan interest in cryptocurrency and blockchain technology from both major parties could result in a regulatory framework that protects NFT collectors while fostering innovation in the blockchain, crypto and digital asset space.
For NFT collectors, these political developments could bring several potential benefits. These include increased legitimacy and mainstream adoption of digital collectibles, enhanced protection for collectors through balanced regulation, new opportunities for innovation in the NFT space, and a possible increase in the value and liquidity of NFT assets. As the political landscape continues to evolve, NFT collectors can look forward to potentially favorable policies and increased attention to the digital asset space, regardless of the election outcome. This convergence of politics and crypto suggests an exciting future for the NFT ecosystem, with the potential for growth and innovation supported by a more understanding and supportive regulatory environment.
SERA Launches Space-Themed NFTs with Potential Astronaut Selection Opportunity
Private space company SERA (Space Exploration & Research Agency) has introduced a new NFT collection on Coinbase’s Layer 2 network, Base, as part of the crypto exchange’s “onchain summer” initiative. The collection, named Space Summer NFT, consists of three space-themed tokens that provide holders with access to SERA’s astronaut selection program. The primary feature of this NFT project is the opportunity for token holders to potentially secure one of six seats SERA has reserved on an upcoming Blue Origin New Shepard rocket flight to low Earth orbit.
SERA plans to implement an onchain voting system for the astronaut selection process. NFT holders will receive a mission badge in the form of an NFT, which will be used to track votes in various phases of the selection. SERA claims this blockchain-based approach will ensure transparency in the voting process. In addition to the seat available through the NFT program, five seats are reserved for astronauts from countries with limited or no previous representation in space missions, including India, Nigeria, and Small Island Developing States (SIDS).
This project represents a fascinating intersection of NFT technology, space exploration, and blockchain-based voting systems. SERA has previous experience with token-based space flight opportunities, having facilitated a seat for Brazilian engineer Victor Hespanha on a Blue Origin rocket in 2022 through a similar process.
This week’s poll: How much will a politician’s stance on cryptocurrency influence your voting decision?
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The results of last week’s poll: What do you think will be the primary outcome of the artists’ lawsuit against the SEC regarding NFT regulation?
NFT collectors, take note: A recent poll sheds light on the community’s expectations regarding the artists’ lawsuit against the SEC over NFT regulation. The results paint an intriguing picture of optimism and anticipation. A plurality of respondents, 46%, believe the lawsuit will force the SEC to provide clear guidelines for NFTs – a potential game-changer for the market. Close behind, 38% of those polled foresee a major win for NFT creators, suggesting a strong belief in the artists’ case. Interestingly, not a single respondent expects the SEC’s approach to remain unchanged or for the lawsuit to backfire with stricter oversight, indicating a widespread belief that change is imminent. A small but significant 15% anticipate an outcome not listed among the options, hinting at the complex nature of the situation. For NFT collectors, these results might signal a turning point in the regulatory landscape, potentially bringing more clarity and favorable conditions to the NFT space.
Minimum Viable Product: Inside the Crypto Hackathon with $350k Funding At Stake
A new documentary from Alliance offers an engaging and insightful look into the world of cryptocurrency entrepreneurship through the lens of a hackathon that awards $350k to the winning minimum viable product. We love how it captures the energy, creativity, and challenges faced by aspiring founders as they work to develop innovative blockchain-based and NFT applications.
The film effectively illustrates the iterative nature of product development, showing how participants refine their ideas through feedback and mentorship. It’s particularly interesting to see the range of projects being worked on, from decentralized gaming platforms where players use unique NFT cards that change gameplay mechanics to AI-assisted smart contract creation.
One of the documentary’s strengths is its portrayal of the collaborative yet competitive atmosphere of the hackathon. The interactions between participants and mentors provide valuable lessons on idea validation, user acquisition strategies, and the importance of differentiating one’s product in a crowded market.
The documentary also touches on some of the broader issues and debates within the crypto space, such as the balance between appealing to crypto-native users (“degens”) and attracting mainstream adoption. This adds depth to the narrative and helps contextualize the projects being developed.
