The value of NFT lies not in rarity, but in the description of the structure.
Original Title: “Back to the Future, Recognize NFT”
Written by: Black Dragon Lee
After the advent of the Internet, human society has ushered in rapid development, subverting the production and transmission of information, and changing the evolution direction of civilization. However, in the decades after this singularity, human beings have been obsessed with patching up the foundation of the Internet. New protocol standards, programming languages, technical hardware, network equipment and other minute innovations have made people tired of exploring the next one. We have not seen a new revolution comparable to the birth of the Internet for a long time because of the violence that has swept across the entire civilization.
Twelve years ago, the birth of Bitcoin and blockchain allowed people to truly own their own assets for the first time, making borderless value transfer possible. If the Internet is the infrastructure in the era of information civilization, then the blockchain is an exploration of the value society in the future, allowing human civilization to shift from the transmission of information and content to the interaction of assets and value, which has opened a new rise for the evolution of civilization. aisle. On the eve of the revolution in the blockchain era, we have seen the emergence of many protogenesis assets, which also proves the madness of DeFi, a financial system independent of the real world. But now we still cannot achieve the integration of the two worlds on the chain and off the chain. Assets and value can only circulate in a closed loop in a mutually independent system. The key to solving this problem lies in the assets on the chain. I think the best asset carrier is NFT.
In the past NFT market, people tended to limit their attention to the scarcity of applications. This is the biggest misunderstanding of NFTs. It is entirely due to the imprisonment of thinking brought about by empiricism. They treat blockchains and blockchains according to the laws of real society. The development process of NFT.
Every evolution of human civilization is not only the evolution of technology, but also the evolution of thought. This article will try to lift the seal of thought and expand the imagination of NFT in the encrypted world with the scale of “NFT structure”.
Transfer of value
Content delivery
Once upon a time, chariots and horses were far away, letters were very slow, and only one person could be loved in a lifetime.
Nowadays, with the advancement of science and technology, information has no boundaries, and cross-time zone communication has become commonplace. The Internet has become a rigid need of our basic society, and the transmission of network information has become a necessary component of communication. The dissemination logic of Internet information is to convert traditional different types of information into machine-readable 0/1 binary data through technical means, and then achieve information interconnection through data transmission between networks.
With the continuous development of science and technology, the Internet has also evolved. Wired networks have undergone five changes from ADSL dial-up to LAN broadband to fiber optics. Mobile communications have undergone five changes. The physical hardware performance has improved by leaps and bounds as Moore’s Law takes effect. The innovation brought about the development of content delivery, which is reflected in the two dimensions of content form and ideology.
Rich content form
The development of content digitization is a process of continuously expanding the amount of information that can be carried. From the early text digitization to pictures, audio, and video, the Internet can carry and transmit content forms that are constantly enriched, and the derived functionality and service are also increasingly permeated. In daily life.
Ideological change
In the Web1.0 era, the Internet is only used as an information sharing platform. The generation and consumption of content is often in a one-to-n relationship. Discourse groups and early Internet companies control the role of content producers. Netizens as consumers can only be passive Accept information from the Internet. This stage is equivalent to the functional reproduction of traditional books, newspapers and other information carriers on the Internet, without the use of the Internet’s characteristics to give new connotations.
In the Web2.0 era, the Internet has shifted from “information sharing” to “information co-construction”. Netizens’ power on the Internet has been elevated from “read-only” to “write-in”, and concepts such as UGC and PGC have been derived, which is equivalent to being aware of Morphologically, the main body and voice of the Internet are dispersed to individual users, and everyone has the dual role of content consumer and producer. This has brought about an explosion in the magnitude of Internet content, leading to the demise of portals that use PV, UV and other parameters as assessment indicators, and the birth of a community-based Internet platform with user quality as its core competitiveness. From the popular BBS and Blog of the early PC Internet to the content production communities such as Youtube, Facebook, Twitter, and Quora of the mobile Internet, they are all products of the Web2.0 era.
In summary, we can say that the development of the Internet = the development of digital content. In the past decades, the Internet has brought subversion to the inheritance of human civilization, but this has also set the shackles for the future of the Internet. After all, its application has never been Break away from the scope of content (information) transmission, and there is still a gap between the Internet of Value, one of the important propositions of the Web3.0 era. In other words, although the binary data information transmitted by the Internet can generate value, the Internet cannot carry the value itself.
So where does the value come from?
