The market for the digital items plummeted after their glory days in 2021 and 2022, and they’ve proven to be not only an artistic and aesthetic disaster, but a shortcut to financial ruin
NFTs as a mechanism for exchanging and authenticating contracts is pretty revolutionary. But the only thing that reached public awareness were the dumb NFTs of a single image. The closest breakout was probably the effort for ticket sales and club memberships – your “ticket” is the NFT itself, and you can move it around (sell, exchange) as you want before the event. There are still human-errors/logistical problems but in the end whomever has the NFT gets the seat. For club memberships, you were a member as long as you held the NFT. If you wanted out, you could sell it to someone else that wanted to join the club.
I could imagine all kinds of interesting use cases. But everything is just dumb about it now. Oh well.
My thought was concert tickets. An artist could set an absolute maximum for how much a ticket could be resold for, and the energy costs of maintaining the blockchain would be time-limited to after a show or tour completed.
Of course, Ticketmaster would never allow that because it effectively nukes the scalper market, which they also run through stubhub.
this is true about block chain in general. I usually get from folks its a solved issue with databases and its like but its significant that you don’t need it and that everyone along the chain has the information they need. Not just the database owners. I would still love a qr code on everything I buy. including fruit. that gives me everything about the item. where grown/manufactured, how its been processed since, what hands it went through to get to me, etc.
NFTs as a mechanism for exchanging and authenticating contracts is pretty revolutionary. But the only thing that reached public awareness were the dumb NFTs of a single image. The closest breakout was probably the effort for ticket sales and club memberships – your “ticket” is the NFT itself, and you can move it around (sell, exchange) as you want before the event. There are still human-errors/logistical problems but in the end whomever has the NFT gets the seat. For club memberships, you were a member as long as you held the NFT. If you wanted out, you could sell it to someone else that wanted to join the club.
I could imagine all kinds of interesting use cases. But everything is just dumb about it now. Oh well.
I still don’t see how the NFT is a benefit over existing digital ticket platforms.
My thought was concert tickets. An artist could set an absolute maximum for how much a ticket could be resold for, and the energy costs of maintaining the blockchain would be time-limited to after a show or tour completed.
Of course, Ticketmaster would never allow that because it effectively nukes the scalper market, which they also run through stubhub.
this is true about block chain in general. I usually get from folks its a solved issue with databases and its like but its significant that you don’t need it and that everyone along the chain has the information they need. Not just the database owners. I would still love a qr code on everything I buy. including fruit. that gives me everything about the item. where grown/manufactured, how its been processed since, what hands it went through to get to me, etc.