Thread by @InbloomStudios

NFTs are in their very infancy.

As such, they are suffering from numerous teething problems that are hindering adoption and innovation in the space.

Below we discuss some of our views and why we believe the #internetcomputer is the solution👇

1/13

Coming from numerous different backgrounds; art, film, business and finance, we were all incredibly excited when we first heard about NFTs.

What isn’t exciting about digital ownership that is interoperable, secure and permanent?

2/13

The possibilities of tokenisation felt endless:

- Art 🖼 (of all forms)
- Real estate 🏡
- Gaming 🧜‍♂️
- Logistics 🦺
- Event tickets ✍️

(just to name a few)

3/13

We were particularly interested in the possibilities of NFTs and art.

Could NFT's be the solution to the age old problem of artists struggling for recognition and financing; whilst opening up the world of art ownership to everyone and anyone with an internet connection?

4/13

To answer the above question, like most, we went deep down the NFT rabbit hole.

Upon surfacing, we felt rather disillusioned with the space and where we felt like it was heading.

5/13

Together, we spent much time deliberating what it was that had left us feeling disillusioned.

To try and simplify our feeling's, we broke down our problems with the space into two different areas: subjective issues and objective issues.

6/13

Let's start with NFTs objective issues:

- Almost all NFT data is stored off chain, on centralised servers (your NFT is not secure or permanent)
- Gas fees (average Ethereum user paid $200 per transaction in 2021)
- Poor UX (transactions take minutes/sometimes hours etc.)

7/13

Subjective issues with NFTs:

- The vast majority are brought and sold based on speculation that 'price go up'; rather than on artistic merit or utility.
- Most communities are built on false hype (whitelist etc.) and under the pretence 'we're all going to get rich'.

8/13

- Many NFTs, by no means all, are of low effort and/or at worst merely copies of previously successful projects.

We believe the objective issues have created the subjective issues; a vicious cycle that is stagnating progress and innovation in the NFT space.

9/13

But fear not.

There are solutions to the objective problems and as a result, the subjective problems we perceive can also be solved.

Yes, we could use Ethereum, a L2 and store data on IPFS. But why settle for an overly complex, technically limited/inferior stack?

10/13

The #internetcomputer solves the above stated objective problems:

- Zero gas fees 👌 (user pays zero to buy/sell/transfer)
- NFT data is stored entirely on chain 🤟(securely and permanently)
- Vastly superior UX 🤌 (transfers take seconds etc.)

11/13

( How the #IC achieves the above is well beyond the scope of this thread.

For those interested however, the following is well worth a read:

dfinity.org/whitepaper.pdf )

12/13

By solving the problem of fees, storage and excruciatingly painful UX, the #IC has opened the floodgates for innovation and experimentation.

It is already evident that much of the aforementioned negative cultural baggage is not present in the ecosystem.

13/13

Therefore, we believe the #IC will allow us to provide the best platform possible for artists to succeed, innovate and push the boundaries of NFTs.

In doing so, for everyone and anyone, we hope to create inspiring art, genuine utility and communities that thrive.