• George Samuels

Why I No Longer Support NFT's Current Path



I no longer think NFTs will last (in its current form).


The reason for this is due to the change in linguistics, and what the space has churned out since inception.


We have art, and token-gated communities, but how many projects are actually using the technology to its fullest potential?


I know this all might sound counter-intuitive, especially since I'm involved in the blockchain space.


But I'm always ready to shift under changing circumstances. You have to in this space, despite what's popular.


But I do agree with Gary that understanding the fundaments of blockchain will be pivotal.


Understand the fundamentals


Once you get it, you realize that all roads lead back to scale. If a project is not building on a blockchain that scales on-chain, it will crumble.


Why?


Because blockchain is like foundations + plumbing. Digital infrastructure.


What happens to a house when its foundations are weak, or has poor plumbing? Higher likelihood of collapse during natural disasters, or leaks everywhere.


In terms of how I see NFTs evolving, just look to the crowdfunding phases of Kickstarter. The platform brought new revenue opportunities to creators, just like "NFTs" are now.


But this time around, the underlying technology was meant to offer something new and innovative.


Unfortunately, it's not really there yet.


Most projects are based on Web 2 technologies (e.g. OpenSea, Discord, etc.), wrapped in Web 3 jargon.


Sidenote: hats off to the artists who made a killing! You deserve whatever you got.


The other incoming "problem": patents


Then there are issues like the one below:



If Ethereum has issues around "stolen IP", that actually gets enforced, this may have serious effects across crypto. Because most of the NFT space is built on Ethereum.


And if you've been watching the enterprise "blockchain patent wars" taking place over the last few years, you'll know that: (1) it takes time for patents to be granted, and (2) once they are, a lot of potential court cases follow.


This type of litigious behavior may seem pointless, or even stifling to some, but they are realities of the space.


So to those that are only just entering, this is my warning: be very careful with NFTs at this point in time. The foundations are weak, but there's still room to get back on track.

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