How to move NFTs from vanity to utility

NFTs, or non-fungible tokens, are unique tokens that represent a digital asset. One of the main selling points of NFTs is that they cannot be reproduced or destroyed. This makes them ideal for use cases such as property verification or collectibles.

NFT technology has potential.

The current common use case for NFTs is as a collectible or digital asset. There are a few main reasons why people are willing to spend real money on these virtual items.

First, NFTs provide true ownership - unlike in-game items which can be removed at any time by game developers.

Second, NFTs can be resold or traded, giving them intrinsic value that can be realized.

And finally, NFTs can be used to show status and achievements - much like physical luxury items in the real world.

There are a growing number of applications for NFTs in many industries. For example, NFTs could be used to represent ownership of digital art, or as loyalty points that cannot be duplicated or destroyed, or as a verification token for physical collectibles, or even in more daily as for a concert ticket, or a membership card.

The possibilities are endless, and it's likely we'll see more and more use cases for NFTs in the years to come. The technology has a real use case, however, most people in space aren't using it properly.

First we have a few problems to overcome.

Right now, most NFTs are created as custom projects. That is, they are used to show their status, but many have no real-world use. That's fine in the short term, but for NFTs to reach their full potential, they need to be used for more than just digital collectibles. The way NFT technology is currently used is also detrimental to the long-term use of the technology; because of this misrepresentation, the technology is presented in an unfavorable light to viewers. Using large amounts of energy to make digital collectibles doesn't really seem like the future. Nor does the culture of greed and status-seeking it cultivates.

I strongly believe that technology should serve some kind of purpose in the real world. I have long believed in the metaverse, but it must serve a purpose; and the most successful Metaverse-style platforms do this today. For example, Roblox serves the purposes of entertainment, connection, and expression. Those who have no goal do not succeed. Likewise, without a true global focus, NFTs will remain niche and overlooked as a technology.

And after?

So how can we put this technology on the path to mass utility? First we need to escape this conceited hold on technology right now and get back to the drawing board. We need to create and invest in projects that use technology for real purpose. There are real implications for this technology when it relates to physical collectibles, art, event tickets, memberships, and more. For example, if you are a painter and selling your artwork, having an accompanying NFT will not only allow the new owner a digital certificate of authenticity, but will allow you to continue to earn a commission on each sale of the work - meaning you benefit as an artist as your work increases in value.

Another example, Maxwell Tribeca, a future social club in Manhattan, is going to use NFTs as a sort of membership card. These NFTs will be able to be bought, rented and sold to others, in which transaction royalties accrue to the club. This allows the club to maintain a certain level of exclusivity by not being financially obligated to increase the number of members, but also allows a kind of second-hand economy for this limited membership - making it potentially profitable for social club patrons to hold a membership as an asset rather than an expense.

Also, while the technology is much more energy efficient on some blockchains than it has been in the past, there is still work to be done. The more energy-efficient this technology can become, the more scalable and suitable it will be for large-scale utilities.

It's time to build.

I think after that initial tracking of vanity-based projects fades, because it...