While the film doesn’t shy away from showing the challenges and potential pitfalls of building in this space, it is refreshing in its overall optimistic tone about the potential for blockchain technology to enable new types of applications and user experiences.
For viewers interested in crypto entrepreneurship, blockchain and NFT applications, or the culture surrounding cryptocurrency, Minimum Viable Product provides an informative and entertaining glimpse into the world of crypto startups.
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The results of last week’s poll: Following the KnownOrigin shutdown, what should be the NFT community’s top priority to ensure digital art permanence?
The NFT community’s top priorities for ensuring digital art permanence following the KnownOrigin shutdown, according to last week’s poll, is clear. There is a strong preference for developing robust on-chain storage, with 67% of respondents selecting this option. There was an equal split of 17% each for educating buyers about storage risks and implementing industry standards. Notably, improving off-chain storage systems and “something else” received no votes. These findings suggest that the NFT community is primarily focused on blockchain-based solutions to address concerns about the longevity and preservation of digital artworks, while also recognizing the importance of education and standardization in the industry. The lack of support for off-chain storage improvements reflects a desire to leverage blockchain technology’s inherent features for securing and maintaining NFTs.
NFTs vs SEC: What the New Pro-NFT Lawsuit Means for Digital Art Collectors
Illustration: Darren Joseph for DLNews
The NFT community is facing a pivotal moment as artists Brian Frye and Jonathan Mann take on the SEC in a groundbreaking lawsuit. This legal challenge seeks to clarify whether NFTs fall under SEC jurisdiction, a question that has loomed large since the agency’s enforcement actions against Impact Theory and Stoner Cats in 2023. For NFT collectors, this case could have far-reaching implications on the future of NFT ownership and trading.
At the heart of the matter is the SEC’s assertion that certain NFT projects constitute unregistered securities offerings. This stance has sent shockwaves through the NFT ecosystem. The plaintiffs argue that the SEC’s approach threatens artistic expression and innovation in the digital space, drawing parallels between NFT art and traditional mediums. They provocatively ask whether Taylor Swift’s music or merchandise could be considered securities under similar logic.
The lawsuit highlights a growing tension between regulatory bodies and the rapidly evolving world of blockchain-based art. The outcome could influence how NFTs are created, sold, and traded, potentially impacting the value and liquidity of existing collections.
Interestingly, this legal challenge comes at a time when major players in the NFT space are already feeling the regulatory heat. DraftKings’ recent decision to shutter its NFT business citing “recent legal developments” and Dapper Labs’ settlement of a securities lawsuit related to NBA Top Shot Moments illustrate the broader impact of regulatory uncertainty.
While the outcome remains uncertain, it’s clear that the intersection of art, technology, and regulation is becoming increasingly complex. This case may serve as a catalyst for clearer guidelines in the NFT space, potentially leading to a more stable and mature market for digital art.
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Blockchain technology is much more than just cryptocurrencies!
Blockchain technology is a rapidly growing, exciting and versatile technology that can be used for a vast array of applications and is already reshaping many industries, including medical and financial systems on a global scale.
The application of Blockchain technology is ever expanding and gaining trust and prominence across an increasing growing number of business sectors and industries with large financial investment and development time pouring in. Blockchain MVP development is crucial for validating the value proposition and identifying strengths and weaknesses of blockchain applications.
Major city banks, logistical companies, the education sector, electronics manufacturers, and multi-sector giants such as Microsoft are all taking advantage of Blockchain technology to deliver state of the art solutions and solve some of the world’s most demanding problems.
So, what are the benefits of utilizing blockchain technology?
Fully automated processes
A tamper-proof ledger
Help to cut costs related to data storage
Eliminates the need for any third-party authentication
Vastly improved security and trust of with transaction
Increase transaction speed and higher volumes
Developing a blockchain solution as an MVP can validate the value proposition, showcase unique blockchain features, and provide a low-risk method to test ideas before full-scale implementation
How can we help?
Since its inception, we’ve been at the forefront of Blockchain technology, keeping our finger on the digital pulse to ensure we are aware of all the latest developments, its benefits, and how we utilize it to deliver only the very best products to all of our clients.
