There's a whole lot of BS in NFTs at the moment. But, there is one thing they are good for: Everyone is crying out for a decentralized, interoperable metaverse that is not walled-off and owned by corporations. OK. So, how does anything of monetary value interoperate in that scenario?
So, you can make your metaverse service, I can make mine, and we can both interoperate by supporting each other's APIs. But, some of our services cost us significant money to provide and have market value to our users. We can make with work out for everyone by recognizing ownership of certain NFTs as decentralized verification that a given user has rights to things of value in our services.
We don't have a lot of examples of this so far because corporations are incentivized to wall you off from their competition and the public has not the means to securely control and verify value outside of the blessings of the corporations. But, now we can do it without them.
>OK. So, how does anything of monetary value interoperate in that scenario?
The same way things of monetary value interoperate on the internet currently. Anyone right now can create their own ecommerce site right now and start selling things for money just fine.
So, you can make your metaverse service, I can make mine, and we can both interoperate by supporting each other's APIs. But, some of our services cost us significant money to provide and have market value to our users. We can make with work out for everyone by recognizing ownership of certain NFTs as decentralized verification that a given user has rights to things of value in our services.
We don't have a lot of examples of this so far because corporations are incentivized to wall you off from their competition and the public has not the means to securely control and verify value outside of the blessings of the corporations. But, now we can do it without them.