this post was submitted on 18 Aug 2023
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So... Just theoretical applications so far?
There are tons of people (actual serious people, not like SBF) working in this space and building these things now, so they are definitely more than theoretical, but they are not at the mass adoption stage.
And no offense, but this response has echoes of people saying federation would never work. But it's just a different utility to accomplish similar goals to centralized forums. And when the old-fashioned, centralized alternatives really start to self-destruct because of their inherent flaws, the merits of the decentralized version become more obvious.
I'm actually pretty shocked that Lemmy/the Fediverse beats the same tired old drums about NFTs (ape jpegs being the most obvious), since they are red herring arguments. A tokenized jpeg has no value because a jpeg has no value. A tokenized security has the value of the underlying security. The token is just there to eliminate the need for accountants since the open ledger shows its work and the entire chain of custody.
it's quite frustrating how much bandwagon hate and resistance there is to the basic concept of a trustworthy and decentralized system for proof of ownership. i find your thoughts to be very well written, patient and insightful.
yes, the initial and popular use case for NFTs has not been ideal as digital art is easy to copy. but it is not difficult to think of other applications that are far more useful - stocks/securities being the easiest one. almost any product of value could and should have an NFT associated with it. this would make validating authenticity and ownership extremely easy and cut out tons of brokering fees for certain things.
I really appreciate that. As part of my unredditing process and knowing we are trying to make this place better than what Reddit became, I really want to give civility and open back and forth as much of a chance of catching on as possible. NFTs ate something that have been eaten up by this overwhelming hype and anti-hype machine. I think, like most software solutions, that they will find a good niche in appropriate systems and, like most things, once they are implemented, most people won’t even realize they are using it.