[Digital Today Reporter Hyeonwoo Choo] Ethereum co-founder Vitalik Buterin opened up the usefulness of Non-Replaceable Tokens (NFTs).
It is his belief that the NFT can be a tool for social gain, not just for the rich’s play.
According to Cointelegraph on the 24th (local time), Vitalik Buterin posted a post on his personal website: “The NFT looks like a casino for wealthy celebrities, but it can be used for social interests such as charity and public fundraising. There is,” he emphasized.
“The most important scarce resource is legitimacy,” he stressed and explained, “Through the technology of dealing with scarce resources called NFT, we can conduct activities for the benefit of the public and society legally.
Currently, the NFT is being used as a tool for giving value to some art and collectible auctions and sports-related products, but this is only in the early stages of market formation, and his view is that as the NFT market develops, its net function will increase.
Vitalik Buterin was not the only one who expressed affirmation on the NFT. Tesla CEO Elon Musk also affirmed the NFT through his Twitter and media interviews. In recent years, Twitter CEO Jack Dodge hosted an event where his first tweet was sold for $2.9 million through an NFT auction and donated to the African Aid Fund.
Vitalik Buterin said, “You can’t put social value on a particular celebrity earning an extra $1 million by selling their tweets through the NFT. However, when the NFT is supported by decentralized governance or combined with social media, it’s more legitimate and positive. It will show its potential.”
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.