Some NFT talk
Have you ever bought or sold any NFT?
Do you think they have utility and a future in this market?
I personally bought and sold a few, I saw the appeal it can create but I also saw the fact that most NFTs can’t retain their value for a long time unless propped by insane advertising and hype.
However I see a future in which NFTs transition more to the utility side of things and could potentially become game changers. However this isn’t to say they would be worth anything. NFTs could stop being investment vehicles and still be extremely useful in our everyday life.
The best use case I've seen so far honestly is $RICK tip-n-strip NFT which serves as a ticket for their strip clubs. Never owned an NFT myself.
I have never owned an NFT myself.
I agree that the value is difficult to retain for the long term unless propped up by the crazy hype and advertising. I remember hearing about Dolce & Gabbana selling its inaugural nine-piece collection of NFTs, called “Collezione Genesi,” a surreal mix of high fashion and blockchain, for $5.6 million. Whilst I think this is wild I am definitely curious about the use cases in the future.
I do feel that all NFTs have the potential to completely transform the way we do commonplace things but whether this warrants the entire market worth to be 15.7 billion, I am not sure...
I’ve done it before but it wasn’t a hyped up project so I totally agree with what you’re saying here. I think NFTs are super useful when it comes to community and I think musicians and other creatives will be people who find it the most useful and freeing. To not have to rely on an intermediary to tell you what your work is worth, and instead list it on the public market in the form of an NFT is truly revolutionary.
While this is happening on the outskirts of the music industry now, I think we’ll start to see it ramp up in all of the entertainment industry in the next few years. I’m sure there are other use cases as well—maybe rewards programs for stores, airlines, etc.