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I don't think there is no real world application for Web3 or NFTs, that seems pretty short sighted. Sure, there are scams, but legit innovations as well. I mean, the MoMA liquidated 70 million USD in art, including a Picasso, to buy NFTs.

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I'd be interested to see what the NFTs MOMA bought are worth now. The NFT market is a fraction of the size it was during the highs of 2021.

Most NFTs lost 90%+ of value. People are finally waking up to the fact that the jpeg is still stored in a centralized server - often controlled by the NFT issuer. When the NFT issuer shuts down, so does your NFT. Now your NFT points to a broken URL.

Most are on IPFS, but about 10% are 100% on-chain

IPFS is too slow. Imagine trying to load 1,000 images from IPFS. People won't tolerate it. Hence, IPFS cannot scale.

On-chain also can't scale because you're not suppose to put something like a JPEG on the blockchain.

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