The concept of blockchain & its use in contract & ledger management to remove any scope of fraudulent activities is great & yes they are definitely the way to go if we ignore the implication of massive use of electricity it consumes to make it all work.
Blockchain is not a new concept because we already have this concept laid out decades ago in Telecommunication. That’s how your router knows which server to ping to take you to the desired web address.
What I dislike is the justification thrown about blockchain implementation to justify the scam that is cryptocurrencies & NFT.
NFT is even worse than cryptocurrency.
redwhitearmy posted the below link
bored-doodle-punk-club
I have no clue why anyone would invest in it.
The whole concept of investment is there is a single asset that many people want so the value of that asset increases & if you were lucky to acquire it while the price is low, you can bank the cash.
So in a way, you can make sense of why people invest in Bitcoin.
But why NFT of bored doodle?
Out of n number of NFTs out there now, this single bunch of NFT has 2.5k individual assets.
Even worse, none of them is unique individually.
Look at these NFTs
These are the same assets with minor modifications.
Plus the creator is free to continue making the same asset with a hair strand in a different location & another NFT is added to the universe.
If Taylor Swift created two renditions of the same song with just a single word changed, would you pay more for one rendition when the other is available for 2 cents?
NFTs may be the future of copyright implementation but right now it’s a scam & an easy avenue for money laundering.