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The vast majority of NFTs are now worthless, new report shows
(www.theguardian.com)
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this post was submitted on 23 Sep 2023
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Technology
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NFTs are stupid AF for most of the tasks people currently use them for and definitely shouldn't be used as proof of ownership of physical assets.
However, I think NFTs make a lot of sense as proof of ownership of purely digital assets, especially those which are scarce.
For example, there are several projects for domain name resolution based on NFT ownership (e.g you look up crypto.eth, your browser checks that the site is signed by the owner of the crypto.eth NFT, then you are connected to the site), as it could replace our current system, which has literally 7 guys that hold a private key that is the backbone of the DNS system and a bunch of registrars you have to go through to get a domain. This won't happen anytime soon but it is an interesting concept.
Then I think an NFT would also be good as a decentralized alternative to something like Google sign in, where you sign up for something with the NFT and sign in by proving your ownership of it.
In general though I find NFTs to be a precarious concept. I mean the experience I've had with crypto is you literally have a seed phrase for your wallet, and if it gets stolen all your funds are drained. And then for an NFT, if you click on the wrong smart contract, all your monkeys could be gone in an instant. There is in general no legal recourse to reverse crypto transactions, and I think that is frankly the biggest issue with the technology as it stands today.