Comment on A key feature of NFTs has completely broken / Web3 was supposed to make sure the original artist always got paid. Not so much anymore.

• sab@lemmy.world ⁨1⁩ ⁨year⁩ ago

  Can you give a real life example of that being applied?

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  • Maturin@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

    There is a lot of talk, for example, in the sustainability space where things like emissions allowances, carbon offsets, etc. are traded the old fashioned way where a digital ledger using NFTs would be both instantaneous and transparent/easily auditable.

    But the most obvious example is security exchanges, e.g. stocks, bonds, etc. (which would be a massive threat to the existing financial institutions) because it could allow for instantaneous settlement and fully transparent markets.

    HUGE HOWEVER, not all NFT systems would be equally useful for that kind of thing. What we saw with FTX, for example, was a blockchain exchange for tokenized securities where the blockchain aspects served no real useful purpose - it was a centralized, controlled, opaque use case. The distributed ledger model (which I think casual observers of blockchain assume all blockchain systems are) can correct for those failures. I personally think part of what made the FTX story so big was a combination of moves by major financial market players to get out in front of tokenization of securities by created the existing system again but with a blockchain coat of paint on top that then failed under its own scam at lightning speed which then gave the ammo to a whole “blockchain a scam, NFT an even bigger scam” narrative. They are just software utilities that can be used effectively or not just like any others.

    Whenever I see someone identify a jpeg as an NFT, or put SBF’s face on a news story about it, I think about how successful the astroturfing of these narratives has been.

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