The NFT is a big thing now and it will be bigger in the next coming months and more so even years down the road.
But NFT, before becoming this monstrous tsunami, will be devastated and damaged first in the media because of a lot of its intrinsic problems that are rampant now in the market.
As crypto entrepreneurs and developers we’ve followed it closely and of course tried to stupidly buy a few stupid NFTs. 🤣
Here’s what we found out
You can take a photo of a painting in your bathroom, google a few description and title, auction it in an NFT marketplace and if it is sold at a decent price, someone would buy and gamble on it, thinking he can sell it at a higher price to someone else.
We actually did that ☝️ and minted the NFT on Bakeryswap and someone actually bought it. 🤣
We were laughing our asses of when people simply buy stuff on marketplaces without even knowing if they are legit NFT creations. 🤣
and from this point you’d realize the following things, 🤔
- The entire NFT marketplace now is effed up big time!
- A lot of people are trading NFTs left and right not knowing what they have is a fake.
- If you go to top NFT communities and actually talk to them, there’s a lot of horror stories that their profile and artworks were faked online and minted on NFT marketplaces
Once the NFT bubble bursts, not out of over price speculation alone, but by the damaged that has been done by fake NFTs. 🤦🏻♀️
Somewhere, somehow there’ll be this one type of NFT solution that would rise from the ashes.
NFT CONTRACT ID VALIDATION SYSTEM,
and yes you heard it here first ladies and gentlemen.
- NFTs that can be easily validated because they came from known personalities that have their contract id available on their main website or social media accounts.
- NFTs that are curated by a brand (DefyDefi) and minted in a single contract id.
NFT contract IDs will be a big thing in the future, it will be like checking the url of an email like joe@google.com. If the NFT contract ID is easily identifiable investors can easily trust the contract ID and buy the NFT.
This is what we are building in DefyDefi, we are defying the situation first in defi and again we will be defying the situation in the NFTs.
This is also why we are working hard in making sure that the metadata, NFT ID and QR Code will have its own backend database to simplify the validation of all NFT art pieces that are coming out of DefyDefi.
Here’s how it’s gonna play out in the near future:
When people want to buy our NFT from marketplaces they would simply
- Check the Contract ID displayed on the NFT
- Check the contract ID displayed on the marketplace
- Check the contract ID on defydefi.io
If all three matches, then that is a legit NFT.
Now if you are in the NFT trading game right now, you know you are not doing that entire validation procedure right?
You know why?
Because the entire NFT setup is not built for validation.
The blockchain is being used by NFT now as a ledger to track the origination of the first creator and owner of the smart contract.
But isn’t this why we are using blockchain to make validate the original creator?
Yes that is correct, but what if the originating owner of the contract ID is a scam artist?
- Marketplace developers didn’t know at the start that fake NFTs will be rampant.
2. Buyers have no clue that fake NFTs are all over the place.
3. Creators doesn’t understand how sophisticated scammers can get in recreating their entire profile online.
Creators are approaching the NFT branding game wrong, they should approach it from a Contract ID branding point of view.
And this is what we are doing as early as now, we are building a contract ID brand that all future NFT creations will be minted on.
We are building a contract ID brand that NFT artists will simply plug and play themselves on to, to simplify the validation procedure of their buyers.
I believe that if our DefyDefi brand becomes well known in the market, people would simply memorize the last characters so it would be easier every time they are buying DEFY NFTs in the market.
DefyDefi is not all about minting our own NFTs. We will connect influencers with designers and connect all the dots in one NFT contract ID brand.
You can go all over the internet, the idea by itself has never been thought of and more so never been done before.
We would be the first to DEFY everyone in defi and NFT! 💪😉
I’d love to have an in-depth chat about this on our upcoming AMA.
If you’ve read this far and understood the problems we are solving, then you would know why DefyDefi is indeed here to stay and ready to DEFY everyone in defi and NFT.
Please do not invest without knowing the long-term vision of Defy and Khuriya.
If you want to know everything about us please ape on the following links:
https://medium.com/@khuriya100
https://twitter.com/khuriya100
https://twitter.com/DefyDefi_
https://defydefi.medium.com/
Khuriya Chat
https://t.me/khuriyabsc
Defy Chat
https://t.me/DefyDefi
Defy Unfiltered
https://t.me/DefyDefiUnfiltered
