A while back the user Crypto-Monkey posted a great article where they took a look at NFTs and argues that we have been using them wrong. And I totally agree with the case presented. But he did not only point out a flaw, he also made a case for a way to use NFTs that made sense. And you can read all about it here: We Have Been Using NFTs Wrong
But I thought we would talk a little about another way NFTs could be used.
What is "wrong" with the current NFTs?
Well to be honest they are not really doing anything. They are just prevented as novel things that everyone pretends to have real value. But as soon as the creator"leaves" the project every NFT there turns to sh*t and becomes worthless.
If they had an actual use their value would remain. Even if the creator left the project to do something else. But as it is now the only "value" seems to stem from the NFTs association with the creator. The crypto equivalent of "I am cool because I know this person everyone thinks is cool", aka cool by association.
Cofeezilla also takes a stab at the current NFT situation in his latest video.
And when all is said and done, what is it they actually have an alt-right nazi monkey they bought for a crap ton of crypto thinking it made them cool by association? =(
What could NFTs be used for instead then?
Well, Crypto-Monkey made the case for them being used as stand-ins for items that are hard or tricky to ship. Like expensive and rare bottles of wine, or artifacts. People can then trade the NFT instead of having to pass the actual thing around risking it will be damaged in the process. And you could burn the NFT when you went to reclaim the actual artifact.
I have also come across a second use for NFTs that I thought we would discuss. While the topic can be a bit grim, literally, it is something non of us can avoid. And that is not taxes, it is the other thing, death. And how might an NFT be useful for a dead person you might ask. And the thing is it is not as much for the dead person as it is for their next of kin.
And what I mean by that is many people have not given any thought to their death. And what will happen after they are gone. As it is now if you lose access to your crypto wallet the asset in it is basically gone forever. This means that if you die all your crypto assets are lost forever. Well unless you have taken any precautions that are, to pass along password faces and such.
But that can be a lot of work and something that is easy to mess up. Not to mention a potential risk on their own. Having an extra copy of the passphrases floating around. What if you instead could have a trio of NFTs made. You keep one, you send one to a safe keeper and the third to the beneficiary. And in the event of your passing, the holder of the NFT can with the help of the second NFT get access to your crypto assets.
Sure there are some wrinkles that would be needed t get ironed out for the system to work as well as it can. But I would argue that it is an actual case where an NFT would serve a purpose.
What are your thoughts on this? Do you have any ideas for a case where an NFT actually has some use? Please share your thoughts in the comment section down below.
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This makes a lot of sense. !BEER !CTP
I agree with you. I just wish there would be more things like this instead of computer-generated avatars. =(
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I like the idea of being able to pass on the information about crypto assets after you die to someone who can then make use of them. Once set-up as an NFT probably would be easier than storing the information in a will, or even make the will itself an NFT with details of all assets, and their division amongst those who will benefit immutably set.
Great article.
I totally agree with you. As it is now, I can only speculate how much crypto is lost because of untimely deaths. That is on top of people just losing their passphrases.
Thank you for commenting and for the nice compliment, I really appreciate it. =)
That is actually a very good usecase.
Yes, it is. This is what sadly annoys me with NFTs. There are use cases out there. But it looks like most companies are more interested in riding the hype wave trying to make a quick buck. =(
Thank you for commenting, I really appreciate it =)
Yeah I totally understand.. Most just want to make quick money and that´s it... It´s really sad. And at the same time, people spend alot of money for game NFTs, even if the game company is not really solid, but barely spend money for other NFTs (I am a musician, and this business e.g. is tough).
Thats a great point, the NFTs are only as strong as the company behind them. What happens to these ingame NFTs if the game stops for some reason!?
Yeah exactly... And I wish people were as excited to spend money on NFTs even if it´s not gaming...
im sure more products can be turned into NFTs. Hopefully, the trend will grow from here. (people get used to buying NFTs and it becomes normalised).
Yeah that´s true! I hope it will really become normal in a year or so!
It is a bit sad. I just wish that people would put a little effort into things instead of always opting for the easiest way every time. =(
Yea the music industry is a really tough place to be in. So many people trying to take advantage of you all the time. =( I do wish you great success tho. =)
Yeah exactly!
Yeah music is an ungrateful business. But you don´t chose your true passion. It choses you. So I will continue. Thank you! =)
Great article. Nice one.
Thank you, I really appreciate it =)
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