I don't think the NIST paper actually acknowledges ANY use cases. It does a fair job of pointing out the Oracle Problem, which is overlooked or underestimated by many, many crypto enthusiasts (and, IMHO, investors).
Currency is a real use case (there's an existence proof), and NFTs could be considered a use case, if being a "digital collector" could be considered useful and not just another way to perform pump-and-dump scams.
There are some legitimate use cases for NFTs but art is not one of them.
The best use case I can think of is a kind of DNS domain name system. The domain name is an NFT; it's unique and it provides value as it can be integrated with various systems.
The intrinsic value of crypto and NFT is in software integrations.
I think this is not a good take. An NFT is a use case. You might find them asinine, as I do, but that’s still a use case. It’s surprising that people think “programmatic money and token system” doesn’t have a use case. Clearly it does, and judging this nascent technology for not fundamentally changing the world yet is shortsighted. Imagine when the first vacuum tube transistor was invented. Maybe you could invent an 8-bit adder, but addition of small numbers was already possible. It took many decades to fully realize that you could, e.g., network computers and make the internet.
There's plenty of real world use cases. The fact that you insist that there are none says much more about you and amount effort you've spent on researching the topic that it does about crypto.
Bitcoin and Etherium's use cases are still just limited to providing means of bypassing regulation and being a ponzi scheme. NFTs are just the latest iteration on that.
When most people say "a use case", they mean "a use case that is beneficial, and that provides enough advantage over existing ways to do the same thing that it outweighs the significant drawbacks of using a blockchain."
Ticketing isn't exactly a hard problem. It gains nothing meaningful by using NFTs for it.
Honestly the best use case is actually for the very financial services industry that the crypto community thinks they are supplanting. Distributed ledger with trusted confirmations + quicker and cheaper wires is actually pretty big. It's a rock solid use case that a couple of big banks have openly said they are working on. Of course, it's almost certain that any currency they move will probably end up pegged to a fiat, so that idea doesn't give people the warm and fuzzies, to say the least.
I could give you more examples if I needed to, but considering the argument always made here is that cryptocurrencies have precisely zero use cases, one example should suffice. If you want a better response, don't leave yourself open with sweeping generalizations.
There is no usecase just look at RAI or maybe the unlaunched Nuon, they are cryptocurrencies that try to minimize volatility. That turns the rest of the ecosystems into a bad joke. The point of these cryptocurrencies is to beat the central banks at their own game.
Use cases are the same as with money btw. People use cryptocurrency today to trade and to transfer value. You can try to ignore that, or point to the low adoption, but it is there.
It's not that it has no use case. It's that it has a very niche use case.
Government were never going to allow some unfettered parallel monetary system. Governments invested a lot of political capital to monitor and control monetary flows (from reasons/excuses like fraud, terrorist financing, money laundering). No way there were gonna relinquish that power.
They might use the technology itself as CBDC, but that is about it.
It was sold as new web 4.0 or whatever. NFTs were the future. Smart contracts.... And all it seemed to deliver were all mistakes and scams monetary system made in 19th century.
That's not a particularly valuable contribution to the discussion, nor is it even true.
A use case for crypto is to be independent of the establishment financial system. This isn't important to that many people, but it is a use case, and there are valid reasons for it.
NFT is quite a novel and interesting application on its own. For an application of NFT, see Tezos Domains and ENS (Ethereum).
Aside from NFT, stablecoins like USDC and DAI are also quite novel and interesting applications.
These applications are providing value and utility to those using them, and could potentially improve other parts of the world’s payment systems by providing a decentralized option alongside centralized processors.
Crypto will be eternally new, because we will keep finding new ways to build on top of it. A few years ago zkSNARKs we’re not feasible on a blockchain. Now they are becoming widespread and being put into use. A few years in the future, we will likely have new cryptographic primitives that will provide new applications and areas to build and develop.
Currency is a real use case (there's an existence proof), and NFTs could be considered a use case, if being a "digital collector" could be considered useful and not just another way to perform pump-and-dump scams.
reply