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Paul Graham, a prominent American venture capitalist, says it is a mistake to dismiss non-fungible tokens (NFTs) entirely as scams because it is unclear what their future utility will be.
The co-founder of seed funding firm Y Combinator says he would “never dare” to foresee all of the technology’s prospective applications.
Graham tweeted in May about a non-fungible token called “Save Thousands of Lives,” which was created by the NGO Noora Health.
NFTs can be used for so many different things that you're inviting history to make a fool of you if you dismiss them. Even if I were sure that most current uses of NFTs were bogus, I'd never dare to say that all possible uses were.
— Paul Graham (@paulg) February 6, 2022
The debate over the sustainability of NFTs has resurfaced when independent game sponsor Itch.io called the latest cryptocurrency sensation a “scam,” saying it’s only good for exploiting creators and governing the world.
It also launched a stinging attack on the growing number of businesses that promote non-fungible tokens. Thereby, arguing that they solely have interest in making money. Walmart and YouTube, for example, are both looking into the possibility.
Discord, a popular messaging and media distribution network, pulled out of its proposal to support crypto. Then, and NFTs after receiving a lot of negative feedback from users.
While some argue that NFTs are only useful for establishing pyramid schemes using
“ugly JPEGs,” potential applications include gaming, the Metaverse, real estate.
In other news, Buzzfeed journalist Kate Notopoulo recently unmasked the co-founders of the Bored Ape Yacht Club (BAYC). Which is, the flagship NFT collection, sparking a new debate about the significance of responsibility in the fast-growing business.
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