[babelchips]

Incorrect.

NFTs used for pictures of monkeys etc are now effectively worthless.

NFTs as a technology, for tokenizing real world assets, is the far more interesting and useful part.

https://www.ledgerinsights.com/abrdn-tokenize-money-market-f...

Watching NFTs from afar and thinking it’s all just JPGs means you only have 5% of the story.

[acdha]

Do you have any examples of meaningful real-world usage? Boosters have tried hard to make this argument but haven’t found much adoption due to the greater cost and inconvenience.

[babelchips]

Mostly Hedera spearheading IMO, but yes:

https://www.dlapiper.com/en/insights/publications/2023/04/to...

https://www.cryptowisser.com/news/redswan-cre-builds-its-tok...

https://finance.yahoo.com/news/quarter-fractional-home-equit...

There are many other projects in various states, touching entertainment (AAA gaming), supply chain, integration remittance, carbon markets.

[babelchips]

*international remittance

[CPLX]

The headline of that article reads like Vogon poetry.

[babelchips]

Indeed! On that note, if Douglas Adams were still alive he’d have cleared this entire situation up years ago. And it’s NOT that NFTs are themselves worthless…

Reading below it’s clearly a perception problem.

The fundamental concept of NFTs is profoundly useful. The fact a trivial use case (to represent ownership of JPGs) is all anyone here knows or talks about is the real problem.

[CPLX]

I’m pretty sure the fundamental concept of NFTs is totally useless for anything other than financial speculation.

[fragmede]

That's like saying the Internet is totally useless for anything other than sending bits around. There's entire industries dedicated to financial speculation.

[acdha]

The Internet immediately solved problems people had which were unrelated to selling internet service. Even before the web launched, things like email, FTP, telnet, etc. were generating real value for organizations around the world.

NFTs haven’t had that because they solve a problem almost nobody actually has: complete trust less processing of transactions small and slow enough to be handled on a blockchain. Most real world applications necessitate trusted third parties and at that point you can use a much simpler system at considerably lower cost.

[babelchips]

Those original internet services didn't solve problems for the vast majority of business (or people) immediately! The technology was solid from the start, but the adoption curve was far, far slower than you suggest. By a long shot.

The difference with NFTs is the concept is sound - trusted, immutable transactions recorded on a public ledger without a third-party intermediary. The difficult part is making it work efficiently and securely. Until very recently NFTs have been slow and expensive (in cost and energy) to transact. The most visible use cases being trivial (proof of ownership of JPGs). But the answer to those technical limitations IS already here and getting better, speed and costs are not a problem if you stop referring to Bitcoin and Ethereum.

The problem is, most people dismiss the entire venture (tokenisation and the larger benefits of public DLTs) because they are only looking at the mainstream projects and agreeing with lazy journalism to have their biases validated.

[babelchips]

How come?

[MBCook]

In multiple years despite huge amounts of hype and investment and trivial access to the technology by anyone on the internet no one has managed to find a single one besides “selling” “rare” “art”, which bombed spectacularly?

NFT art didn’t work. NFTs in games didn’t work. NFT shares of things didn’t work.

Enjoy your intangible beanie baby. At least those had a (small) intrinsic worth.

[babelchips]

I am not interested in collectibles, I am talking about something much more interesting and practical.

But to entirely dismiss the category because you are only privy to slow & expensive implementations or trivial use cases is like saying no one will fly across the Atlantic or be able to transport heavy goods because the Wright Flyer can barely do 30mph.

There is a fundamental technology here that goes beyond trivial collectibles. If you need examples just ask rather than throw the baby out with the bath water.

[DougN7]

I read that page but don’t understand how that is any different/better than the current situation. How is it better?

[babelchips]

"How tokenisation could benefit investors The benefits of tokenisation extend to large investors as well, providing increased liquidity and the potential for additional value through asset fractionalisation.

In this way, we can take a US$100 million private equity asset, tokenise it, and turn it into 100 million US$1 tokens. These tokens can then be listed on a regulated digital securities exchange to trade on a secondary market. By doing this, the minimum investment is now affordable to the smallest investor, while the secondary market creates liquidity."

https://www.abrdn.com/en-gb/corporate/news-and-insights/expa...

[TheNewsIsHere]

That link is 404 for me.

This doesn’t seem any different, at least not spiritually, from fractional ownership. What do NFTs do in this regard that we can’t already do?

[babelchips]

-The complete removal of intermediaries (resilience, trust, immutability) -Instantaneous transfer

Read more about Abrdn and Toko if you want to learn more.

[babelchips]

Link is fine for me

[acdha]

Specifically, the money going to one set of middlemen would be going to their middlemen instead.