The vision of crypto is that we don’t need trust because we can just evaluate what’s written to the blockchain. The assumption being what’s written on the blockchain is true. We know this is incorrect given stolen art NFTs. Thus you need a trusted validator. Back to square one.

This excerpt from Matt Levine’s newsletter accurately sums up the NFT space. There are some interesting but unproven ideas around tokenizing assets and people who think digital art are the new status symbols. But mostly it’s people trying to scam you into spending money on JPGs.