At Web3dev, our awesome team of blockchain specialists can help you design and build a viable POC (proof of concept) all the way through to setting up your fully-fledged decentralized application (dApp). Our development process for creating a blockchain MVP involves several stages, including defining the product, developing core functionalities, deploying the solution, and incorporating security measures and user feedback to ensure continuous innovation.
No matter what your business, get in touch today and see how Blockchain technology can be utilized to launch your idea. MVP development is crucial for testing core functionalities and gathering user feedback, which is essential for enhancing scalability and performance in the blockchain industry.
Are you ready to make your move?
Get the ball rollingdiscussing everything and anything from Hyperledger’s, C++ and Solidity with our knowledgeable and friendly team of blockchain developers, we’ll help you every step of the way to understand the vast and exciting languages of blockchain and how your ideas can merge with this diverse array of technologies.
The development team at Web3Dev specialize in a wide range of Blockchain Development languages including:
Solidity
Java
C++
Ruby
Python
Scala
GoLang
Rust
Identifying the core features is crucial for a successful MVP, ensuring it addresses user pain points and fulfills key market needs.
Each project is unique with different goals and challenges and so we can get the best picture of your idea, we’ll be focusing on important elements such as
Your business needs
Your projects budget and time frame
Obstacles and potential risks
Strategy and deployment
Updates and support
The development team at Web3Dev specialize in a wide range of Blockchain Development networks including:
Ethereum
Stacks
Algorand
Solana
NEAR
Aurora
Radix
Polkadot
More…
Once we have a clear picture of your objectives, we will work with you to identify the most suitable technologies for your Blockchain application so that when the time some to showcase your project, everything is ready to present to likes of consumers, business partners, and potential investors.
All our solutions are tailored to meet your distinct needs and can be deployed across both mobile and web platforms ensuring that your product is easy to engage with and does exactly what you need it to do.
From research and development all the way through to deployment and support, effective Blockchain development requires both skills and procedures and that is why as a business, we have invested a large amount of time and resources into both. This helps us deliver your project in an easy to digest manner, that all parties involved can understand and ultimately be a success for you and your business.
Blockchain Development of MVP
Blockchain Development of Working Product
Blockchain Development of Crypto Payment Gateways
Blockchain Development of Record Keeping on Public blockchain
There’s no escape from the blockchain buzz. The debates happening online are hot: will consumers favor decentralized services? Or will blockchains remain reserved for cryptocurrencies?
Unsure which side to take?
This post will help you develop a better understanding of the blockchain technology and the value it may bring for your business.
What is Blockchain Technology
The blockchain can be compared to an endless ledger containing thousands of transactions, duplicated and stored across a network of computers. Essentially, blockchain is a type of distributed database that maintains records in a secure and decentralized manner. No one in particular owns or controls this ledger. It is powered by the community choosing to interact with it.
A blockchain protocol is a set of standards that govern the operation of blockchains, adapting basic blockchain principles for different applications, such as private and consortium networks like Quorum. These protocols enhance security and efficiency, making blockchain a valuable tool for various industries, including transparent voting systems.
Blockchain is an open-source technology. Anyone with enough skills can use this technology to code a distributed ledger and invite others to participate. You can include specific rules and permissions for using your ledger for different groups of users. All the records on the blockchain can be made public or stored privately with a permissioned access. You can also indicate who can add and validate new entries (blocks) on the blockchain and propose rules for deciding on their validity. No matter which setup you chose, the information on the blockchain will remain easy-to-aduit.
Let’s illustrate this with an example. Your friend Dave wants to purchase a used car. He wants to avoid buying a stolen vehicle or a car that got in too many accidents. If the car’s history was recorded on the blockchain, Dave would be able to review the string of ownership back to the moment when that car was brought in from the dealership; check out accident records and get to know if the past owners “forgot” to pay some fines.
The best part is that no one can tamper the records in any way once they are validated on the blockchain. If the previous vehicle owner was in a major accident, he wouldn’t be able to “erase” that fact from the ledger.
So the blockchain is a tamper-proof, distributed digital ledger of transactions. It can be programmed to record, store and exchange any types value exchanges. All the records are stored in a distributed manner, meaning there’s no single point of failure a hacker could exploit.
