NFTs Aren’t Just Monkey JPEGs

The Many Use Cases For NFTs

Community building isn’t the only way to use an NFT. As I said, NFTs are a way to prove digital ownership. No matter what happens, you can always prove that you own… that colorful squiggle.

The Problem With Web2 E-Commerce

When a centralized entity becomes a trusted third party, they become a counterparty risk as well. The two players who put their trust in the third party to protect themselves from each other suddenly have to protect themselves from the trusted third party. Along with vulnerability to attacks, the “trusted third party” can begin to dictate terms and set high prices for their services.

NFTs and Web3 E-Commerce

The problem of the trusted third party is solved with the blockchain. The blockchain becomes the trusted third party. The blockchain does not need a cut of profits. All the blockchain needs is a few dollars to get the job done right. When custody of ownership information is in the hands of the blockchain, there is no ambiguity in the rules, no vulnerability to attacks, and no greedy middlemen soaking up profits.

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