this post was submitted on 21 Sep 2023
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855
Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless. (markets.businessinsider.com)
submitted 1 year ago by [email protected] to c/[email protected]
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Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.::NFTs had a huge bull run two years ago, with billions of dollars per month in trading volume, but now most have crashed to zero, a study found.

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[–] [email protected] 1 points 1 year ago* (last edited 1 year ago) (1 children)

The use case for NFTs is to provide a bulletproof cryptographically secured registry for arbitrary content. Such as deeds or titles. Legally recognized, that would represent a marked improvement on the current system. You can have it represent digital goods also, that's just more of a toy than a useful tool.

[–] [email protected] 3 points 1 year ago (1 children)

"bulletproof"

Blockchain can be hacked, just like any other digital technology. In fact, it has already happened.

[–] [email protected] 0 points 1 year ago* (last edited 1 year ago)

If you write smart contracts with vulnerabilities, they'll be hacked, that is not the same thing as a blockchain being hacked though. Also, smart contracts can be fully audited and provably correct, a lot of companies just half ass it. ERC721 spec (NFT) has drop-in contract code which no doubt has been audited and not hacked on its own.