All the transactions are also protected by the state-of-art cryptography – a mechanism more secure than the standard “username/password” systems we use to safeguard our data and assets online.
How Does Blockchain Work
The blockchain networks are built from three major components:
A cryptographic keypair (public + private key, stored in a blockchain wallet) enables a secure digital identity reference. The keypair helps ensure that Jane is exchanging data with Joanna, not John, without exposing Jane’s private details. By signing your transaction with your private key you also place an “ownership stamp” on it, meaning the transaction can be traced back to you if needed. Blockchain platforms like Ethereum and Hyperledger Fabric support blockchain technology and its applications, enabling features like smart contracts and providing tailored solutions for different industries.
A decentralized, P2P network. Instead of a central authority, a community of blockchain users decides whether your transaction is valid and can be added to the blockchain. Blockchain users can maintain anonymity while transactions remain transparent through the public ledger. The community uses mathematical verification to evaluate the history of the individual blocks that are proposed to be added and the “sender” signature validity. Once enough users verify that your transaction is valid, it is processed and recorded on the blockchain.
The network servicing protocol. The block, packed with transactional data, digital signatures and a timestamp, is broadcasted to the network’s participants. The block verification process requires tremendous computing power. Public blockchains encourage the community to service the network by offering a reward for their effort – cryptocurrencies such as Bitcoin or Ether. Recording transactions in this manner establishes secure, immutable records across decentralized networks, enhancing data integrity and reducing the risks of fraud.
The original vision of the Bitcoin blockchain was to “create a system for electronic transactions without relying on trust”. Bitcoin programming language still remains limited to handling financial transactions, mainly cryptocurrency exchanges. Digital currency, such as Bitcoin, relies on blockchain technology to facilitate secure and peer-to-peer transactions, although they are distinct entities.
The majority of business blockchain applications are now powered by Ethereum, or custom forks of the platform’s original blockchain. Unlike Bitcoin, Ethereum blockchain is more versatile and can be used to code different types of blockchain apps – document exchange networks, blockchain voting systems or even a car-sharing app. We’ll get to more examples in the next section.
Ethereum founders have introduced Turing-complete Virtual Machines (VMs). These Ethereum Virtual Machines enable blockchain developers to deploy code on the Ethereum blockchain without the need to allocate additional resources such as computing power or maintain network bandwidth. EVMs are fully programmable and function just like your laptop.
The EVM’s programming language, Solidity, allows developers to code any types of smart contracts – autonomous applications, automatically executing pre-coded agreements whenever the indicated condition is met. For example, Dave and John can create the next agreement on the Ethereum blockchain:
When Dave’s account has a positive balance of $10,000;
And if the car’s title and registration papers have been signed and forwarded to him;
Than $10,000 should be sent to John’s account.
If either of those conditions is not met, the deal does not take place.
Smart contracts eliminate the need for a “middleman” to broker the sale or overview a non-financial agreement that two parties have made. The blockchain represents a “shift from trusting people to trusting math” when conducting any exchanges – a more secure way of collaboration between the two parties, who don’t trust each other.
Smart contracts have propelled the creation of Dapps – decentralized applications that are built on the Ethereum blockchain or another platform that allows coding smart contracts e.g. Qtum or NEO-One. Smart contracts are an open-source technology – the agreement information thus remains public. Thus, some businesses may choose to keep certain parts of the application in a centralized environment or choose to create a private fork of the blockchain to limit external access to the information recorded on the ledger.
Types of Blockchain Networks and Private Blockchain Networks
The blockchain can be coded with different permission structures to match your business needs.
Public blockchain allows anyone to propose new transactions and have those recorded on the blockchain as long as they are valid. Any user can participate in the consensus process and help validating new blocks. Public blockchains are fully decentralized, as there’s no single “authority” overviewing the consensus process. The two well-known examples are Ethereum and Bitcoin blockchains.
Pros
Zero infrastructure costs – the blockchain is supported by the community.
Reduced costs for deploying and running a decentralized application.
Completely eliminates the need for any intermediary to deliver your service e.g. a server or cloud services provider.