In the real world, the best manifestation of value is assets. Real estate, stocks, bonds, and copyrights are all assets. These assets are currently not truly integrated with the Internet, and there are no “real assets” on the Internet. To give a simple example, UserA transmits his real estate certificate to UserB via the Internet, but UserB can only obtain one picture, and no real estate value transfer occurs.
To cope with the development dilemma of the Internet of Value, the simplest idea is to transfer assets to the parallel world of the Internet, and achieve efficient transfer of real assets in the network. It can be understood as “asset online”, but due to problems such as difficulty in determining assets, this The idea is obviously not valid. At this time, the blessing of blockchain technology may be able to bring some new ideas to the transfer of assets.
Transfer of assets
Protochain assets
The definition of assets on the protogenesis chain: assets originating in the blockchain world, decoupled from real assets, and completely decentralized. For example, BTC, ETH. However, centralized stable currencies such as USDT are not in this category.
Assets in the real world need the protection of legal provisions, sales contracts, and regulatory agencies. Similarly, legal loopholes, contract fraud, and agency behavior can also make your assets evaporate or change ownership in an instant. There is no need to consider this issue for assets on the protogenesis chain. The decentralized blockchain network allows the ownership and disposal of these assets to belong to you permanently, and there is no possibility of any third party forcibly depriving assets.
Two stages of asset transfer on the chain
From the perspective of the development path of asset transfer on the chain, there are two stages:
Digital assetization: the manifestation of asset attributes of assets on the protogenesis chain. For example, the current BTC and ETH, which have their own asset attributes, were mainly reflected in transfers and transactions in the early stages of development. Later, with the development of DeFi, a wider range of financial activities such as lending and wealth management have been realized. The stage we are currently in is the period of digital assetization. The innovation of DeFi in each track is to build an on-chain financial system independent of the real society, and the assets on the protogenesis chain can achieve an internal cycle of value in this system. However, this relatively closed development method is obviously not enough to shake the foundation of the traditional financial system. The market value of only $400 billion in the crypto market is the highest ceiling for its future development.
Asset digitization: that is, actual assets are on the chain for circulation. This is a very imaginative stage. If assets with value attributes in reality can be reflected on the chain and can circulate freely like assets on the protogenesis chain, then it is equivalent to the total amount of human economy directly transferred to the blockchain on. Although this idea seems shocking now, under the development trend of blockchain-especially the development direction of NFT, it is completely possible to achieve. Everything on the chain may become the following after the birth of the Internet in 1969. The novelty of human civilization.
We can also see in the current blockchain industry that there are already some DeFi projects that have smelled the breath of change and are exploring the real assets on the chain. I believe that in the near future, there will be more and more such projects, and the boundary between the real world and the encrypted world will gradually blur until it dissipates.
On-chain governance
The significance of asset digitization and chaining is to move valuable assets in the real world to the chain, so as to realize the actual use of real assets on the chain, such as confirmation, payment, and circulation. But on our way to this beautiful vision, there is still a mountain traversing-how to conduct asset evaluation, the current encrypted world and the real world are completely isolated, and “oracles” are needed to transmit trusted information off-chain to the chain , As a bridge between the two, but we have not yet found a truly reliable oracle that can provide this kind of service. If the assets or information on the chain itself are fake, then the chain will be meaningless, and spam will not be converted into effective information because of the chain.
Regarding this issue, the current mainstream view is to let a centralized regulatory agency take on the role of an oracle, evaluate, authenticate, and authorize assets, and then upload the chain. This seems to be a “perfect solution” combining reality and on-chain, but the biggest bug is the regulator acting as a “black box”.
For example, one of the culprits of the subprime mortgage crisis in 2008 was the three major rating agencies: Moody’s, Standard & Poor’s, and Fitch. They collected money from banks and packaged C-grade bonds and A-grade bonds into B+ grades. Asset package. How to ensure that this historical lesson will not repeat itself on the chain? Who will supervise the regulator? Who will supervise human nature?
The centralized method of capital verification is to use traditional empiricism to deal with the new thing of the blockchain. Centralized institutions play a decisive role in it, making the asset chain itself a false proposition.
