Every NFT item sits right in the middle of USELESSNESS and USEFULNESS. This means that it has the possibility of tilting towards any of the two options depending on how useless or useful it may be; put differently, depending on its “USE CASE”.
Therefore, we cannot separate the use case of an NFT from the NFT item itself, as it is sine qua non (indispensable) to its “existence” and worth.
In my post on Newbies Initiative Tutorial – Blockchain Games I made a clarification that NFTs aren’t some crypto coins, as some Newbies would think. Going further, I defined NFTs as:
A digital or electronic asset that represents objects in the real-world like: art, images, music, in-game assets, video and historical items.
Which means, NFTs can be absolutely anything!
However, in as much as NFTs can be “just anything”, being NFTs doesn’t grant them status of usefulness. Being NFTs just grant them the status of being digital assets; what they can make of this status depends solely on the item and its creator.
Lest I may forget to add, NFTs is another quintessential product of blockchain such that purchasing an NFT grants you full right and ownership of the item, which can be verified on the Blockchain.
In the first Quarter of this year (2022), there was an upsurge in the minting, sales, acquisition and transfers of NFTs.
With the sales of Jack Dorsey’s first Tweet and the status that accompanied owning a Bored Ape NFT from the Bored Ape Yatch Community (BAYC), many people thought anything can qualify as NFTs.
Thus, the drive to own NFTs kept pushing people to purchase whatever they see as NFTs with the hope to resell at an incredulous price. Others had to sacrifice some Eth in order to mint some NFTs just to sell and make “quick money.”
Many people jumped into this “moving train” without really knowing much about it. They didn’t consider anything like USE CASE.
Well, reality has dawned on them now!
While the members of the BAYC can boast of some benefits of owing a Bored Ape NFT aside using them as Twitter Profile Picture, others have begun to regret their decision to purchase an NFT without a USE CASE.
Well, belemo has a special advice to give those who fall in this category (hahaha)
https://twitter.com/belemo__/status/1561497052869283840?t=ieCqrjt5e_pvDycCm9wSIQ&s=19
- belemo__
By “Use Case” of an NFT we ask the specific questions:
“What can I do with this digital asset?” “Of what use is this digital asset?”
Whether it is a piece of art/painting, image, music, videos, historical item or in-game assets, the same question still applies.
If there is no use case aside the fact that it is a digital asset, then such item will not be valuable.
I came across a Tweet from ModernWarzone game and it read thus:
https://twitter.com/ModernWarzone/status/1562111486641815553?t=8LmGquW_Y2FuQpdua4K9UQ&s=19
- ModernWarzone
This implies that those who bought the in-game assets in Warzone Legacy just “WASTED THEIR MONEY.” Now, in Warzone 2, they will WASTE their money to buy these in-game assets, which will only benefit them if the game is functional.
If these assets were backed up by Blockchain and if they were NFTs, it will be easier for the owners to transfer these assets to the upgrade of the game, as well as to release newer assets. However, let them mourn the loss of their money; at least some of them enjoyed the assets in the game.
Yes, NFTs have disadvantages, and they include:
I hope from this piece you understand that your NFTs are useless when they have no USECASE, but when they have multiple use cases, they tilt towards the angle of usefulness. However, remember, they are not liquid, and you need to “trade and acquire” with caution.
Have you read these posts by me?
☆ DIARY OF A CONTENT CREATOR ON HIVE
☆ Did you know that there are more than 10 ways to Earn on Hive?
☆ SAY THANK YOU TO YOUR MENTOR ON HIVE
☆ Unravelling my Favourite Hive Author: The Story between the Storyline
I may not be your favourite author, but you can journey with me to help me develop my writing skills. I am always open to criticism, correction and learning 🥰.