Consortium blockchain limits the number of users who can participate in the consensus process (and add new blocks to the blockchain) to a selected few. This type of blockchain can be compared to a company board – each member (node) has one vote. To add a new block, at least 8 out of 15 members should vote to “sign it”. Consortium blockchains can have a public or a restricted right to be read. Examples: Energy Web Foundation, Corda and Azure Multi-Member blockchain.
Pros
Lowers transaction costs and data redundancies.
An effective replacement for an outdated legacy system e.g. to improve document processing and eliminate manual compliance mechanisms.
The private blockchain is fully centralized. A private blockchain network operates on a closed network tailored for specific use cases, primarily focusing on business and organizational needs, with centralized management for enhanced security and control. Permission to write new transactions is limited to one node. The recorded information can be either public or have permissioned access. Private blockchains do not use the same secure consensus mechanisms (proof-of-stake/proof-of-work) to validate transactions. Instead, the process is done by someone internally. Some argue that a centralized consensus mechanism, in turn, may make the network less immutable and transparent.
Private blockchain networks are closed systems managed by a single organization that allows customization of access and security settings. The controlled nature of these networks means that authority dictates membership and privileges, leading to a partially decentralized framework.
In a recent post, Paul Frazee proposed an interesting solution that may eliminate the need for a decentralized consensus without compromising blockchain immutability. His idea is to replace miners with a single host, which would maintain a secure ledger. This secure ledger will include information about the host state and its activity log, including all requests and their results.
The host is designed to follow a predetermined set of business rules – stored as code on the ledger or outside of it. This ledger is public to read: all users can monitor all the activities and compare the inputs against the published code. Whenever any deviation occurs, the users are instantly notified and can take respective action.
A blockchain network, thus, can be made accountable by a very hard-to-forge public log. For example, such system can be used to help regulators monitor compliance and conduct company audits only when some unusual activity is registered without involving a large pull of external validators.
Private blockchains are primarily designed to facilitate B2B operations and are making their way into supply chain management, government management, healthcare and the financial industry. Examples: IBM Hyperledger and Multichain.
Pros:
A higher level of data privacy, essential for certain industries.
Transaction validation costs are lower and processing time is faster as each transaction needs to be validated by one node, rather than thousands as it is on public blockchains.
Business Use Cases of The Blockchain Technology and Smart Contracts
Global blockchain technologies market has reached $339.5 million in 2017. By 2021, it is predicted to hit $2.3 billion.
So what exactly the blockchain pioneers are up to?
Blockchain smart contracts hold a strong potential in the nearest future. Any industry still stuck with paper contracts and guilty of accumulating piles of reporting documentation can greatly benefit from this technology.
Distributed ledger technology (DLT) enhances security, authenticity, and efficiency in various industries by providing a decentralized database system that prevents data tampering and ensures all parties have synchronized access to transaction records.
CB Insights further indicates around 36 big industries that can be disrupted by blockchain – advertising, messenger apps, education, hedge funds, cloud computing and more. For the sake of this article, we’ll focus on just a few curious business use cases.
Blockchain in Supply Chain Management
There’s this one industry where 80% of documentation is still in paper form – the shipping industry. This over-reliance on paper often results in operational delays, and what’s even worse – fraud. Forged cargo documentation and bills of lading is a multi-million problem.
Blockchain-based smart contracts can have the next advantages for the shipping industry and supply chain management in general:
Quick-processing time – document exchanges can take place in a matter of minutes, not days. A smart contract will also ensure that all the necessary documents are in place before the cargo is shipped.
Transparency – all the parties can review the added information and audit if necessary. Each participant can be aware of the transactions performed by other and can’t state that he “didn’t receive” or “haven’t seen” a certain document.
If paired with IoT Sensors, smart contracts can detect cargo damage in real-time; inform the other party, initiate an insurance claim and issue a refund to the affected party – all without human intervention.
Each new block in the blockchain strengthens the integrity and verification of the previous block, ensuring the overall security and preventing tampering.
Blockchain in Healthcare
The healthcare industry operates gigabytes of data on a daily basis – private patient records; payment and insurance data; clinical trial results etc. The wrinkle? These data exchanges are often ineffective and still happen manually as different providers use different legacy systems, incapable to “communicate” well with one another.