In contrast to the encrypted world built by assets on the protogenesis chain, due to the rendering of decentralized ideas, DeFi is more inclined to the emergence of collective wisdom, and the governance rights are distributed to participants in the form of governance tokens, and then through smart contracts Implement governance decisions to achieve the goal of decentralized governance. This seemingly equal and democratic design is not foolproof. A few capital giants can still rely on a large amount of capital investment to easily occupy most of the governance tokens and monopolize governance rights. The Matthew effect and Pareto rule in the real world will be It takes effect again on the chain, and many DeFi projects that are now in sight are the same, wearing the cloak of a new decentralized financial order, driving the reverse of traditional finance.
The existing so-called decentralized governance is only a phased solution that maps the “rule of man society” to the chain. We can only hope that the giants who hold a large number of governance tokens can provide fairness and development for the project. The correct decision, their will represents the trend of the encrypted world, just like a few people in the centralized real world are in power. At this stage, people only have blockchain technology, and they don’t really have “blockchain thinking.” A higher level of the encryption world requires the evolution of everyone’s thinking, so that the on-chain civilization will fully transition from a “society ruled by man” to a “society ruled by law”. Code is Law is the past tense. Only Law is Code is the evolution of the organization. Intelligence is “collective wisdom.” Is the current “country”, “money” and “ideal” in our lives necessary for survival? In fact, it is not. They are all fabricated by our imagination. The phantom and the real bubble have not distinguished each other from the moment our wisdom was born. Only imagination is the core competitiveness.
Therefore, when we are thinking about the logic of the blockchain world, we may have a dialectical mentality and refer to the reality. The existence of the world on the chain does not necessarily need to compromise with reality. Maybe it is not the blockchain going to humans, but the humans going to the blockchain. Sometimes a big change will break the old world. What really needs to be changed is the pedantic financial system in the past. We should not get it wrong.
The products of the world on the chain are very different from our original experience. It should have its own way, rather than a summary of our financial experience in the past. The financial system of the old world was originally full of flaws.
The use and definition of NFT
NFT stands for Non-fungible Token, which is the relative concept of Fungible Token (FT). The biggest difference between the two is “unique” and “divisible”, which makes NFT more suitable for benchmarking assets in the real world ——After all, the evolution of civilization has given a differentiated description of everything. Even a mass-produced consumer product will have different production dates and coding.
Existing views often describe the NFT market as an independent track, making a fuss about its scarcity, using encrypted artworks and game cards as the main value output channels. This is actually a very strange phenomenon, just like no one would treat FT as an independent market.
The reason for this misleading statement is that empiricism limits the imagination of the entire industry. NFT has gone from a brief highlight in 2017 to its slow development in recent years. Many people have lost their way because of the popularity of CryptoKitties. They have bound NFT with art, cards, scarcity, etc. in the mindset, but they have not realized this. It’s just a small part of the NFT application scenario.
The future application of NFT should be very extensive. Its existence enriches and refines the breadth and depth of the use of Token. Its rise should be smooth and silent. All categories can be related to it. After all, there is a difference between NFT and FT. The relationship of reciprocity and complementarity. Compared to FT, NFT should be a broader concept, just as non-standard product transactions in the real world are far greater than standard product transactions.
The rise of DeFi in 2020 will push NFT to the forefront again. DeFi+NFT has given the market a refresher education, and many people have started to rethink the more valuable future of NFT. In particular, DEGO is quoting the core idea of ”Structure Description”, which allows us to see that the NFT, which has long been shaded by the veil of “collectibles”, is returning to its original appearance.
NFT structure description
a leaf
“The value of NFT lies not in rarity, but in the description of the structure.”
Let’s take leaves as an example to discuss how the structure description can give NFT new ideas.
There are no two identical leaves in the world, and every leaf we pick up on the ground is a special existence. If I own a leaf, I think its veins are beautiful and unique, and think it is worth 2,000 yuan, and you recognize this value and are willing to buy it, then its value is 2,000 yuan, which comes from our “consensus.” If you think it is only worth 1 yuan, then our consensus does not match. Either I lower the price and sell it, or wait for someone with a consensus on the value of 2,000 yuan to appear and buy it.
This is an example of the scarcity application of NFT. Nowadays, encrypted artworks often rely on this rough “abstract consensus” to speculate prices. Although it is undeniable that a small number of encrypted artworks have unique artistic charm, most of them are pure bloggers. The player’s purchase intention is limited to finding a player who is willing to pay a higher price.
