Millionaire venture capitalist Paul Graham may not agree with the current uses of NFTs, but he thinks anyone who dismisses the whole concept is inviting future mockery.
The English-born American computer scientist and entrepreneur made the remarks on Twitter to his 1.4 million followers.
Graham was clearly addressing recent skepticism towards NFTs and Web3 in general, particularly coming from notable personalities like Tesla and SpaceX CEO Elon Musk and Twitter co-founder Jack Dorsey.
He hinted that he is not totally on board with what NFTs are being used for today, mostly expensive art, but said that it would be foolish to think that’s all they have to offer.
Early adoption of NFTs has been mostly gimmick, such as the super expensive Ape pictures, but the potential of the technology powering Non-Fungible Tokens is unlimited.
Smart contracts on the blockchain have a potential to revolutionize finance, music royalties, patents, product authentication, property deeds, government records, and many other things we have not even thought of yet.