Forget NFT’s - its time to do it properly with Non Fungible Assets (NFAs)

Look, I’ve been warning of the inherent risks and problems with NFTs and have explained why the current NFT solutions that use the current iteration of blockchains do not, and cannot work for a whole multitude of reasons. Mostly because a ‘token’ is completely worthless and it isn’t linked to the thing, asset, picture, the piece of art, you think you have purchased.

I do think Non Fungible Tokens are a great concept, and the decentralisation of blockchains should be the perfect technology to create new stores of value for artists and creators to benefit in a trustless, secure approach. They open opportunities for creators, for artists to earn new income by creating secondary trading opportunities for collectors, fans and speculators. Unfortunately NFTs are likely to go down in crypto history as another learning curve, must try harder as early adopters loose a ton of cash and it all goes pear shaped.

Blockchain records token movements, not the thing, (the asset) you think you have purchased?

Note: I used the term ‘asset’ in the rich sense of the items being purchased — a piece of art, a collectable, antique, picture, song, software, message, anything perceived as valuable by the Buyer and Seller.