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95% of NFTs are Worthless: Report
(petapixel.com)
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this post was submitted on 21 Sep 2023
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"Squandering" is a great description of what they've been used for. The only implementations I've seen thus far that seem genuinely useful are FileCoin and a few decentralized computing attempts like ICP (not Ethereum). I could see a potential niche use-case for NFTs to decentrally coordinate ownership of abstract properties like domain names, but speculative monkey jpegs ain't it chief.
NFTs could also be used as ownership proofs of DRM protected stuff, like games, software, music, videos, books... no more "buying" an ebook until Amazon pulls it out of your "library". Arguably any certificate is a kind of off-chain NFT, and vice versa, so using one or the other may become interchangeable depending on whether it should be made public or kept private.
Ethereum focuses on being a generic platform for DeFi services, so it's logical that it has the largest amount of trashy attempts at reinventing the wheel. ICP I still haven't found a real use for, and FileCoin storage costs are crazy high, way above most cloud solutions.