- NFTs have been heavily criticized for their lack of use case
- They are primarily used to make profits, much like any cryptocurrency
- The metaverse could finally see NFTs and blockchain have a use case
The metaverse is suddenly in the headlines thanks to Facebook’s always-doomed name change to ‘Meta’ last week and its heavy move to developing the metaverse. The concept of a metaverse is still theoretical in many respects and what it will actually look like will won’t be known for years to come. One thing we can be sure of though is that NFTs will want to be part of it. The six-figure JPEGs are tailor made for a digital universe, and successful integration could finally give them the use case so many people believe they don’t have.
If you ignore the exorbitant valuations for what are, at the end of the day, not even true ownership rights of a JPEG, the biggest criticism of NFTs is that they have no use case.
NFTs Lacking Clear Use Case
NFTs exist, according to critics, purely to make profit for their creators and resellers. In many cases this is true, which makes them no different to cryptocurrencies – some people hold cryptocurrencies because they actually use the technology behind them, but most people simply want to profit off them.
There’s nothing wrong with this of course, but NFTs seem to be being given a tougher ride, perhaps due to their instant popularity and the confusion over what you actually get for your money.
Metaverse Could Benefit Blockchain and NFTs
Fast forward a few years and, if Facebook (sorry, Meta) is right, there will be different metaverses through which we will all be living our virtual lives, taking our digital possessions with us. This means that the Bored Apes, Cryptopunks, and more that we have bought can finally be put on display for us to enjoy and others to see, and thanks to blockchain anyone who has performed a right-click save will find that their version will not be accepted into the metaverse.
By the time the metaverse is up and running, there is a very good chance that, at least in some metaverses, the authentication offered by the blockchain will be paramount in making sure only those who genuinely own digital assets can use, display, or gift them. This means the buyer of Beeple’s $69 million Everydays – The First 5000 Days will finally be able to hang his JPEG in pride of place, knowing that no one else can do the same with a fraudulent copy.
Such a turn of events might finally silence the critics of NFTs and blockchain…until the creator of the NFT pulls it.