![]() ![]() So while Musk’s chances of turning X into a widely used super app feel like the longest of long shots, it’s not impossible he will pull this off. And in the case of SpaceX, he beat Boeing and all its friends in Washington, D.C., to bring competition to the space and rocket industry. At Tesla, he outfoxed General Motors and other incumbents, and made electric cars not just viable but cool as well. Even for every trade of their NFT, the creator receives the royalty too. NFTs are the digital form of the unique work creators do, which they can get authenticated and then sell its ownership as a digital token to the buyer. Musk has done the impossible before, not once but twice. NFT Crypto is a digital asset like any other crypto in which you trade using your crypto wallet. Still, it would be unwise to count him out. Musk will also have to persuade users to ditch apps they use in favor of this new X thing-a tall order given that many people are fine using what they have, and would prefer not to roll the dice on Musk’s latest vision.Īll of this means Musk’s grand plans for an everything app seem like so much pie in the sky. Now, Musk must contend with these much-bigger giants that will fight like hell and try to kneecap Twitter/X if it tries too hard to step out of its traditional lane and onto their turf. It would be one thing to build an everything app 15 years ago before the likes of Facebook, YouTube, PayPal, and Amazon became dominant in their various verticals. An NFT, which stands for non-fungible token, is a unique unit of data employing technology that allows digital contentfrom videos to songs to imagesto become logged and authenticated on. An “everything” app needs everyone on it to succeed, and now millions of people want nothing to do with Musk’s new service.Īnd don’t forget about competition. The term non-fungible token refers to any sort of digital property, such as artwork, animated GIFs, music, or virtual items in video games. This behavior plays well with tech bros and the Joe Rogan crowd, but it’s a big liability when you’re trying to woo back advertisers and middle-of-the-road consumers. NFTs are the next manufactured trend, riding the coattails of cryptocurrencies as the new sought-after object, but they are not. The Tesla CEO is heavily red-pilled, exulting in conspiracy theories and wanton cruelty, and promoting some of the worst people on the internet. ![]() Key Features of NFT - Digital Asset - NFT is a digital asset that represents Internet collectibles like art, music, and games with an authentic certificate created by blockchain technology that underlies Cryptocurrency. Then there is the matter of Musk’s politics. NFT stands for non-fungible token non-fungible means it cannot be exchanged for something of similar value. NFT stands for a non-fungible token, which means it can neither be replaced nor interchanged because it has unique properties. At a time when regulators are taking a hard look at tech monopolies, they are unlikely to welcome an “everything” service-especially one that includes crypto and has banking aspirations. Musk is already unpopular with the SEC and other federal agencies for his cavalier attitude toward corporate governance, his shilling of Dogecoin, and his constant trolling on social media. If Musk is to pull off his plans to make X an everything app similar to China’s WeChat, he’ll have to overcome what seem like insurmountable obstacles. ![]()
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