Thousands of assets and cryptocurrencies come to existence every day, obtain valuable investments from people and eventually die. The value of these assets is highly dependent on what people think about them and that makes them extremely volatile.
This is exactly where Nether comes into the picture. The Europe-based cryptocurrency company has launched the world’s first and largest exchange for personality. Now people would be able to find the true, monetary value of their personality. Isn’t that amazing?
The idea behind this project is based on the personality listing concept devised by millionaire and entrepreneur Ricky Ammendola. In his words:
“Everyday people come across assets that are born and then they eventually die. Their value soars, enriching thousands of people and then eventually those assets collapse irretrievably, with them destroying the savings of people who invested in those assets. There are hundreds if not thousands of examples of such cryptocurrencies, which soared overnight gaining the attention and capital from millions of people and then eventually they died, financially crippling all those people who invested in those assets.”
He has explained how assets and the entire market today is no more influenced by real facts, instead it’s influenced by news and rumours generated by people.
These people are mostly highly influential or famous personalities and play an important part in building the perception about a specific project in people’s minds.
Nether NFT wants to empower people with unique personalities to utilize NFT’s and infuse them with their uniqueness to curate an asset that could be tokenized. Non –Fungible tokens have received enormous popularity in recent times and have showcased great capacity of becoming the next big thing in gaming, art and sports.
However, what Nether is doing is totally unprecedented. It is expanding the scope and use cases of NFTs by introducing personality-based tokens, which is the most important asset in the current scenario.
There are numerous examples where a cryptocurrency with a great initial response soared after a certain celebrity tweeted or posted negatively about it.
Such occurrences have become quite common and substantiate the fact that the value of an asset is not solely derived by its factual qualities or attributes, but the human personality. Factors like reputation, influence, reach and leadership have immense impact too on the performance of assets.
Nether’s aim is to bring personality on the blockchain, where celebrities, influencers, and other popular individuals would be able to determine the true value of their personalities. They will have to sign up on the platform and create NFTs for themselves. Nether would peg their personality tokens to unique NFTs and then the fans and devotees would be able to trade, buy, sell and exchange their tokens.
The most significant aspect of this mechanism is that if the value of a particular personality token goes down, fans would be able to lift it up with their efforts and through the betterment of services related to the personality token.
The Nether team is also developing a launchpad that would ease out this process and allow users to do the first-ever initial public offering of their NFTs.
The amount of personality tokens traded will ultimately decide the user’s personality value. Nether’s unique approach will surely revolutionize the space and allow users to leverage the power of blockchain with their uniqueness to make their financial endeavours profitable.