It only makes sense that advertising and marketing technology should heed the call. Immersive mobile advertising campaigns that use NFTs can be distributed programmatically across various platforms. Brands can use NFT technology to provide personalized gifts, vouchers or more to their customers. For example, Taco Bell recently sold NFTs for digital taco art (and donated 100% of the profits to Taco Bell Foundation, Inc.). This technology can help drive user engagement for brands and can be attributed back to a user or paid media channel without the need for a cookie. For a specific subset of consumers, it’s a win-win situation for both them and advertisers.
Having premised so much of financial markets regulation on the presumption of intermediation, it may be useful to consider the need for new rules and formal amendments aimed at achieving the longstanding regulatory goals of promoting investor protection, facilitating capital formation by establishing fair and orderly markets, and mitigating risks that disrupt and destabilize markets.
NFTs create opportunities for new business models that didn’t exist before. Artists can attach stipulations to an NFT that ensures they get some of the proceeds every time it gets resold, meaning they benefit if their work increases in value. Admittedly football teams have been using similar contractual clauses when selling on players for a while, but NFTs remove the need to track an asset’s progress and enforce such entitlements on each sale.
But beyond these fields, the potential of NFTs goes much further because they completely change the rules of ownership. Transactions in which ownership of something changes hands have usually depended on layers of middlemen to establish trust in the transaction, exchange contracts and ensure that money changes hands.
Outrageously, data selling activities make up a fair share of profit of such tech giants as Google, Facebook, Amazon and Apple, and also fueling allegedly ‘free’ online resources like Wikipedia. This inevitably points to the fundamental flaw within the system that has to be bailed out before it becomes too late.
Right now, blockchain stands at the forefront of a revolution aiming to brush off the most inferior manifestations of the capitalistic order – and the unquenched appetite for unfair gain at the expense of individual freedom is among them. Instead, this groundbreaking technology maintains the promise of giving back the reins of control in the hands of people to whom it rightfully belongs.
While legacy finance is losing the people’s trust, decentralized finance is becoming the fair and deserved future of money.
Trending away from institutional authority is also evident in the explosive growth of decentralized finance, or DeFi. By using decentralized applications on the blockchain, DeFi allows individuals to lend or borrow funds, trade coins and earn interest on savings. Their transactions are governed by smart contracts, embedded in the software; no bank, brokerage or exchange is required.
They developed the modern version of paper currencies. I think that crypto is going to be the most significant macro event of my career of the last 30 years, and it probably goes back even further. A lot of people think cryptos are a naked speculation on bitcoin BTCUSD, 0.62%, whether it will go up or down.
If you dig into the crypto universe, and you understand the phrase “decentralized finance,” or “defi,” you will find that they are recreating the entire financial system in a decentralized way, complete with borrowing, lending, derivatives trading, insurance, lotteries, automatic market making as well, too.