NFT Shower Thoughts (11/12/22)

NFT Shower Thoughts (11/12/22)

I keep thinking to myself no matter how bad it is right now in the market, it’s still inevitable that blockchain technology plays a large role in our future.

Off the bat these are the first three real life NFT utility scenarios that came to my head:

  1. Event tickets - First of all, third party apps like Ticketmaster, stub hub, seat geek, etc would no longer exist, which in theory, means cheaper tickets. Professional teams would benefit from royalties each time a ticket is re-sold
  2. School textbooks - this one would make the life of students so much easier. No more walking to the library at the same time as everybody else trying to find your textbooks. All it would take is to click “transfer” —> enter wallet address —-> confirm. Then when you’re done with it send it back to the teacher or next student! Considering schools forgot what pen and paper is, I can see this happening in the near future if the right people step up
  3. Medical records - Imagine you’re on vacation in the Bahamas and need urgent medical attention. Say it’s around midnight, How long do you think it would take for your doctor to answer the phone, confirm your medical records, and then send them over to where you are ? If they were in NFT form all it would take is internet to access them!! They also cannot be duplicated or edited in any way making sure they stay legit.

Can anybody tell me otherwise?

I know I sound like a maxi thinking there's absolutely no way this doesn't happen in our future. Seriously speaking, and I welcome it, would anybody be able to tell me why this will not happen?

Playing the devils advocate for the sake of this, I would say lack of mainstream adoption would be the reason this doesn't come to fruition. In terms of logiscl thinking, I really don't see why it hasn't been done.

Terrible look for crypto market

On another note, this FTX story just keeps getting wilder and wilder.

It was recently reported that

In a subsequent examination, FTX legal and finance teamsalso learned that Bankman-Fried (FTX CEO) implemented what two people described as a "backdoor". They said the backdoor allowed Bankman-Fried to execute commands that could alter the coompanies financial records without alerting people, inlcuding outside auditors.

In my humble opinion, this is probably the worst single event in crypto history in terms of setting a public perception. Outside people already see investing in cryptocurrency as a huge risk but with shenanigans like this I bet they're laughing and telling us crypto degens "I told you crypto is a scam"

Its hard to rebuttal after a situation like that.

Pray for better times.