If we convert this leaf into a “structure” that wraps assets and let it add more attributes beyond the “abstract consensus” of rarity, then the description of this structure may be:
- 0. Picture: Leaf
- 1. Name: Mulberry Leaf
- 2. Face value: 10000USDT+500ETH
- 3. Category: synthetic assets
- 4. Grade: A
- …
If we do not consider the scarcity and practicality premium brought by 0, 1, 4, then the reasonable price of this leaf is its “face value”. If you consider the first two attributes, then its value will be greater than the “actual face value.” In other words, this leaf has both the guaranteed bottom value brought by the basic face value and the consensus value with premium space. The “universal certainty” brought by the face value and the “rarity” of its own can make it in a controllable Reasonable pricing within the scope.
If the leaf is an NFT asset on the chain, then the structure description can enrich its value connotation. The first application is to wrap the structure of FT encrypted assets. For example, using BTC and ETH to mint NFT to form an asset package, which is equivalent to an index fund wrapped in multiple stocks in the real world. If you assign functional value to this NFT (such as DeFi mining) or bind a painting, then its value is higher than the face value of the FT spent in casting.
Corresponding to the real world, the best example is the “school district house” with Chinese characteristics. For houses of the same size and floor, the difference in school districts may be caused by the difference of one street, and the price will be above and below. Among them, the area and floor are the “face value” of the guarantee, and the geographical location and school district attributes are the “consensus value” that triggers the premium.
NFT blind box
Most of the blind boxes are bought for “blind”, and only a small portion are bought for “boxes.”
Many people compare blind boxes with figures and models, although they are similar in nature. But buying blind boxes is not just to get the cute dolls inside. The greater fun lies in the moment when you open the box and spy on whether the doll inside is the one you want.
As we all know, things are rare and expensive, and the value of an item is not only determined by its cost, but also depends on its rarity. Each series of blind boxes has one or two that are very popular, and the quantity is relatively rare, coupled with the deliberate hype of some people, these styles are often sold 50% more expensive than the original price! Not to mention that each series will have extremely rare “mystery models”, and they will even be sold at even more exaggerated prices.
The 2017 CryptoKitties can be called the originator of the NFT. The disadvantage of CryptoKitties lies in its intrinsic value. Its scarcity can be guaranteed by the decentralized consensus algorithm. A picture of a kitten is shown, and it is said to be extremely 1. Rare cats that are generated with a probability of one in 100,000 are really so many probability that no one can make a fake; if they can’t be copied, they really can’t be copied-the ERC721 standard is also public, and there is no fraud Troubles.
Even the creator of the game has no way to violate the algorithm and secretly generate countless rare cats for arbitrage. However, the traditional blind box is centrally produced by an enterprise. The so-called “rarity” is completely guaranteed by the corporate reputation. Assuming that the price of the rare blind box reaches 10,000 times or even 100,000 times, then the producer of the blind box It is expected that there will be no better market, and the bubble will burst soon, then they can obviously easily manufacture a large number of rare blind boxes in the workshop, and then sell them in the market for arbitrage.
For example, the scarcity of CryptoKitties is a simulated natural scarcity, just like rocks in the soil and fish in water. After the development team has set the probability, it will become a smart contract on the Ethereum chain when it goes online. The development team cannot Modify it easily; and the scarcity of blind boxes is artificial scarcity, just like a person deliberately pinches a large water pipe into a finger as thin as a finger, and then pours water and sells money bit by bit, and says he will I’ve been pinching so fairly, and don’t secretly release water to anyone.
What will be the effect if the structure design is introduced for NFT?
In 2020, DEGO and Aavegotchi have given intrinsic value based on the previous CryptoKitties, which not only preserves scarcity, but also solves the problem of usage scenarios. In particular, DEGO makes reasonable use of “structural thinking” and organizes an unprecedented “shovel” “activity.
Players need to complete official tasks during the event. After completing the tasks, they can forge a free NFT shovel wrapped with a random number of DEGOs. These NFTs have structural attributes. The number of wrapped tokens determines the “base denomination” and “level”. The mining efficiency of the NFT shovel can be used as a premium added value.
Due to the difference in random “face value” and “level”, this event has become an NFT “blind box”. In theory, high-face value NFTs have higher basic pricing and premium space, and players will be curious and speculative. Driven by psychology, they continue to extract blind boxes and become the creator and contributor of building the NFT world. Moreover, these NFTs will not depreciate due to the large amount of output. These low-level shovel in the later stage also have more usage scenarios, such as “casting”, “synthesis” and “forging”.
After introducing “structural thinking”, the value of DEGO NFT is not only “scarcity”, but to allow NFT to sink from the inaccessible sky tower to more practical application scenarios.
