Re:It is difficult for the average person to conceive of how...
by rvz on Monday January 10, 2022 @09:52AM
(#29875658)
> Cryptokitties, cryptopunks etc. are only valuable because they were the first ones doing these things, sort of like the "million dollar webpage" back in the day.
Exactly. A few original JPEG NFTs will survive, but 90% of the late comers and copycats will fail.
> There is literally no point in making an NFT without utility now, unless the minter is someone popular
Precisely. That ship has sailed and this is why you see a popularity of copycat NFTs JPEGs upon copycat JPEGs since that they know it is a scam. They are taking advantage of the market before it collapses just like the wild west of ICO scams in 2017. Now the SEC has put a stop to that and has regulated them as securities, [0] making unregistered ICOs as illegal. Similar regulations may happen to NFTs.
The only form of NFT that seems to have some value, valid use-cases and utility is a blockchain domain name which is likely to surpass the nonsense of useless NFT JPEGs.
Exactly. A few original JPEG NFTs will survive, but 90% of the late comers and copycats will fail.
> There is literally no point in making an NFT without utility now, unless the minter is someone popular
Precisely. That ship has sailed and this is why you see a popularity of copycat NFTs JPEGs upon copycat JPEGs since that they know it is a scam. They are taking advantage of the market before it collapses just like the wild west of ICO scams in 2017. Now the SEC has put a stop to that and has regulated them as securities, [0] making unregistered ICOs as illegal. Similar regulations may happen to NFTs.
The only form of NFT that seems to have some value, valid use-cases and utility is a blockchain domain name which is likely to surpass the nonsense of useless NFT JPEGs.
[0] https://www.sec.gov/ICO