this post was submitted on 06 Aug 2023
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A single airline in Argentina is experimenting with it in partnership with a bullshit travel company. Hardly the proof that NFTs make any sense anywhere. And of course, the only places this story is getting traction is the blockchain hype blogs, which is red flag #2 and #3.
It's one example of NFTs in real business. Need more?
Odysey isn't Starbuck's loyalty program, it's invite only unless you want to join the wait list, and it's openly called an experiment at its launch in December 2022.
NTFs are different to blockchain, so you're just muddying the waters for yourself with the Walmart thing. Lots of companies do chain of custody things with what you'd call blockchain. It's been that way for over a decade now. Because it's low transaction volume, no moronic "proof of..." nonsense, etc. Just hashes signing hashes at different points throughout the supply chain.
This isn't the "win" the NFT hype weirdos are desperately hoping for.
Facebook started as invite only. Great for an exclusive, loyal customer.
Each item is represented by an NFT on the Walmart blockchain. The innovation in the chain of custody is that everyone is verifiably using the same database. It's a permissioned database, so it's proof of authority.
https://hbr.org/2022/01/how-walmart-canada-uses-blockchain-to-solve-supply-chain-challenges
Private keys sign hashes. Hashes cannot sign hashes because there is no associated private key.