At the moment I don’t have better language… But with large entities such as Visa(financial institution) investing into cryptocurrency, and as more centralized businesses(Budweiser, Marvel, Coca Cola) get involved in the cryptoverse, we’re going to have Locked and Unlocked blockchains.
At this time, art NFTs are primarily secured on the Ethereum Blockchain. This blockchain is decentralized- making it unlocked. Users are in control of their own wallets, and can mint their own NFTs, and make their own smart contracts if they want to.
🧨However there are also other blockchains such as Flow which secures TopShot NFTs. Flow is a black chain, but at the moment it is locked- when it comes to interoptibility. At the moment you’re NFT on Flow cannot be exported to another blockchain.
💰As large corporations, banks, other financial institutions, and large IPs look to get a cut of cryptocurrency capitalism, they will be using locked blockchains so that they can control their ecosystem. They will still call their digital assets NFTs, and they will still call their database a blockchain- but it will be locked because it will not be decentralized.
What is your take? Are you a blockchain maximilist?
Institutionalism is inevitable.
Bankless Podcast with Raoul Pal https://podcasts.apple.com/us/podcast/bankless/id1499409058?i=1000533545818
Hi I’m Mars, I am an artist and not a writer. Yes I know my blog posts aren’t very journalistic, and a grammatic mess, but I am passionate about digital art in the cryptoverse. Feel free to expand upon my ideas in your own writings,. I would love to read your own work… Send me your links!
Cheers! [email protected]