Jordan is the CEO of MetaTope, a blockchain technology company. Read Jordan Yallen's full executive profile here.
NFTs’ branding problem isn’t a secret. Whether it’s social media, the blogosphere or late-night television, it doesn’t take much effort to find someone boldly declaring NFTs’ death and rehashing tired notions that projects are scams. If you work in Web3, the naysayers shouldn’t be a surprise since NFTs’ branding problem has existed for some time .
Since NFTs have a branding problem and companies trying the technology are worried about using the term, it’s time we try something new. Sometimes, a branding problem has run too long and gotten too out of control, and when that happens, a rebrand may be helpful. Take, for example, car titles. They’re a specific document referring to a specific item and owner that can’t be forged. Like the concept of “provenance” in the art world, the specificity and uniqueness help authenticate the creator, ownership history, value, etc., for the asset or record from its inception.As the dictionary definition says, a digital item is one that isn’t physical. The item, asset or record is electronically validated, and the data is expressed as a series of 0s and 1s.
I also believe blockchain technology’s eventual mass adoption will happen largely because of records rather than assets, as I’ve. For example, Estonia uses blockchain tech for everything from issuing ID cards to managing land registries to storing healthcare data. California is also bringing its car title database on chain, allowing drivers to hold their titles as NFTs.
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