All the interest of the Flow blockchain is the result of a bad experience in 2017 on Ethereum.
Cryptokitties, a product from the company dappers labs launches on the ETH chain in 2017 and manages to saturate the network with its only application ... The exchange of a small kitten thus became more expensive in transaction costs than the purchase itself .
3 years later Dapper Labs launches its own blockchain, FLOW blockchain by solving all the problems encountered in 2017, including scalability and specializing in NFT products.
At the moment, namely December 2021, minting an NFT on opensea or Rarible, to name a few on the ETH chain, costs around $ 50 in the best cases. On the Flow blockchain, less than 1 cts and 100 times higher scalability.
The number of transactions per second targeted by Flow is 100 tps. Important element to take into account in a project such as TheMasterPiece for example, since the latter must minter an 8k image representing 33 177 600 NFT and the whole FULLY ON CHAIN.
A challenge never done before and impossible to accomplish on ethereum. Currently, a lot of NFT projects without fundamentals (be it gaming, art ... as mentioned above) are launched mainly on ethereum.
Like every new technology, a speculative bubble is being born, like ICOs in 2017 or whatever the fundamentals, people would buy as soon as it was marked ICO, with the sole aim of making a substantial gain. Like any bubble, many projects can be expected to die when one collapses, or only the strongest will stand out. A good bet that less than 5% of them will still be present in the next 5 years.
Despite all the possible use cases in NFT, the most used today are in the field of art, collectibles and metaverse:
- Metaverse, you probably haven't missed the Facebook ad renaming itself “META”. The latter announced to invest no less than 50 million dollars in this project, why? By popularizing as much as possible, the metaverse is a parallel world where you can immerse yourself in it thanks to occulus-type glasses (produced by Facebook by the way). Imagine a loved one who is thousands of kilometers from your home, you could each meet in this virtual world, load an avatar with an NFT that you have created beforehand and attend a virtual film, a concert ... all this paid off with real money… an entire economy is slowly being set up around a universe that escapes many people, but where a GAFA takes the reins in this area.
- Collectibles, cryptokitties for the best known, the economy in this area is diluted in having more or less rare cards depending on the characteristics of these, in order to be able to play with and earn points, exchangeable for cryptocurrency, we call it “play to earn” and it is in this area where you will find the most scams, pandas, dogs, gorillas… which sell for a high price, there are only 100 , 1000 or 3000 unique copies of these…. It is true that rarity is a positive thing to speculate on, except that if no one is interested in this one, no matter how much there is, you will never be able to sell it!
- The field of art is in my opinion the most ethically viable. Innovative projects are rare and generally revolve around a single artist, having his own community and federating around it. A project still stands out, “TheMasterPiece”, built on the FLOW blockchain, offers an unprecedented array containing more than 32 million pixels, completely blank, fully on chain minted (fully in the blockchain). Understand here that everyone can buy a portion of the painting, draw on it as they wish (no image upload) and be part of a community of artists who, little by little, will be part of a gigantic work. It is no longer a question of a single artist but of the first community work of art. For the moment, this project is under the radar as the team is focused on its development and put aside its communication. Even so, it has already been approved by the entire FLOW team, launched on the mainnet and already listed on FLOWVERSE. To be continued …