In 2021, ConstitutionDAO raised $47 million to buy the original US Constitution. The document was up for auction at Sotheby’s. ConstitutionDAO raised a ton of money but didn’t have the winning bid. The management is currently refunding the investors’ contributions. The prelude was to testify that the current business models are transforming. Today, digital asset ownership is becoming a major way of earning passive income.
The Rise of NFTs and the Evolution of Digital Asset Ownership
Digital asset ownership has grown manifold since Bitcoin came into the market in 2014. The total market value of digital assets has decreased by half since November 2021, and at present is said to be close to $1.5 trillion.
Cryptocurrencies, alternative digital assets, and ICOs are taking the industry by storm. In this, NFTs hold a special place as they have improved the asset ownership system. Anyone and everyone can digitize assets and have proof of ownership. People can own an asset 100% or own a part of the same asset without hurting its value.
In the real world, having multiple owners of one asset is possible. But this is not an ideal scenario for anybody as it often leads to ownership issues. NFTs have changed this completely. NFT assets are immutable and decentralized. Immutability awards NFTs the benefit of not-able-to-change.
NFTs can represent virtual real estate, game items, artwork, music, paintings, antique items, and much more. The most expensive NFT was sold for $91.8 million. The single piece of artwork was bought by almost 29,000 people. These people bought a total of 312,000 shares of the artwork, and each of the pieces is an NFT.
This is the way NFTs have revolutionized asset ownership. While each owner is ideally a co-owner, the access rights are immutable.
From NFTs to Web3 – Transitioning into the Next-Gen Internet
The term “Web3” is hard to miss. It’s almost everywhere, especially when it comes to blockchain, crypto, and NFT technology. These are new frontiers that people are using now, and all of them have some distinct benefits today and in the future.
The very essence of Web3 is that it’s decentralized. Web3 works with peer-to-peer technologies, including public blockchains. Web 2.0 is used by people today, but it is controlled by a host of giant IT companies like Google, Amazon, etc. This gives these organizations an upper hand and they can control how the common man uses the web.
In Web 3.0, people get the shared power of ownership. It is fairer, more equitable, and more accountable. Web 2.0 is where people go to buy and trade in traditional assets. And they run into different problems while interacting with these assets. Whereas stock markets are prone to crashes, bonds are prone to duplication or replication.
In addition, other assets like collectibles, cars, antique items, art, sports memorabilia, and many other things can go up for auction. But here, the original owner might lose access to the item depending on the exchange system.
Jupiter Exchange is Bridging the Gap Between Real-World Assets and Crypto
Rising above the rest, Jupiter Exchange streamlines the entire process of partial NFT ownership, trading, and management. The platform curates high-worth, exclusive, and collectible items while listing them on the platform.
The objects or collectibles are minted and put up for ownership on the platform in tokens of equal value. Then these ownership tokens are put up on the Jupiter marketplace, where anyone can buy them.
After all the tokens are sold, they are put up on the marketplace for a bid-based buy or sell system. This way, Jupiter is bridging the gap between real-world assets and crypto-based exchange systems.
The Jupiter system allows the original owner to enjoy ownership of the asset in the real world. In addition to this, the NFT of the asset will also bring them value. So, every NFT fractionalized on Jupiter is backed by a physical asset, which helps improve the value of the owned NFTs.
In essence, Jupiter is not a crypto exchange but an asset exchange platform. The key purpose here is to allow people to share ownership of some of the most wonderful things in the world.