March 2nd, 2022

What is an NFT?

NFTs or Non-fungible tokens have taken the entire world by storm in 2021 and proved that an unimaginable, unthinkable revolution can take off mainstream at an exponential speed in a digitally connected world. However, NFTs are not a spin-off from the blockchain technology but rather an extension in Web3, of a concept that has long existed since centuries - that of proof of ownership. It could be that of a rare piece of art, collectible, statue, or even a document.

Let us understand what is fungible and what is non-fungible. In layman terms, non-fungible are rare and unique items that can’t be exchanged with similar items. Whereas fungible stuff can be traded with similar fungible stuff. In the Blockchain world, fungible tokens are cryptocurrencies like Bitcoin, Ethereum, etc whereas non-fungible tokens are assets such as art-form or crypto assets that are stored on a particular blockchain with unique metadata that distinguish them from each other. Sounds a bit technical?

HackerVerse Definition of NFTs
HackerVerse Definition of NFTs
February 26th, 2022

I am starting this article by defining the digital space for engineers and creators in a nutshell right now. If you are a developer or a creator (entrepreneur, designer, product person, et al.), what is your digital signature and footprint in 2021? I am guessing depending on whether you are a beginner to advanced, your world revolves around :

  • Productivity Tools: Everything you use for your work includes stuff like Gmail, Google docs, Notion, Github, Visual Studio/Atom, etc.
  • Communication Tools: Zoom, Google Meet, Microsoft Teams, AWS Chime etc.
  • Networking & Problem solving: From Stack overflow, Quora, LinkedIn, Discord, Whatsapp etc.
  • Career / Opportunities: Linkedin Jobs, Monster, Behance, Fiverr, Elance etc

The last three categories are Social+ Ecosystem for Engineers/Creators. The world seems perfect, right? But, do we have everything for every problem we solve? Or is it? Think about it: the entire social + ecosystem is owned by centralized firms that hold users’ data and command their attention and presence. The rule of the game is to acknowledge the user data, provide the proper distraction and cash in the monetary value of the networks. In the end, the user is left with only one thing — Reputation. And that reputation fades with time. You can’t cash in your digital activity five years later from any of the above platforms unless you are active regularly and create opportunities in that particular moment for yourself. However, that’s not true for the organization as they become more robust with your data even if your reputation potentially dies out after years. And that’s why, collectively, these platforms are also almost dying out, for engineers have started recognizing this problem. Now, let’s talk about personal interactions. The natural human touch to connections and work is lost with the above products, and we all have become a mere userid or a profile picture in this ecosystem. However, the concept of joint movements and exploration of space around us in the real world makes engagement and interaction meaningful and impactful. We at HackerVerse, have decided to provide one such platform for engineers and creators where your digital reputation travels with you safely and, over time, results in long term incentivization. A world where creators own the community and extract its value rather than a central organization that commands it. A place where engineers can connect in actual physical life in a culture built around them.