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What happened to NFTs and what where they in Retrospect?
(pawb.social)
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this post was submitted on 18 Sep 2026
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NFTs, like blockchain in general, are public write-only databases. The only difference is that NFTs also contains references to things such as media (pictures).
They're still around, but like all other fads that are poorly camouflaged ~~pondicherry~~ ponzi schemes (ducking autocorrect), they're practically worthless.
An NFT doesn't dictate ownership, neither de jure nor de facto.
While I find the concept of public write-only databases interesting feom a technological standpoint, an actual use case has yet to be discovered.
Sure, just like a property deed doesn't dictate ownership. Just like money, deeds of any kind are only as valid as what we allow them to be, if our society were to use NFTs to track ownership of something then it would dictate ownership just as much as any other deed and would be enforceable by judges and police in the same manner.
In other words, NFT are a way to use Blockchain technology to obtain a non fungible token, whether that token means something depends on our societal agreements, just like any piece of paper.
A commercialised use case known to you, perhaps, but they have some very useful actual use cases.
E.g. a commercialised use case is supply chain verification
And a really cool use case that hasn't been commercialised is transferrable/sellable digital licences, e.g. for video games. NFTs even have a royalty system that would ensure the rights holder gets paid a small % with each second hand sale too
The resale % back to the artist went away.
Doesn't have to though. All of this is based on smart contracts, to which means the logic is what you make of it. It could, for example, also send some kickback to a platform when activating the game there, so e.g. you buy the game from the game dev directly and you're given an NFT for it, with it you can download the game from the game dev page, but also you can pay a small fee and get a steam key for it, that fee could be sent to both Valve to justify their involvement, then you might be able to generate similar Playstation key for it, or any other platform. This would be an interesting system where users can buy the game once and activate it for different platforms.