Vitalik Buterin Says NFTs Can be Good Socially

by in Cryptocurrency News

Buterin about NFTs

On March 23, Ethereum co-founder Vitalik Buterin issued a blog post that covers various aspects of the crypto industry. In the blog post, Buterin also referred to non-fungible tokens (NFTs) saying they can be used for different social objectives like charities or financing common goods. He finds that now the approach to this category is viewing NFTs as a casino through which already wealthy celebrities receive huge benefits.

Related: Gemini Integrates Seven More DeFi and NFT Coins

Buterin said there's little social meaning in helping Elon Musk increase his capital by an extra million but the market has the chance to become beneficial for society. The Ethereum co-founder also mentioned the case when Twitter CEO Jack Dorsey sold his first tweet as an NFT for donation. The token was purchased for $2.9 million via an auction. However, Buterin finds the social impact will be lost eventually if the focus keeps being on famous people.

According to the paper, one solution can be using decentralized autonomous organization, when the community would choose definite NFTs in a case it was secured that some percentage of the trade will go to charities.

Another solution suggests adding an option on social media, permitting users to post about their investments.