NFTs: Scam or The Future?

NFTs: Scam or The Future? October 24, 2022Leave a comment

 

Truth

An #NFT will be a digital receipt or certificate until the market creates a more valuable + essential use.

Until then #nfts are definitely a risky investment or gamble ๐Ÿคท๐Ÿฝ #thoughts #themasterinvestor

NFTs are sexy.

The idea of using cryptocurrency and blockchain to have something that is ideally non-fugnible and chain of ownership is perfectly protected is an amazing concept.  People raised tons of money based on this idea.  People have started companies and made BIG HUGE promises of a RICH PROSPEROUS future.

The Reality?

The reality is that its too early to say what will happen.  Also the idea of everyone pushing forward to go exclusively digital is exciting but adoption is not taking off as planned.  The Metaverse and Web3 sounds amazing but adoption is not picking up as anticipated.

 

There Must Be Utility & Infrastructure

The invention of the light bulb meant nothing until it was accessible to the masses.  This required an electrical infrastructure of power lines and other systems to be established in order for there to be mass adoption.  The same was true with the telephone.  Mass adoption required an infrastructure of telephone lines, telephone poles, and investment across the entire country and and the world.

What Needs to Happen for Mass Adoption?

Even in a Web3, Metaverse, NFT, blockchain  world, the infrastructure required is optical wires that go across land and sea to create our internet and connected e-universe.  So there’s not necessarily a physical infrastructure issue.  The infrastructure is moreso the utility and functionality.  Why do I need an NFT?  How does it help me do something that I can’t do already?  I can send digital pictures without an NFT.  I can purchase digital artwork without an NFT.

 

 

 

 

 

Why Do You Need an NFT?

So what needs to happen?  The average Jane or Joe needs to be able to answer the question “why do I need an NFT?” just as quickly as they answer “why do I need a new iPhone?”  The answer for the iPhone is in the sales numbers.  It’s evident.

 

 

 

What The Future Holds

For NFTs, not so much.  Based on reports, much of the rave about NFTs was driven by crypto speculation and the huge crypto buzz and surge in recent years.  But the massive crypto losses sustained in the market in recent months has cooled down.  Now things are beginning to regulate in the NFT/Web3/Metaverse market.

We will no doubt see several market corrections while the question “why do I need an NFT?” is starting to penetrate and be answered in consumer concisousness.  We’ll have to wait and see if this pays off in the long run.  For now, NFTs remain risky investments that have not been clearly tied to any need or utility.  As such it is still a solution looking for a market instead of the holy grail of solutions that everyone needs.  Until (if or when) we hit that breakthrough threshold, I wouldn’t invest anything that I wasn’t afraid to lose.

NOTE/Disclaimer

This is not investment advice or instructions from a financial professional.  Please consult your investment advisor or financial professional prior to making any investment decisions for NFTs or anything else for that matter.

 

 

 

 

 

 

 

 

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