If you make and sell NFTs you are smart. If you buy and hold them you are a fool. [1]
In the end, no one actually cares about disrupting the art collecting market. It's a passion project for zero people. Most hyped NFTs are based on memes and if memes are famous for one thing, its making a big splash and disappearing forever. If they were an investment then their value should increase over time. I try to imagine 20 years from now, will owning a cryptopunk or bored ape make you relevant, or the equivalent of a boomer? "Back in my day all the cool people called themselves apes and used these expensive pictures. Ok granddad" New memes will always displace the old ones and NFT values will decay as the hype and relevance of their specific meme does.
That said, I don't think NFTs are quite ready to be thrown out as a technology but their current utilisation seems like a poor use case. I'm a proud right clicker - or would be if any of those NFTs were worth saving a copy of.
[1] some will definitely make money and be outliers who fuel the FOMO that burns everyone else
The basic concept of an NFT seems like it's the same as a signed print of a physical piece of art. It's a limited edition, identifiable unique object, and conveys little to no 'ownership' rights of the underlying art (in terms of copyright).
Often those same pieces of art are available as cheap mass produced posters or similar.
That's been a thing for quite a while, sometimes they end up worth a bunch of money. (I just recently went to a museum with a bunch of Warhol prints)
On-face, NFTs are ... whatever ... boring to me. The underlying Eth blockchain is super problematic, as the environmental cost of creating and trading NFTs is so incredibly stupid. Other blockchains seem better, but have less traction generally.
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[ 1.5 ms ] story [ 382 ms ] threadIn the end, no one actually cares about disrupting the art collecting market. It's a passion project for zero people. Most hyped NFTs are based on memes and if memes are famous for one thing, its making a big splash and disappearing forever. If they were an investment then their value should increase over time. I try to imagine 20 years from now, will owning a cryptopunk or bored ape make you relevant, or the equivalent of a boomer? "Back in my day all the cool people called themselves apes and used these expensive pictures. Ok granddad" New memes will always displace the old ones and NFT values will decay as the hype and relevance of their specific meme does.
That said, I don't think NFTs are quite ready to be thrown out as a technology but their current utilisation seems like a poor use case. I'm a proud right clicker - or would be if any of those NFTs were worth saving a copy of.
[1] some will definitely make money and be outliers who fuel the FOMO that burns everyone else
Often those same pieces of art are available as cheap mass produced posters or similar.
That's been a thing for quite a while, sometimes they end up worth a bunch of money. (I just recently went to a museum with a bunch of Warhol prints)
On-face, NFTs are ... whatever ... boring to me. The underlying Eth blockchain is super problematic, as the environmental cost of creating and trading NFTs is so incredibly stupid. Other blockchains seem better, but have less traction generally.