NFTs Have Actual-world Use Circumstances. Not All Are Worthwhile. – Blockworks

NFTs Have Actual-world Use Circumstances. Not All Are Worthwhile. – Blockworks

Drexel Medical School is utilizing Algorand to retailer affected person medical data as NFTs
The Nemus NFT challenge “requested the indigenous individuals, who can barely learn, to signal paperwork with out clarifying the content material or offering a replica,” a prosecutor stated

A lot is fabricated from whether or not NFTs have actual world use instances. However simply because a use case exists doesn’t imply it ought to be used.

Whereas Fb seeks to convey the digital artwork utility of NFTs (non-fungible tokens) to its customers, this week noticed two novel NFT use instances make waves — however for contrasting causes. Whereas NFTs introduced sufferers possession of their medical data, an Amazon rainforest safety NFT faces questions over the way it acquired the land it’s promoting.

Blockchain healthcare firm MaPay and the Drexel College School of Drugs are utilizing the layer-1 blockchain Algorand to retailer affected person medical data as NFTs. Presently, well being suppliers retailer medical data themselves – resulting in pricey and sluggish paper file retrieval and the sale of sufferers’ medical knowledge.

At a fundamental stage, NFTs retailer and denote possession of digital gadgets with out third events. Placing healthcare knowledge on the blockchain offers sufferers possession of their data — so the pitch goes — and makes retrieval extra environment friendly.

Charles Cairns, vice chairman of Drexel’s medical college, believes the medical trade’s future lies in blockchain expertise. 

“This initiative can be transformational significantly in underserved areas. It’s not a query of ought to this be finished. It’s a solution that it have to be finished for the longer term in medication,” Cairns stated following the partnership announcement. 

Nemus and its ‘non-fungible territory’

Nemus, an NFT mint tied to Amazon rainforest conservation, is in sizzling water after a Brazilian prosecutor introduced an investigation into the corporate’s possession of Amazon land.

Nemus’ CEO Flavio De Meira Penna has a number of entrepreneurial ventures centered on rainforest preservation in Brazil. Nemus claims to personal 100,000 acres of Amazon rainforest and hopes to buy extra with funds from its NFT gross sales. The corporate didn’t reply to requests for verification that it owns the land.

Customers should purchase NFTs representing plots of land on a map with the understanding that Nemus will shield the land and its indigenous residents.

Nemus is evident that customers don’t personal the bodily land as a result of constraints of Brazilian regulation, saying the corporate holds onto the land as an alternative. However even that a lot possession could also be wishful pondering.

Prosecutors from the Brazilian Federal Public Ministry introduced final week Nemus has fifteen days to show its possession of the land after Indigenous residents complained of being hoodwinked into promoting land to the NFT challenge.

“The corporate delivered an indication to the villages, written in English, and requested the Indigenous individuals, who can barely learn, to signal paperwork with out clarifying the content material or offering a replica,” the prosecutor’s workplace wrote.

Nemus and Drexel Medical School point out an rising frontier in discourse surrounding NFT use instances. Sean Stein Smith, an assistant professor at Lehman School who writes in regards to the digital property, believes debates in regards to the usefulness of NFT expertise are already performed out.

“On the purpose of making an attempt to attend for the ‘real-world purposes’ of NFTs — these purposes are right here,” Smith stated. “‘Are they creating advantages from an financial and broader societal perspective?’ is in the end how any challenge ought to be judged.”

Nemus didn’t reply to a request for remark.

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Jack Kubinec
Editorial Intern
Jack Kubinec is an intern with the Blockworks editorial workforce. He’s a rising senior at Cornell College the place he has written for the Each day Solar and serves as Editor in Chief of Cornell Claritas. Contact Jack at [email protected]

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