Why NFTs, Metaverse and all that doesn't matter

Published 2021-11-09 | Written by koyu

Let me start this off with saying that all the buzzwords that have been a thing the last few years are worth nothing and let me say why this is.

Cryptocurrencies don’t help the web, it destroys it

The web was originally thought as you input information and get information back, just like how computers work, but with the idea that this can be done remotely. So let’s say you want to request a site containing your favourite apple pie recipe your grandma made. If you noted it down somewhere in the web it will stay there as long as a server is up. Now let’s say everyone was using some random blockchain technology rather than the web. Your blockchain technology will crawl on its last legs if nobody will use it anymore, it’s like little webs constantly collapsing merely making it out of its development phase. Cryptocurrencies and NFTs are toys. Nothing else.

The Metaverse can’t be the future, at least for now

I don’t know what’s up with the Metaverse, but I’m not a fan of a random dude like Mark Zuckerberg being able to control what I can see through my Oculus goggles. Sure Meta aka Facebook has the technology to realize a Metaverse, but I don’t think they will actually be the ones doing it. Not only do they have some hefty law suits heading their way, but also I don’t think they will have the knowledge to compete in the Metaverse business in any way after multiple failed attempts to position themselves to gamers which would be the main target audience for these things. Also if there isn’t a specific way to have your privacy in that metaverse and no W3C-approved protocols it will meet the same fate as the blockchain. They are built to be doomed.

NFTs are no proof of ownership

Another myth I’m trying to debunk is that there’s no way to proof ownership through an NFT (non fungible token). It has the same energy as me sending you a random string of numbers and tell you this string represents my ownership of let’s say your house. This is not how copyright works either. I can’t proof my ownership on something through a random string of characters, it still has to backlink to the original work to be accepted and I have to be the actual owner of that item. So basically NFTs are just like fancy in-game cosmetics. They are worth nothing other than looking shiny and you don’t have the right to copyright them.

Is this the future?

Do you want to live in a future where you are not sure if you own the things you have on the web and where you can’t control what you physically see or experience? Me neither, so stop advocating and using NFTs or the Metaverse. I hope the bubble will burst at some point like any other blockchain technology or useless product venture capital has brought to life.