If you struggle to wrap your head around digital ownership, you’re not alone.
Blockchain technology has enabled people to own digital assets as non-fungible tokens (NFTs).
But many people still think blockchain’s value is fake news. And I’m empathetic.
Here are 4 reasons why people think digital ownership is foolish:
1️⃣ You’re Used To Physical Ownership:
Growing up, we were all taught that ownership meant having a physical product in our hands.
The idea of owning a digital:
- Picture,
- Video, or
- Written article
Seems silly.
Even though decentralized blockchains make it possible, it still seems farfetched.
Since NFTs don’t have physical characteristics, they are difficult to conceptualize as something ownable.
2️⃣ You’re Overwhelmed By New Technologies:
Technology moves quickly
NFTs are part of a technological revolution, and understanding how they work requires knowledge of blockchain technology and an open mind about digital ownership.
This is intimidating for people who get overwhelmed by innovative information.
Most people prefer to avoid new things. They instead prefer better versions of older items.
That’s why many folks throw rocks at NEW things they don’t understand – hence all the hatred thrown at NFTs.
3️⃣ You’re Scared of Getting Scammed:
You’re warier about getting scammed or taken advantage of when something is unfamiliar or complex.
This fear is intensified when dealing with digital assets since they’re so foreign.
The worry is justified for now.
Because blockchain technology is so new, there are, unfortunately, a lot of bad actors. You can quickly get taken advantage of if you aren’t careful.
4️⃣ You Haven’t Seen Enough Success Stories Yet:
While there are many stories about people getting rich off their NFTs, we have yet to see success stories about groundbreaking products.
The space needs an undeniably fantastic product. Something that the industry can point to and say:
“See, look at this amazing thing this technology enabled.”
Until that happens, you can kiss mass adoption goodbye.
Nonetheless, this technology is not going to go away.
NFTs have opened up a whole new world.
I’m empathetic if you’re still in the “NFTs are foolish” camp. But you should keep an open mind.
It’s not a matter of if blockchain will revolutionize the internet; it’s a matter of when.
Brendan Bald 