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The utility of NFTs, a use case beyond just monkey pictures and other animal .png files.

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Alright, maybe that was a slightly provocative title, but the boomer in me still views NFTs for the large part as just pictures of various animals (monkeys being the primary one thanks to the ape series) and it soured me. But there's a use case that sold me on, and it happened last year in Eth Denver, where a use case was presented that showed how data NFTs could be employed. The case was that users that submitted data through private smart contracts could be issued a confidential NFT, and then the holders of these data NFTs would be paid whenever their data was used (differential privacy (it basically adds noise) would secure it and only deliver an aggregated form of the data to the ones pulling it, so the sensitive information would still remain confidential) they'd be paid in tokens. So in other words, a tokenized data economy thanks to NFTs.

I think this could be pretty sweet in terms of say medical information, or for credit profile data collecting, and could also be easier to sell web3 to companies that collect data, and to users that are having it used largely without a say, and certainly not earning from it.

submitted by /u/BackwardsOnADonkey
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