Those outdated legacy systems are also a huge security vulnerability. While the government actively campaigns for the adoption of electronic healthcare systems, most providers struggle to comply with basic HIPAA requirements for data security and privacy. Blockchain users, leveraging cryptography, can maintain secure digital identities, ensuring that data exchanges are both secure and transparent.
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One compromised patient record costs $380 for the provider, not to mention the additional fines and audit costs incurred by the institution once that breach “surfaces”.
Here’s how blockchain works towards fixing those issues:
The blockchain eliminates the interoperability problem and can become the “industry standard” for seamless and secure data exchanges. In fact, 70% of hospital managers strongly believe that blockchain can become a game-changing solution to this problem. The technology can also help ensure better connectivity for IoT medical gadgets.
Smart contracts can reduce the costs of compliance and regulation. Medical systems can be coded to comply with the set rules automatically.
Service providers can cut down on the reconciliation costs and hire more medical staff instead. Less administrators + more doctors = better healthcare.
Patient data storage can be distributed among several entities. Healthcare providers will no longer be a “single point of failure” if any breach takes place.
Patients will also get more visibility and control over their health data as the blockchain enables them to see how and when their information is being used.
Blockchain as a Service (BaaS)
Not every business may be ready to invest in a blockchain infrastructure built from scratch. And they no longer should.
To match the growing interest, popular cloud service providers like IBM, SAP, Oracle and Microsoft have rolled out attractive BaaS options. Azure, for instance, now supports distributed ledgers such as Ethereum, Hyperledger Fabric, R3 Corda, Quorum, Chain Core and BlockApps.
BaaS platforms can be used to develop private or consortium blockchains or develop blockchain-based add-ons for existing applications. These platforms support blockchain protocol standards, facilitating blockchain development by providing a set of standards that govern the operation of blockchains. Building atop a BaaS platform is a cost-efficient alternative to extended development timelines and the need to assemble a dedicated in-house team of developers.
Back in the day cloud computing have disrupted the way we exchange data and deliver services. Blockchain may soon become the next technology of choice for better collaboration. Interested in how your business can gain a competitive edge with the blockchain technology? Contact our team for a consulting session.
The results of last week’s poll: What do you think has been CryptoPunks’ most significant impact?
Last week’s poll offers insights into how the Lazy community perceives CryptoPunks’ impact on the NFT space. The results highlight the project’s multifaceted influence, with “Inspiring the PFP movement” emerging as the top choice at 36%. This underscores CryptoPunks’ role in popularizing profile picture NFTs. “Changing perceptions of digital art” follows at 27%, indicating the project’s contribution to legitimizing digital art as a collectible medium. Interestingly, “Sparking debates on art and value” and “Inspiring artists to make NFTs” tie at 18% each, suggesting that CryptoPunks has equally influenced discourse around art valuation and motivated creative participation in the NFT space. These results emphasize the acceptance of CryptoPunks’ as a pivotal force in shaping the cultural and artistic landscape of the NFT ecosystem.
The Relationship Between the Art World and NFTs Continues to Change and Mature
As a believer in NFTs and their potential, it’s crucial to view the current market situation as an opportunity for growth and refinement rather than a setback. The insights from Christie’s Art and Tech Summit, as reported by Axios, highlight the evolving relationship between traditional art institutions and NFT technology, offering valuable lessons for adaptation and future success.
Marc Glimcher, CEO of Pace Gallery, provided a particularly insightful perspective on the potential of NFTs in the art world. He noted, “We know that there is a provenance verification opportunity here. We all know it and we all know that the art world is resisting it because it suggests transparency, which we say we want but we don’t really want.” This observation highlights a key area where NFTs could add significant value, addressing longstanding issues of provenance and authenticity in the art market.
Glimcher further emphasized this point with a striking comparison: “It’s absurd that a $30,000 car has a title and registration, but that a $170 million Modigliani does not.” This statement underscores the clear need for better documentation and verification systems in high-value art transactions, a gap that NFT technology is well-positioned to fill.
