What will be the impact of NFTs on various sectors?
By Jamie Green – Crypto Specialist
Non-Fungible Tokens are simply a different class of digital asset, yet its impact on the application infrastructure will be vast. NFTs have already stormed the cryptographic world. Several ICOs have already considered, or plan to use, NFTs to supplement their exchangeable ERC20 tokens.
NFTs are not meant to replace fungible Cryptocurrencies such as Bitcoin or Ethereum in which users will still need to buy cryptocurrency classed as a fungible token to make transactions. Buying crypto will still be essential as these will have a value that can be exchanged. The real change is that physical assets will be the driving force of the NFT. They will be what represents the special identity for the blockchain as there is no point in creating a token that shows ownership for nothing except the token.
Where is this headed?
As the usability improves, the idea of an act on real estate could become outdated. The act will be the NFT. The NFT and smart contract platform will perform most of the processes needed for the exchange of real estate. As this is a blockchain platform, users could buy crypto on a variety of chains to exchange for the NFT, provided that the system supports them.
Of course, the loss of private keys to access this NFT is a problem. As a result, workarounds still need to be found, but the possibility of introducing offline verification in the blockchain field offers endless possibilities. For example, the sale of vehicles via NFT, real estate, art objects (paintings, photographs, music), etc.
In terms of financing, there is a nascent but expanding field of activity around NFTs. NFTs are very useful when it comes to fundraising. There is also talk of Initial Borrowing Initiatives (IDOs), where projects can undertake crowdfunding through single loan agreements represented by NFTs. Each layer of debt or each capital of a stack can be better traded and registered with the NFTs.
If you’re getting ready for the next wave of NFT’s, head on over to our platform to buy Ethereum. You can also buy Bitcoin UK from your trusted Bitcoin broker.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards