NFTs can be used to improve the current financial system

You may have a vague idea of ??what an NFT is: a virtual document conveying some ownership of a virtual good. As with their cryptocurrency cousins, NFTs have the potential to be very valuable: If you bought the right NFT — say, a CryptoPunks or BoredApeYachtClub cartoon — at the right time, you could have made a fortune.

The role of NFTs has the potential to expand as they expand beyond a high-stakes investment product into a tool for establishing identity, ownership, and even community.

NFTs are more than just JPEGs.

Innovation in NFTs could impact how we store wealth for future generations, especially as digitization gains momentum.

Regular use of NFTs is imminent. Believe it or not, companies and brands are packing up and moving into the metaverse, or “web3”, at an exponential rate. NFTs even have the potential to displace the institutions that currently surround financial systems.

The need to improve the current financial system

More than 45 years ago, governments around the world devalued their currencies without the backing of gold. Both developed and developing governments have repeatedly failed or had to be bailed out by their central banks by issuing increasing amounts of fiat currency.

This has led to a global economic collapse due to rising debt, negative interest rates, significant debt, currency devaluation and repeated defaults.

Blockchain usage in the current financial system

Blockchain technology has already been adopted by many institutions and continues to present the perfect opportunity to correct flaws in the current financial system, which is what the Gold-Silver Standard to achieve goals.

Once again, money can be based on something unbreakable, unlike the current FIAT system which is backed by “government promises”. This means a system where the standard is underpinned by the same currency that society has recognized for millennia – gold.

Enter the gold-silver standard

Gold Silver…

source_link https://www.digitaljournal.com/pr/nfts-can-be-utilized-to-improve-the-current-financial-system