Application assumptions of NFT structure
nToken proof of equity
cToken is an interest-bearing Token launched on Compound V2, and it is also a certificate for users to deposit assets in Compound. cTokens was originally used by Compound to simplify the user’s experience of earning interest on borrowing items in the on-chain lending market.
Before the launch of cTokens, lenders needed to lock funds in a pool of funds to earn interest. In this way, the funds locked in the lending market can only be used after unlocking, and the amount of funds available for lending to the lender will be reduced when it is withdrawn. After the launch of cTokens, this side effect can be avoided, because the funds on the Compound platform will circulate in the open market in the form of cTokens, which will not affect the funds locked in the platform, and therefore will not reduce the amount of funds of the borrower .
If we replace the common FT in DeFi with NFT, that is, mortgage NFT for lending, financial management or liquidity mining, then we can also generate a cToken-like proof of equity (tentatively named nToken) with the minting of NFT, which is similar to The advantages of cToken are similar. When NFT assets are in a certain agreement, users can take nToken to other agreements to get more income without unlocking them, or directly conduct transactions, which corresponds to the real world, similar to UserA mortgaged in the bank The house in China is directly transferred to the bondholder to UserB.
Of course, nToken can also use more imagination to explore the possibilities of more applications of its own besides cToken. For example, since nToken is produced with NFT minting, can multiple nTokens be combined to form a new asset portfolio to capture more value?
Shaping a differentiated value distribution system
In Compound, through factors such as the number and time of cToken held by users, we (or smart contracts) can judge their participation, contribution and understanding of the product from the side, but the dynamic information that FT can accommodate is limited, if Display cToken in the form of NFT “structure”, then more dimensions of data can be added, and smart contracts can use this as a basis for judgment to assign differentiated revenue coefficients and governance weights to different users.
In the same way, NFT can also reshape the LP Token of AMM DEX. Taking Uniswap as an example, the income of liquidity providers is only related to the one dimension of the amount of funds invested, whether they are old players or new players, whether they are loyal Believers are still speculators, and everyone is equal before the rules. On the contrary, this apparent equality will increase the effect of promoting capital monopoly, and will invisibly damage the interests of true contributors. If the LP Token is displayed in the form of NFT, the time dimension is added, and the additional weight is calculated according to the duration of the user’s liquidity, similar to the coin age in PoS, it will allow players with consensus to get higher rewards. Gold, platform governance tokens will also be distributed to players with governance capabilities.
The mining computing power partition and speculation penalty mechanism currently used by DEGO is a preliminary exploration on the differentiated value distribution system. If subsequent DeFi can involve computing power, LP Token, governance rights, etc., which involve user benefits and power The factors are all presented in the form of NFT, then the governance system of the entire DeFi world will usher in a drastic change, and the situation of capital ruling everything will be completely replaced by consensus.
Introduce the concept of bond pool
Although NFT is a Non-fungible Token, in fact, the contract can set an “NFT framework” other than the “NFT standard”. Assuming that under the same “NFT framework”, this framework can become a “pool” and the NFT can be mortgaged to change By generating FTs as “bonds”, NFTs can be traded in batches like FTs, and the liquidity problems that have plagued NFTs for a long time can be solved.
For example, all kinds of consumer products in the real world are NFTs. For example, the iPhone is the same iPhone12, the same color, size, memory and even the same Foxconn, but the IMEI of each mobile phone is different, they are just like the mobile phone. ID card. If there is an “NFT framework” that specifies some important and minor parameters, then you can buy iPhone 12 in bulk at one time.
Expansibility of GameFi Assets
GameFi is gamified finance. In the future, DeFi monetary policy may become more gamified, and user assets will become equipment used by DeFi games.
We can get some inspiration from existing blockchain games that use NFT. There are often different types of assets in games, such as game characters, character accessories, weapons, weapon accessories, pets, etc. These assets can be mapped into contracts as Different “classifications” of assets can generate more segmented game scenarios. For example, thresholds can be set in the game, and players with “classifications” as “role 1” and “pet 1” can enter the designated Copy.
On this basis, it is feasible to introduce “GameFi thinking” into the real world financial market more deeply.
