Cryptocurrency is at its peak and your NFTs are depreciating daily. What’s next? It is clear to see that the hard road of blockchain is not yet over. While we would like to see a universal solution to assuage the fears of those who are struggling to understand the current state of Web3. The best thing anyone can do right now is decrease.
A phrase that is widely used in the NFT space, “downscaling” has become an increasingly ambiguous term that has taken on an increasingly wide range of meanings over the years depending on context. Some use it to get deeper context on cryptocurrency priceothers to inspire more holistic thinking than their peers, and others still use the phrase check those who might become bitter or arrogant.
Apart from being a literal definition, scaling down has a lot to do with blockchain as a concept. Somewhat similar to lesser-used cryptographic terms like WAGMI, “scale down” seems to have become a sort of battle cry for the NFT community, indicating a sense of togetherness and commitment. And now, as Web3 continues to prepare for the post-FTX climate, downscaling is starting to make more sense in a time of great need.
To zoom out, literally
Traditionally, zooming out refers to cryptocurrency price charts. Probably derived from the common crypto proverb “when in doubt, zoom out” (which even T-shirts were made of), it is used to encourage traders to expand their crypto chart viewfinders to see the full price index history. So “zoom out” means realizing that over time, despite many big setbacks, cryptocurrency prices always have an upward trajectory. Take, for example, the price chart below for ETH.
Although the price of ETH in November 2022 is far from what it was a year earlier, it is still significantly higher than in 2015, when the currency first became available for trading. scaling down, crypto failures should not be a concern. Only by zooming out will traders be able to see the long-term vision of crypto and realize that while periods of stagnation are inevitable (2018-2021, for example), a slow upward move is the inevitable consensus.
What scaling down means for the NFT community
When it comes to cryptocurrency price charts, zooming out helps investors get a better feel for the health of their portfolios. But the NFT community is concerned with much more than bottom line. Given the hardship and skepticism that the space has continued to experience over the past two years, “downscaling” has taken on a much more qualitative meaning for NFT purists.
For artists and collectors alike, zooming out is akin to humility. This is evidenced by the outstanding Rapper Web3 Spottie WiFiwho said in an interview with nft now that zooming out helps him see the big picture of NFT music and reminds him how grateful he is for the accolades he’s received.
“When I zoom out and look back over the past year or two, I am very grateful for how far music NFTs have come and how just a few independent artists have changed the music industry,” Spotty said. “I knew that platinum artists, Grammy winners and major labels would eventually enter Web3 and the metaverse after seeing our success, but I thought it would take years, not months. I am proud to have been on this wave for the last couple of years and look forward to the future.”
This attitude of gratitude is shared by other members of the community, with some (like Loopify and Zeneca below) adding an extra ounce of meaning here and there to illustrate their hopes and perspectives.
In addition to idealistic sentiments, some also see zooming out as a tool for looking into the future. As such, the phrase is used to comment on the general state of the NFT space, highlighting the lessons of the past and offering insight into what’s to come. as far as multidisciplinary artist Nathaniel Parrott In this regard, the use of “downscaling” as a tool for creating a basis for the future is of paramount importance. In an interview with nft now, Parrott said scaling down could prove to be a key factor in how the NFT community decides which direction the non-fungible movement should go next.
“In order to scale down, we all need to zoom in by asking ourselves, as leaders of the NFT space, what we really want in the end,” Parrott said. “The responsibility now lies with us as individuals. Where do we spend our money, where do we spend our time and where do we focus our attention. We have a long road ahead of us. I still predict that there will be more opportunities for artists before the end of the decade than ever before, but the treacherous terrain still remains.”
Parrott went on to note that he envisions a diversification of the wider NFT community in the near future, branching off from popular market sectors and returning to niches such as streetwear, art, collectibles and sports. Given the speed at which things are changing in the NFT space, it’s no surprise that his downscaled prediction came true. But, judging by the mood Deadfellaz co-founder Betty and outstanding Collaborative AI Artist Claire SilverWhile zooming out can help us understand the full scope of the blockchain industry, we still need to push for real change if we truly want a more balanced future.
7/ An open metaverse means freedom of choice. There is a place for all of us. If we eat ours, the world will be waiting to feast on the leftovers. This beautiful movement deserves more. We are smarter than this. Keep the big picture in mind. Decrease.
— Claire Silver 🌸 (@ClaireSilver12) December 6, 2021
Zoom out, keep your sanity
Regardless of the intent, the meaning of the phrase “zoom out” is immediately clear to both those working in the NFT space and the general field of blockchain technology. Even when things go from bad to worse, as the recent FTX crash showed, hope can be salvaged by a reminder that things can get better over time. Whether it means rising prices for cryptocurrencies or further mass adoption of NFTs through new use cases that help make the world a fairer place, scaling down is the first step to understanding the future potential of blockchain.