Whatever Happened To NFTs?
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Not too long ago, we were seeing headlines about hype NFTs like bored apes and crypto punks selling for over half a million dollars. But, ever since the crypto market started to crash, so has the NFT market. Ironically, the floor price of many of these NFTs hasn’t changed all that much due to low volume. However, given that the underlying crypto which is usually Ethereum has crashed by 80%, the overall price of most NFTs has also crashed by 80%. While this may be rather painful for many speculators, this is likely a good thing for the NFT market as a whole. You see, the primary purpose of NFTs is not to buy overpriced jpegs and flex on social media. Rather, NFTs have a slew of legitimate use cases such as proof of ownership, monitoring the supply chain, and keeping track of records and credentials. These were the reasons that NFTs were originally created, but over time, the more speculative side is what they’ve become known for. This video explains the true purpose and potential of NFTs and why the recent market crash is just what the NFT market needed to reset and move forward.
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Timestamps:
0:00 – The State Of NFTs
1:47 – History Of NFTs
4:32 – Legitimate Use Cases
7:14 – The Needed Collapse
9:39 – The Future Of NFTs
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Disclaimer:
This video is not a solicitation or personal financial advice. All investing involves risk. Please do your own research.
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Thanks for the forecast! Just a quick off-topic question: I have USDT in my SafePal wallet along with the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). What's the best way to send them to Binance?
All those NFT user cases yuo mention like Degrees and Drivers License are already and have been pretty non-fungable and extensively and securely recorded, there is zero need for them to be NFT in this sense. We really need to forget buzzwords and understand what the technology is and is not and why and why not.
There is no good reason to record tangible real life objects on the blockchain when the current ways we record them have the same performance. MIght as well start saving youtube user profiles on the 'blockchain'.
I always thought NFT's were inherently stupid because there is just no way to assign permanent value. Plus it seemed like every venture was a total scam, and people were constantly getting their entire wallets wiped and shit