NFT can be beneficial for society, not the “product” that helps the rich to become richer.

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2021-03-25 03:43:39

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Ethereum project co-founder, Vitalik Buterin believes NFT can be applied to social-related purposes such as charities rather than a technology that has long been regarded as a type of product that “benefits largely to celebrities, rich people. “.

Buterin said there is little social value in helping celebrities like Elon Musk make another $ 1 million by selling NFT. But he believes that with support and coordination, NFTs can have a significant impact on other areas of society.

In a blog post titled “The Most Important Scarce Resource is Legitimacy”, Buterin says public attention and resources are often allotted to anything that most people consider to be. legal.

Which NFTs people find attractive to buy and which NFTs do not, is a question of legitimacy.

If people perceive that one NFT is interesting and another is not perfect, then people will really like to buy the first NFT, because it will have both a higher value for bragging and personal pride. when holding it, and because it could be resold for a much higher price because others think the same way.

The Ethereum founder then said that Twitter CEO Jack Dorsey’s actions were commendable, as he decided to hand over all the $ 2.9 million from his “first tweet” auction under NFT format for charities.

According to Buterin, this is a typical example of NFT assets bringing benefits to society. However, if everyone’s focus remains on wealthy people selling NFT like Elon Musk and a few other public figures, then the potential for NFT to have any impact on real society. can be lost, the Ethereum co-founder stated:

But this can also be missed: there is little social value in helping Elon Musk make an extra $ 1 million by selling his tweets … money only belongs to himself … If the NFT simply becomes one If the product is of great benefit to already wealthy celebrities, then that would be a much more depressing result.

Then, Buterin proposed two potential ways to help make the NFT “more legitimate”, as a mechanism to fund actions aimed at promoting social good.

Buterin said a decentralized autonomous organization that could be formed, with collective approval of the decentralized governance community, would “approve” some NFTs if they were guaranteed a portion of the sales revenue. will be passed on to charities.

Another way would be to work with social media platforms to integrate NFT screens into users’ profiles, allowing them to track what they have invested money in. Buterin writes, combined with the first idea, this approach could be taken to “drive users toward NFTs to contribute to valuable social activities”.


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