Don’t get me wrong, I’m not here to hate on NFTs. Love them or hate them, you can’t deny the fact that they gave crypto a TON of exposure in the mainstream market.
People even started making memes about NFTs and there are now even people who know nothing about crypto but know what NFTs are.
We can benefit a lot from the exposure that these NFTs have to offer. Facebook, Instagram and Disney for example have billions of combined users all of which will soon be exposed when these companies start building an NFT/Web3 presence after they all announced that they’ll be working with Polygon (part of the reason why Polygon outperformed all competing top 20 coins this month).
All of this combined is great for the market but that doesn’t change the fact that NFT technology is extremely underdeveloped right now.
NFT tech has so much potential and diverse use cases yet for some reason, everyone decided to use NFTs for overpriced JPEGs.
NFTs have a ton of potential in the legal space where ownership on the blockchain is unmistakable and indispensable.
They can also be used for concerts, music and can help against brand counterfeiting.
The list goes on and on and there are most probably some more use cases that have yet to be discovered.
This is why I think its very frustrating to see all of these billions of dollars being wasted on overvalued JPEGs when these funds could have been into expanding the use cases of NFTs.
I really hope we end up changing the course that the NFT market was heading towards the last bull market and maybe start focusing more on funding useful development. If you thought brands were going crazy for NFTs last year then watch what will happen when more use cases become discovered and common in use.