The creator of Zcash talks about the concept of NFTs
The creator of Zcash talks about the concept of NFTs
NFT news

The creator of Zcash talks about the concept of NFTs

By Amelia Tomasicchio - 22 Mar 2021

Chevron down
Listen this article
download

A few hours ago the creator of Zcash, Zooko, published a series of posts on Twitter talking about the concept of NFTs – Non Fungible Tokens – with a tone that actually seems rather critical.

In his tweets, Zooko lists a number of possible applications for NFTs, at the limit of the real, saying that every website, every sentence, every concept or even every person could have its own NFT.

Certainly, the use cases for NFTs are endless, so much so that one might think of creating an ad hoc non-fungible token for each person in which they could invest according to their merits, awards or year-end tax returns.

Zooko goes further, explaining that it is possible to create an NFT for everything and that people are creating non-fungible tokens even of objects and artworks they don’t actually own or copyright. At the moment, although there might be problems and legal actions in the future, everyone is tokenizing everything, such as Michelangelo’s “The Creation of Adam”, Homer Pepe or Pokemon cards, all without regard to any copyright rules.

NFT, the concept that is the latest bubble

So, on the one hand, NFTs make it possible to tokenize anything, but on the other, it is perhaps also the latest bubble, as Beeple himself explained in an interview for Fox News today.

A bubble that would be related to prices and absurd applications, of course, but certainly not to the technology, which is here to stay and could really change every rule in the world of art and collectibles.

In fact, what Zooko is perhaps trying to say with his series of tweets is precisely this: although it is true that NFTs have unlimited potential, the bubble of the moment is getting to the point of exaggeration, especially if we think that it would seem that an original Banksy has been destroyed and then tokenized and sold as NFT.

Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist. She is also a marketing teacher at Digital Coach in Milan and Business Developer at Huobi for the Italian market.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.