NFTs / blockchains are just a very slow, very inefficient distributed database. They’re only potentially useful in the case where there is no central authority. In almost every use case where someone suggests using blockchain, you can just say “no, just use a normal database”
If you could replace certain expensive and time cosuming bureaucracy that would save time and money and fight corruption and identity theft I think that would be well worth it.
You are saying there is no use for non fungible tokens but there is and you will eventually see it in the real world(not collectibles) it just takes a while for new tech to be adopted by old industries afraid of change for the better(mainly more secure)
NfTs were supposed to very boring, like selling a house with a smart contract eliminating much of what a title company and other middlemen do reducing fees and paperwork(already been happening for the last 3 years). Or gaining control of your own health records instead of a third party for-profit company. This could allow you to be the only person who gives insurance companies or health providers or courts permission to view your records and no one is making money off the transaction as they normally do right now in some companies database.
Smart contacts are exactly for that. They can automate various processes, including payments, data recording, asset transfers, all as long as the pre-defined conditions are met. There will still be things third parties need to do but not everything. Especially proof of ownership or fractional ownership with complex conditions. Very expensive ot just not possible using third parties.
Removed by mod
NFTs / blockchains are just a very slow, very inefficient distributed database. They’re only potentially useful in the case where there is no central authority. In almost every use case where someone suggests using blockchain, you can just say “no, just use a normal database”
If you could replace certain expensive and time cosuming bureaucracy that would save time and money and fight corruption and identity theft I think that would be well worth it.
Removed by mod
You are saying there is no use for non fungible tokens but there is and you will eventually see it in the real world(not collectibles) it just takes a while for new tech to be adopted by old industries afraid of change for the better(mainly more secure)
Removed by mod
NfTs were supposed to very boring, like selling a house with a smart contract eliminating much of what a title company and other middlemen do reducing fees and paperwork(already been happening for the last 3 years). Or gaining control of your own health records instead of a third party for-profit company. This could allow you to be the only person who gives insurance companies or health providers or courts permission to view your records and no one is making money off the transaction as they normally do right now in some companies database.
Removed by mod
Smart contacts are exactly for that. They can automate various processes, including payments, data recording, asset transfers, all as long as the pre-defined conditions are met. There will still be things third parties need to do but not everything. Especially proof of ownership or fractional ownership with complex conditions. Very expensive ot just not possible using third parties.
Removed by mod