NFTs have been getting a lot of buzz as investment strategies, but could they ultimately be the beginning of a revolution in how people think about trust? ho_ben investigates.
entails risk—it is much easier to trust your neighbor than it is to trust a supplier across an ocean—but institutions that facilitate trust have allowed us to form societies that create and innovate on a global scale. Today, trust pervades every part of the modern economy. You can see this in the money we use that is backed by the full “faith” and “credit” of the government . New institutions, like the ones that allow strangers to get into our cars or to sleep in our homes , also build trust.
Many blockchain proponents believe the technology will allow us to manage the exchange of money or property rights without the burden of bureaucratic rules and outdated systems imposed by old institutions. However, blockchain technology can be useful for jumpstarting trust in new institutions in developing countries.and economic experiments suggest that trust is earned through repeated interaction, forged through customs and norms that can take generations to develop. The U.S. financial system has had hundreds of years to build up trust, but people in a developing country with relatively new and/or weak legal institutions may be less likely to trust a new bank.
Why would we want to claim ownership of an instance of a digital image in the first place? Because, increasingly, we live in the digital world. Many of our interactions with other people already happen online. As more of our social lives become digitized, perhaps in the coming metaverse, people will spend more and more money expressing themselves online—just as they do in the offline world today.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How to use crypto, NFTs, and the metaverse for your businessHow entrepreneurs can use crypto, NFTs, and the metaverse to generate millions in revenue and gain customer loyalty, according to founders and executives
Read more »
How Anchorage is helping hedge funds custody hundreds of millions of dollars in NFTsIn this episode of The Scoop, Diogo Mònica, co-founder of Anchorage Digital, joins host Frank Chaparro to discuss why institutions need a custody solution, and to explain why there is a growing institutional interest in NFTs.
Read more »
Hacker steals $1.7 million in NFTs from DeFiance Capital founder CheongA hacker has stolen assets worth over 585 ETH from Arthur Cheong–a DeFi venture capitalist and founder of DeFiance Capital.
Read more »
Sylvester Stallone Gets In The Ring On NFTsEXCLUSIVE: Sylvester Stallone is getting in the ring big time on collectible NFTs. He is launching the PlanetSly NFT collection, comprised of 9,997 generative digital art pieces celebrating his life and film career
Read more »
Robinhood Sees a Lot of Potential in NFTsMost popular commission-free trading app is still reluctant to add more cryptocurrencies, according to one of its executives
Read more »