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Vitalik Buterin: NFTs can be a social good, not just a casino for rich celebrities

There’s little social value in helping make Elon Musk another $1 million in the NFT market, but the technology can still be put to good use, says Ethereum’s Vitalik Buterin.
Ethereum co-creator Vitalik Buterin believes NFTs can be applied to socially relevant causes such as charities and funding public goods, but not while the technology is still viewed as a “casino that largely benefits already-wealthy celebrities.”The author of the Ethereum whitepaper said there was little social value in helping celebrities like Elon Musk add another $1 million to their bank balance by selling NFTs. But he does believe that with support and coordination, non-fungible tokens could have a significant impact on other areas of society. In a blog post titled “The Most Important Scarce Resource is Legitimacy,” Buterin said public attention and resources are often allocated to whatever most people perceive to have legitimacy — a game theory term which he defines as:“A pattern of higher-order acceptance. An outcome in some social context is legitimate if the people in that social context broadly accept and play their part in enacting that outcome, and each individual person does so because they expect everyone else to do the same.”In short, people act in a coordinated fashion if they perceive that everyone else will do the same, and especially if it benefits them personally. The NFT market, which has seen half a billion dollars in volume in the last few months alone, is also swayed by the ever-changing forces of mass public perception. “ …
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