Christie’s Dirk Boll offered a more cautious view, noting that while NFTs represent an interesting application of technology, art buyers didn’t seem overly concerned with blockchain-based verification. He stated, “People still seem to think that the Christie’s invoice as a PDF, or printed, is good enough to prove the transaction.” This highlights the need for better education and more compelling use cases to demonstrate the advantages of blockchain-based provenance over traditional methods.
These perspectives from industry leaders suggest that while there’s still resistance to change, there’s also recognition of NFTs’ potential to solve real problems in the art world. The focus now should be on developing practical, value-adding applications of NFT technology that address these needs. By aligning NFT capabilities with the art world’s established practices and addressing its pain points, we can pave the way for wider adoption and long-term success in this space.
The KnownOrigin Shutdown: A Wake-Up Call for NFT Permanence and True Digital Ownership
The recent shutdown of KnownOrigin, a pioneering NFT marketplace acquired by eBay in 2022, has ignited crucial discussions about the long-term viability of digital art in the NFT space. This closure highlights a fundamental issue: most NFTs contain metadata that points to off-chain files, often stored on platforms like IPFS, rather than the artwork itself being stored entirely on the blockchain. This reality challenges the common perception of NFT ownership and raises concerns about the potential loss of access to digital artworks if hosting platforms cease operations.
This situation prompts a deeper examination of what it truly means to “own” digital art in the form of an NFT. When collectors purchase an NFT, they are often acquiring a token that points to a URL or an IPFS hash, rather than the artwork itself. The fragility of this system becomes apparent when considering scenarios where hosting services or IPFS nodes are no longer maintained, potentially rendering NFTs worthless if the associated artworks become inaccessible.
The challenges highlighted by KnownOrigin’s closure present an opportunity for growth and innovation in the NFT space. They push the community to develop more robust, decentralized solutions that can ensure the permanence and integrity of digital artworks. This may involve exploring fully on-chain storage options, despite their current cost and scalability challenges, or developing new permanent storage solutions. As the NFT ecosystem evolves to address these fundamental concerns, we hope to see the emergence of permanent models for creating, owning, and preserving digital art that redefine our relationship with digital assets.
This week’s poll: Following the KnownOrigin shutdown, what should be the NFT community’s top priority to ensure digital art permanence?
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NFTPicsis an artist who has been a photographer since 2008 and an NFT creator since 2021. Their Lazy collection features many of their beautiful photos.Check it out at lazy.com/nftpics
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The results of last week’s poll: Do you think NFTs will significantly change how fans engage with sports in the next 5 years?
Last week’s poll explores the potential impact of NFTs on sports fan engagement over the next 5 years. Among respondents, opinions are divided, with a slight lean towards believing NFTs will bring significant changes. Half of those surveyed (50%) believe that NFTs will indeed substantially alter how fans interact with sports in the near future. However, there’s also considerable skepticism, with 30% of respondents disagreeing with this notion. The remaining 20% are uncertain about NFTs’ future influence on sports engagement. For NFT collectors, this poll suggests a mixed landscape of opportunity and uncertainty in the sports sector, with a notable portion of people anticipating NFTs to play an increasingly important role in fan experiences and interactions within the sporting world.
New Film Explores The Surprising Journey of CryptoPunks
Looking for something to watch? Check out “What the Punk!“—a newly released documentary that offers viewers a nuanced exploration of the CryptoPunks phenomenon, tracing its journey from a modest experiment by two Canadian programmers to a revolutionary force in digital art.
While the documentary highlights the project’s historical significance in inspiring the ERC-721 standard and sparking the profile picture (PFP) movement in NFTs, it also presents a balanced view of its impact. The film features insights from prominent figures in the crypto art world, providing diverse perspectives on CryptoPunks’ cultural and financial influence. Notably, the directors have taken care to make the subject accessible to a broader audience, avoiding technical jargon in favor of focusing on the human stories and artistic journey.
However, the documentary doesn’t shy away from controversies, addressing critiques of the speculative nature of NFTs and exploring artistic responses like Robness’s provocative burning of a CryptoPunk.
As a timely snapshot of a pivotal moment in the intersection of art, technology, and finance, “What the Punk!” may offer valuable context for understanding the ongoing evolution of digital ownership and creativity. While the long-term significance of CryptoPunks remains to be seen, this film provides an intriguing look at a project that has undeniably shaped conversations around digital art and collectibles in recent years.
