Walmart, NFTs, and The Metaverse

Make room! Walmart wants into the metaverse.

Crypto enthusiasts forget … NFTs are not the center of the universe. As these gaming companies know all too well, not everyone likes non-fungible tokens. Some people are quite angry about them. A MUST READ

One man’s experience with Web3 makes it look like a scam.

The Problem of Accessibility

Block explorers record every transaction on a blockchain. Bitcoin has operated seamlessly since 2009 and every single transaction since the genesis block has been recorded for everyone to see. Because the information is transparent and secure, every transaction can be viewed and analyzed by everyone, even people who don’t use the blockchain, without damaging reputations or violating privacy.

The Problem of Ownership

In 2016, 26 million people age 16 and over experienced identity theft. From bank accounts to education reports, identity theft is higher than it’s ever been. Bad actors can purchase personal information on thousands of people at a time on the dark web for pennies on the dollar.

Blockchain technology can be used to secure identities, prove identities, and give identity owners more control over their personal information. More importantly, if you wish to remain anonymous or disassociate your real name from your online interactions, you can more easily do so.

Provenance is the art and science of tracking ownership and possession. Typically used in relation to art, jewelry, and items of high value, it can be used to track everything from vehicles to real estate. Imagine how useful it would be to search a public record before making a purchase to determine if the seller has the legal right to receive compensation. What if you could loan out your vehicle, record that transfer of possession on an immutable public record, and the new driver automatically enrolled in a short-term insurance policy they paid for prior to the transfer? Blockchain technology makes these types of transactions possible.

An excerpt from my forthcoming book from Business Expert Press titled Cryptosocial: How Cryptocurrencies Are Changing Social Media. To get a free advance review copy, sign up here.

First published at Cryptocracy. Not financial advice.

Image credit: TMZ