We’ve talked extensively about some of the inherent problems with NFTs related to the anonymity of creators. Between rug pulls from non-reputable creators and overall creator fraud, there are risks every time you mint an NFT from someone you don’t entirely trust.
I recently came across a team that is trying to solve this problem by creating a reputation protocol for the blockchain.
NFTY is creating a way to quantify the trust and reputation of NFTs and the creators behind them. The NFTY Token acts as a voting mechanism where collectors can place their tokens on NFTs they trust and think will rise in value, thus signaling community trust in a given project.
In many ways, you can say that NFTY is creating the Better Business Bureau or Google Reviews of NFTs. For our younger readers, it’s like Reddit Karma.
In today’s video, we discuss how the NFTY Reputation Protocol could change the entire NFT industry and some of the obstacles they may face along the way.
While I can totally see this idea being standard on all NFT marketplaces in the future, the path to ubiquity is long. Ultimately, they need to reach scale before it’s effective for the creators and collectors. The timing is right. Reaching scale at a moment when there are only between 300k and 1m people actively collecting NFTs is easier than when there are half a billion people in NFTs.
NFTY needs to get ahead of partnerships with NFT marketplaces and blockchains. Overall, I’m interested to see how NFTY Token unfolds and grows over the next couple of years.
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