this post was submitted on 02 Feb 2024
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No, NFTs do have good uses, but things like image NFTs are just a misappropriation, like SPAM is to email.
One use case, is clear, independently verifiable ownership of non-tangible things, like Intellectual Property rights. Movie rights for a book adaptation for instance moving between companies in IP sales and mergers/acquisitions.
I hear that now since 12 Years. Its not going to happen.
The perfect use case is tickets to live events. One entity creates one NFT for each seat or spot available and can initially sell them. The owner of that NFT (ticket) can then do whatever they want with it without the need for a third party (Ticketmaster) to scalp the shit out of any subsequent transactions.
Proof of ownership of a single ticket at the time of the event is the end goal, which is what NFTs do.
Why this hasn't been done is pretty baffling to me.
What's better, is if artists want to provide a subset of tickets that are not resellable they can. Those tickets will only be accepted if a single transaction has taken place.
Because the blockchain needs an incentive. Who is going to be taking part in the blockchain if there is nothing in it for them? That's why these tokens are often tied to crypto currencies, as mining is the incentive.
Yeah why would ticketmaster, who makes a killing having their ticket monopoly and control, develop a system where they lose control?