All roads lead back to the only people who can stop the problem they created.This report was assisted by:Nick Devor at Barron's - https://www.barrons.com/art...
NFTs in general are still cool. Concert tickets, tokenzied stocks, land ownership, car ownership, digital keys (that can open digital or physical things), digital IDs, it’s endless what can be done with them, but it’s a long way until some of these things get adopted.
It’s one thing to put those into the blockchain and it’s a completely different challenge to have a software infrastructure which incorporates the tech end2end. Example - someone put a random image of someelse else’s ticket into the blockchain. The ticket checker needs to have a checker app on his phone which can verify this in real time. It’s trivial using centralized DBs.
I don’t even think the business software side is that problematic for a lot of good use cases, it’s the general non user friendliness of wallets and having to guard your seed phrase properly and just general technical knowledge.
As soon as your concert ticket is an NFT people can risk losing their ticket, and people will lose tickets.
Making the ticket and scanning the ticket for entry isnt too difficult a problem, and it’s entirely fraud proof.
Edit: and so many people get scammed out of their seed phrases while trying to get help because they just don’t understand.
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It’s the use case for digital images.
NFTs in general are still cool. Concert tickets, tokenzied stocks, land ownership, car ownership, digital keys (that can open digital or physical things), digital IDs, it’s endless what can be done with them, but it’s a long way until some of these things get adopted.
It’s one thing to put those into the blockchain and it’s a completely different challenge to have a software infrastructure which incorporates the tech end2end. Example - someone put a random image of someelse else’s ticket into the blockchain. The ticket checker needs to have a checker app on his phone which can verify this in real time. It’s trivial using centralized DBs.
Hopefully we’ll get there one day.
I don’t even think the business software side is that problematic for a lot of good use cases, it’s the general non user friendliness of wallets and having to guard your seed phrase properly and just general technical knowledge.
As soon as your concert ticket is an NFT people can risk losing their ticket, and people will lose tickets.
Making the ticket and scanning the ticket for entry isnt too difficult a problem, and it’s entirely fraud proof.
Edit: and so many people get scammed out of their seed phrases while trying to get help because they just don’t understand.