I wrote two posts on NFTs a couple years ago and after reading an saying that 95 percent of NFTs are now worthless and the overall market cap is probably down 90 percent from its high, I wanted to revisit NFTs. My original thought was that they are, in fact, pointless. In one article I used this analogy I found:
You are married to a woman you really wanted to be married to, you went through all the trouble to get married to her, paid the fees and got the marriage certificate. Now you understood that your wife was still going to sleep with anyone that wanted to sleep with her, she simply was available to every guy in town at anytime. They have complete access to your wife with almost zero restrictions at anytime. You are not worried about this, though, because you have a piece of paper that shows you are the person only person that is certified to sleep with her.
So, am I still a skeptic of NFTs, yes and mostly yes. But, I can be persuaded as I want solutions to current problems.
I'm not a Taylor Swift fan, but, my kids are. After seeing how ticket prices went crazy in the after market, NFTs look like a pretty good solution.
Tickets in the form of NFTs that exist on a blockchain can act as access passes to any live or virtual event, providing a more secure and convenient alternative to traditional ticketing. Buying an NFT ticket directly from the artist removes the need for third-party sellers, likely reducing scams and scalping due to higher transparency and authenticity verification. Plus, due to the public nature of blockchain technology, event organizers could check transaction histories to prevent fraud.
There have been some other ideas for NFTs, such as solving supply chain issues with a virtual NFT that mirrors an actual product. This would make ownership and tracking more uniform and easily transferrable. There is also Web3 identification, an NFT could be used to solidify ownership of items in a digital world.
So, even if there are some options to make NFTs more utilitarian, and not just owning virtual assets, it has been years now and we have not really seen these uses come to fruition in any major way. It still seems to be a lot of people just saying, "We could use NFTs for this or this." So, I will continue to sit on the sideline and watch.
Anyway, I left my garage light on, so I'm gonna go take care of that.