In the real world, banks will classify various types of assets. For example, in the case of ABS, there are multiple “classifications”. Asset securitization is divided into real estate securitization, accounts receivable securitization, credit asset securitization, and future income In securitization, bond portfolio securitization and other categories, banks will make various reasonable allocations according to different asset classes and different risk exposures. We can divide different types of securities into different “classifications”, just like the “equipment” system in GameFi. Banks write rigid entry or redemption clauses in the contract in advance. With the help of smart contracts, all participants can be It can be configured freely in a fair and open environment.
Future NFT usage scenarios
Separation of ownership and use rights
As a structure, NFT has more application attributes than FT due to its complex carrying value. If the oracle solution is mature enough, it will be possible to realize the NFT of assets on the chain in the future, then the application boundary of NFT will expand again, and the application scenarios of real-world commodities, real estate and other assets will have the opportunity to be transferred to the chain, such as real estate. Leasing, product trial, precious metal pawn, etc. These applications are different from peer-to-peer asset transactions in that they do not involve the transfer of ownership, but give other users limited use rights.
Tracing back thousands of years of historical civilization, mankind has established a relatively complete legal system under the chain. Regarding the part of civil property rights, we have passed a black and white contract to keep the license hereby to divide asset ownership and use rights.
Smart contracts, that is, use code to restore the law, without human intervention, we can directly integrate the contract into the NFT, giving birth to a new regulatory path. Balance justice, efficiency and fairness, and achieve code governance.
There are existing NFT standards that claim to support the separation of ownership and use rights, but they often lack the parameter of the “time” dimension. That is to say, NFT owners cannot specify the use time when granting use rights to other users. This problem makes The separation of ownership and use rights has become a simple concept, such as the BCX-NHAS-1808 NFT standard for blockchain games launched by Cocos-BCX.
NFT pawn
Pawn in the real world refers to obtaining a certain amount of funds by pledging valuable assets. The principal and interest are delivered before maturity to recover the assets. If the principal and interest cannot be delivered in time, the assets belong to the pawnshop. This set of logic is applied to the crypto world, similar to excess mortgage lending, but the difference is that lending is an interaction between individuals and the platform’s fund pool, while pawns can be peer-to-peer transactions. When UserA initiates a pawn request, the smart contract transfers the right to use the NFT to the pawnshop or the individual user UserB who accepts the pawn business. UserA gets a certain amount of funds based on the asset value of the NFT package. If UserA fails to deliver the principal and interest due to the expiration date, the NFT’s Ownership will be transferred to the pawnshop or UserB.
NFT lease
In the real world, leasing is extremely common, such as the traditional renting business, and the shared bicycles, power banks, and electronic equipment generated under the sharing economy. Let’s take renting a house as an example here. UserA has an idle real estate, through the chain confirmation, an NFT that wraps the real estate is generated, and the location, rent, lease and other related information of the real estate are set through the smart contract in the NFT. When UserB wants to lease the property, he needs to pay a deposit and rent to UserA to obtain the right to use the property’s NFT. If the rent is withdrawn during the period, UserB’s right to use will be recovered. If the rent has been paid normally, it will wait until the lease expires At that time, the right to use UserB will be recovered and the deposit will be returned.
The leap from information society to value society
The application of the Internet has changed the way of information transmission and civilization inheritance. People’s behaviors such as communication, production content, knowledge acquisition, and dissemination of ideas have all been integrated into the binary code, which has made the modern information society of today’s data explosion.
The emergence of the blockchain has allowed us to see more possibilities for value generation and transmission. We have witnessed the digital assetization process of a Bitcoin from scratch, and we are also exploring the value prospect of asset digitization from zero to infinite. Relying on the ideological evolution spawned by technological advancement, we are no longer satisfied with the current stable and boring social, economic, and financial system. Starting from the ideological anchor point of “NFT+”, we look up to a deeper starry sky.
This transformation of assets and value will not stop at the evolution of information interconnection to value interconnection, but with the blessing of blockchain, it will promote the overall chaining of human society, from a centralized information society to a decentralized value. society. What follows is a brand-new on-chain governance system and value distribution method. Assets and value will no longer be restricted by law or the rule of man within a small country or territory, but will achieve absolute privatization and integration on a borderless basis. Free circulation, and rely on collective wisdom to create a higher-dimensional human civilization.
After the introduction of structure description in NFT, we are not far from this future. Perhaps after the 100th birthday of the Internet, we will be able to break through the barriers on and off the chain and achieve a wide range of assets on the chain. The value on the chain will account for the majority of the human economy. At that time, the control of civilization by centralized institutions will be greatly weakened, society will embrace the blockchain, and mankind will enter a new world.