We would love to hear from you as we continue to build out new features for Lazy! Love the site? Have an idea on how we can improve it? Drop us a line at info@lazy.com
Majestic_Eggo is an NFT Artist who wants a greener and peaceful planet. They created a beautiful collection of NFT butterflies.Check it out at lazy.com/majestic_eggo
Lazy.com is the easiest way to create a gallery of your NFT collection. Show some love for NFTs by sharing this newsletter with your friends!
The results of last week’s poll: Have you ever lost an NFT because of a hack?
The alarming results of last week’s poll have shed light on a critical issue plaguing the NFT community. A staggering 42% of our respondents reported falling victim to hackers, resulting in the loss of their prized digital assets. This statistic not only underscores the prevalence of security threats in the NFT space but also serves as a wake-up call for collectors who may have been complacent about their digital security measures. Moreover, it highlights the importance of ongoing education within the NFT community, as the technological landscape and tactics employed by hackers evolve rapidly. As we navigate this digital frontier, remember that the responsibility of protecting your valuable NFTs ultimately rests in your hands – stay informed and stay cautious.
Beyond the Hype: Decoding the DNA of NFT Ecosystems
An interview this week’s Harvard Business Review Podcast offers valuable insights for NFT collectors by exploring the broader implications of NFTs. Scott Duke Kominers and Steve Kaczynski, co-authors of “The Everything Token,” explain that NFTs are not just about owning digital images but represent a new form of digital ownership with real-world utility. They emphasize that the value of NFTs like BAYC goes beyond the artwork itself, encompassing community membership, exclusive experiences, networking opportunities, and even potential business ventures. This perspective helps collectors understand the multifaceted nature of NFT value beyond mere speculation.
The discussion delves into the business model behind successful NFT projects, highlighting how scarcity, community engagement, and brand building contribute to their success. Collectors can gain insights into how NFT projects might evolve and expand their reach while maintaining value for early adopters. The interview also touches on the challenges of balancing exclusivity with growth, which is crucial for collectors to consider when evaluating the long-term potential of their NFT investments.
The interview is worth listening to because it provides a broader context for understanding the NFT space beyond just digital art. The insights shared can help collectors make more informed decisions by considering factors such as community strength, utility, and brand potential when evaluating NFT projects. Moreover, the discussion on the future of Web3 and how established brands might incorporate NFTs offers a glimpse into potential future developments in the space, which could influence collecting strategies and investment decisions.
Game, Set, NFT: How Digital Tokens Are Serving Up a New Era in Sports Collecting
In a thought-provoking article for CoinDesk’s Consensus Magazine, Matt Novogratz argues that the intersection of NFTs and sports could potentially reshape how fans engage with their favorite athletes and teams. While the long-term impact remains to be seen, Novogratz suggests this trend may be more than just another tech fad, potentially reimagining sports fandom and athlete empowerment.
The article explores several intriguing developments in the NFT space. For instance, Novogratz points to AC Milan’s tokenized stadium experience and the Australian Open’s Art Balls collection as examples of how NFTs might enhance fan engagement. These initiatives, he contends, could offer new ways for fans to connect with their sports heroes, though their lasting appeal and value remain to be determined.
One of the more compelling arguments Novogratz makes is about the potential for NFTs to transform how athletes capitalize on their achievements. He suggests that by minting NFTs, athletes might create revenue streams extending beyond their active careers. This could be particularly significant for athletes in less-publicized sports, who have historically struggled to monetize their talents effectively. However, the real-world efficacy of this approach is yet to be proven at scale.
For collectors and investors, Novogratz posits that sports-related NFTs could represent more than just digital novelties. As the lines between collecting, gaming, and investing blur, he argues that understanding this new landscape could be crucial for those looking to capitalize on these emerging opportunities.
Ultimately, Novogratz presents a vision of NFTs and blockchain technology not just changing how we consume sports, but potentially altering the nature of fandom and athlete-fan relationships. His enthusiasm is evident. As with any emerging technology, time will tell whether NFTs in sports will live up to their proposed potential.
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