🖼️Why NFTs?

New to web3? Not yet familiar with the topic of blockchains and NFTs? Then I recommend you read our short FAQ to get a basic understanding: https://immortal-parasite.com/faqs/

Basically, most NFT projects are nothing more than a newer form of crowdfunding. Founders have a fantastic idea, but lack the funds to realize it. So they present their idea to the public with the aim of finding people who are so enthusiastic about the idea that they will make an advance payment to make it a reality. In contrast to traditional crow-funding methods such as a Kickstarter campaign, raising funds for the realization of a project with the help of NFTs offers various advantages:

Verification of Ownership

As stated in the manifesto, an NFT acts as a key to its associated utilities. When considering the crowdfunding aspect, an NFT can be compared to a title deed or license that is acquired through an investment and grants access to the entitled utilities in the future. Blockchain technology ensures transparent ownership records, visible to the public at all times. This transparency allows verification software to confirm user possession of the key, enabling access to locked content, applications, servers, and more. In addition, the transferability of NFTs allows holders to transfer their investment (in the form of the NFTs) and the associated privileges to another owner at any time, differentiating this crowdfunding approach from others.

Transparency

The aforementioned transparency of blockchain technology ensures that all transactions and ownership are publicly visible. This transparency facilitates efficient verification of ownership rights, while the traceability of the origin and authenticity of NFTs also enables counterfeits to be identified quickly. In addition, the traceable transactions allow holders to understand where the funds collected subsequently flow to on the blockchain, which creates additional trust.

Royalties

In web2, artists encounter a significant challenge with the secondary market, where third parties profit from reselling their creations without compensating the original creators. Web3 addresses this issue through the implementation of Royalties. Embedded within the smart contracts underpinning NFT collections, Royalties ensure that a portion of the sales proceeds is automatically allocated to the original creator for each subsequent resale, correcting this long-standing inequity and ensuring fair compensation for artists.

It is currently planned that each collection will include 7.5% royalties, which will be gradually reduced by 2.5% once certain market cap targets are reached on the secondary market, until the final minimum of 2.5% is reached.

Interoperability

The interoperability of NFTs ensures compatibility with different systems and software and facilitates seamless integration and interaction across multiple platforms and blockchains. This allows NFTs to be recognized and used by different applications and marketplaces, increasing their accessibility and utility. It also encourages innovation by supporting collaboration between developers and communities, leading to the creation of interconnected ecosystems where NFTs can be used for a variety of purposes. Simply put, this means that with the interoperability of blockchain technology, we can give you access to various applications, servers, and more at the same time with just one "key" instead of having to create a separate one for each. And we can do this at any time, even retrospectively, for things that were not originally intended.

Artwork

Even though most NFTs act as a key to the associated utilities, it is important not to forget that with an NFT you are also in possession of a digital work of art. According to the license agreement (https://immortal-parasite.com/nft-license-agreement/), this ownership even grants the holder the right to use this artwork for their own personal, commercial and non-commercial purposes. For example, many people in Web3 use NFTs to build an online identity around the artwork of their NFT avatar. Others create their own products for which the artwork serves as inspiration, branding or a figurehead. So if we go back to crowfounding, the investor receives an additional product from which he can even make additional capital. And in our case, by using it as an avatar for our gamification system, we even go one step further and give the holder the opportunity to make this work of art something completely personal through customization.