Every time I think I know how NFT’s work they turn out to actually be stupider than that
NFT’s are driven by the speculative hype bubble that is cryptocurrency.
Everyone thinks they are going to get rich – until they don’t. It’s just like the artificial islands in Dubai.
A small number of whales are the ones driving the hype bubble, I feel. Mostly it’s a game of hot potato.
At the same time - if only the very rich and the speculators are getting burned, it might be a net good thing.
£566? That’s almost affordable. Chia farming not turned out to be a thing, then?
Yeah, really. Though at this point I think they literally can’t get any dumber because I’ve absolutely hit bottom in my estimation of them.
The problem is that doesn’t seem to be a common way that NFT buyers think about it. There’s a huge amount of misunderstanding about what NFTs are and do, and when I see people talking about buying NFTs, they fall into two categories (and often both) - cynical speculators who don’t care what they have, but hope to sell it on for more money, and naive buyers who essentially think they’re part of a traditional art sale, only digital (and who often don’t understand how traditional art sales work, either).
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