Buterin says NFTs should not be a casino

Non-fungible tokens (NFTs) have been a matter well discussed, viewed, and analyzed in the crypto space. Vitalik Buterin believes that NFTs if channeled to a relevant and social cause such as charities and funding public goods, will transform its usability, but viewing it as a “casino that largely benefits already-wealthy celebrities” won’t make a social impact. He believes with support and coordination, NFTs will have a real social impact on society. The center focus of NFTs should be on real impact on other areas in the society; if the focus is on celebrities the potential of NFTs could be lost.

“But they could also be a missed opportunity: there is little social value helping Elon Musk earn yet another $1 million by selling his tweet when, as far as we can tell, the money is just going to himself (and, to his credit, he eventually decided not to sell). If NFTs simply become a casino that largely benefits already-wealthy celebrities, that would be a far less interesting outcome,” said Vitalik Buterin.

Author: Oluwafemi Adenugba

Oluwafemi is passionate about research and finds himself as a blockchain enthusiast who is focused on growing with the entire crypto sector.

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