MynameisAllenWho could have seen this coming
When I first learned about NFTs I figured I was simply too stupid to understand it. There was simply no way it was as dumb as it sounded.
Turns out I was right, it was way, way dumber than it sounded.
nexguyThere are lots of legitimate but boring uses of NFTs, just not the kind that make the news like pictures of monkeys.
Proves ownership that is much more difficult for scammers to steal. Banks and insurance companies can use them. Reduces costs in proving ownership as well. Unfortunately art seems to be the only thing anyone knows about but it should honestly be a very secure but ultra boring technology.
Proves ownership that is much more difficult for scammers to steal.
How is it more difficult? A scam almost by definition makes the current owner perform some action to unwillingly give something away, why would it be harder for scammers to make victims perform actions that give away an NFT than any other electronic good?
You know how when you get scammed or defrauded there are systems in place to roll back the fraudulent transactions? By using NFTs (or anything else based on a blockchain) you throw away those systems and make it literally impossible to bring them back. For what gain exactly?
Banks and insurance companies can use them.
Why would they? It might maybe be slightly cheaper, because some infrastructure costs are externalized, but that does not come anywhere near being worth the headache of all your confidential customer data being public. Sure, they could anonymize it and have an internal infrastructure translating it back. That would negate the cost advantage and make the whole system more complex for no gain at all.
Reduces costs in proving ownership as well.
Please elaborate, because that it not anywhere near detailed enough to discuss it seriously.
I don’t know all the tech details. I just know they use the technology. I’m not the only source of info you could search it yourself and see. There are even event ticketing systems that use it. I’m yawning just talking about this.
why would it be harder for scammers to make victims perform actions that give away an NFT than any other electronic good?
Well, because there’s a very good chance the owner lost their 256-bit hash key somewhere in a move so, they still totally maybe own the thing. But definitely can’t give it away to a scammer! /s lol
We already have mechanisms for all of that. Any security it provides you can have without it, the only difference it had going for it was “it has blockchain” and that was the Arbitrary Magic Hype Word at the time - like “AI” is now and “cloud” was before. In reality that means it’s a huge unwieldy system that wastes tons of resources for what’s often really poor reasons.
We do have existing mechanisms in place. More expensive and less safe options. This is definitely not a huge and unwieldy system. Very simple and streamlined and much cheaper. Nothing amazing or world changing… just some minor technological advances.
I don’t see how it’s more expensive or less safe for authentication than signing with a private key and publishing the public key…