Report Blog Entry
I think they have potential to be useful and not just a waste of time like they are now.
What do you think they could be? How could they be used?
Thoughts on NFTs?
0 Kudos
I think they have potential to be useful and not just a waste of time like they are now.
0 Kudos
Comments
Displaying 1 of 1 comments ( View all | Add Comment )
Alveus Nosville
Imagine you are in Louvre, looking at the Mona Lisa, and some shady guy offers to sell it to you. Once you agree instead of handing you the painting the man takes you to some broom storage, pushes one of the brooms aside and puts a sticker on a wall saying "The Mona Lisa belongs to {your name here}", then returns everything to normal. When you ask if you can actually take the painting he calls you crazy and leaves. So You paid for something you can't take with you, no one will know it's yours unls they look into that specific broom sorage, behind that specific broom, and the man who sold you the painting never owned it in the first place.
~an accurate alegory for NFTs I once heard somewhere
NFTs are like the worst use for the tech they operate on. Of all the things that may need verification of authenticity you choose to sell different versions of the same dress-up templates which usualy don't even look good.
All of which comes at the expense of processing power to even get the tokens to work, to say noting of mining the etherum used for purchases themselves. It'll get slightly better once the currency changest it's model to Proof of Stake, eliminating that part of energy consumbtion, but not the fundamentals of how unnecesary and negatable they are.