Hey MJ & co. Why Is "Everyone Doing It" On NFTs? Is It The Real Deal?

[PratLey]

I haven't found this thread in the Forum, and I'm sure many more will ask it again, so here it goes:

No matter what career you have, you'll have probably stumbled with crypto and NFTs. Because they're everywhere, from Gary Vee's channel to Google News.

With curiosity, I started and learned about the pros and cons of this currency. I'm not a fan of art/collecting, but for what I've learned, NFTs are an inflated version of that (easier/faster trade of non-fungible tokens).

Almost every day, I see bordeline ridiculous headlines...

Nothing wrong with that. I just can't make sense of it, and how it fits the productocracy. And everything you can find in both MJs books.

Are NFTs the real deal?

Two conflicts I see:
1. "Everyone is doing it." Everyone is buying because they believe that someone else will buy. (Ponzi connotation)
2. It has no intrinsic value

And yes, you could say that money itself doesn't have intrinsic value either.

In short, I know what NFTs are, pros and cons. I don't know why they exist or they should be worth anything.

P.S. Not asking for investment advice.

NFT is bubble and soon it going to burst but it is like internet in early days like Dotcom bubble nobody has knowledge people are building arts and creating NFT. NFT is money making opportunity for celebraties, famous personalities to sell their own unique signature, painting etc. Just like founder of twitter selling his first tweet.
NFT has great potential in different field rather than just selling arts,jpg,MP3 etc. Fields like identity card or use as a agreement or bill when you bought house but digitally not paper.

 

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[CasualFriday]

The way I see it is the hype of crypto (furthered by crypto enthusiasts) with the borderline absurdity of the art market where true value is nearly impossible to determine/argue. And the price is essentially a function of scarcity and social perception. Plus of the narrative that art has traditionally been used as an investment vehicle, although I think what we’re seeing now is closer to the dot com bubble where anything ending in a dot com was overvalued and once the hype died down everyone came to the realization that only a few of those companies (or in this case art pieces) were actually worth anything in the long run. I recently made a video talking about NFTs and the art market that goes more in-depth, but this is the generalized, broad version of it.

 

[Prince33]

View: https://www.youtube.com/watch?v=MZ--B6gQo_g


Though I don't agree with the political undertone here I do agree NFT's are like the very very beginning of most if not all things in life going digital. Think by the late 21st century the lines between what is digital/physical will be blurred. The internet is barely 30 years old, we're witnessing proto mass digitalization.